Commitment
Under obligation ( Latin "obligare", contractually bind , oblige , liable ) one understands in general in the economy and especially in banking the liability for liabilities .
history
Since October 1682, the Leipzig bill of exchange regulation mentioned in § 17 the obligation “the trassier and endorser”, ie the issuer and endorser of bills of exchange . Since then, the term has been closely related to the change. With the bill of exchange clause "without obligation" ("fear clause"), the endorser excludes - even today - liability under bill of exchange law towards other endorsers if he forbids the passing on of the bill of exchange by means of recta endorsement ( Art. 15 para. 2 WG ). This disclaimer first appeared in Article 14 of the General German Exchange Ordinance in November 1848 . For an economic encyclopedia from 1806, “Obligo means something like Obligation”; she equated the obligation as a liability with the bond .
Banking
Up until December 1998, the term “exposure” was frequently used by credit institutions due to the discount business , for example in connection with “bill liability”, which was made up of “submitting liability” and “related liability” to summarize the amount of bill liability of these parties. After a credit check banks laid down a maximum limit up to which they were willing to bills discounted by the entrant and the drawee as a credit risk to keep in inventory.
Since the end of this banking business , institutions have been using the term in payment transactions in connection with the "direct debit liability", the risk of chargeback debits . There is a risk that the direct debits submitted by the payee and already credited to him by his bank “ reserved for receipt ” will not be redeemed later by the payer and the payee will already have the credit at his disposal. From the bank's point of view, the “direct debit obligation” is therefore the risk that it will no longer receive the amounts credited “reserved for receipt” from the payee due to his bankruptcy . The direct debit obligation is viewed as part of the credit risk and limited by internal credit lines .
In addition, commitment is synonymous with the total credit risk of a particular borrower .
Materials management
In materials management, order commitments are understood to be the total amount of goods and capital goods ordered that are bindingly accepted by the customer. The order commitment is the sum of all payment obligations from orders that have yet to be settled. An invoice represents a commitment until the related goods / capital goods have been posted by goods receipt or asset accounting . Only then does it become a liability. According to Section 285 No. 3a of the German Commercial Code and IFRS 1.103 ff., The order commitment must be stated in the notes as “other obligations”. These are expected financial burdens that will only become liabilities in the future. In some branches of the economy , the order commitment can be of considerable importance, such as the aircraft ordered for airlines .
Web links
Individual evidence
- ^ Alfred Schirmer: Dictionary of the German merchant language - on historical bases. 1991, p. 136 f.
- ↑ The reference "without obligation" means in everyday language as much as "without guarantee" or "without liability"
- ^ Johann Georg Krünitz et al .: Economic Encyclopedia. Volume 103, 1806, p. 175
- ^ Günter Wierichs, Stefan Smets: Gabler Compact Lexicon Bank and Stock Exchange. 2001, p. 167
- ^ Günter Wierichs, Stefan Smets: Gabler Compact Lexicon Bank and Stock Exchange. 2001, p. 146
- ^ Klaus Hölzel: Gabler Lexicon Materials Management & Purchasing. 1983, p. 183