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Burna Boy “Lagos Loves Damini” Case Study: Music performance is a contract for service

By
Stanley Alieke
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0

The incessant cases of Nigerian entertainers refusing to show up at the last minute or showing up late for events they have been billed to perform is getting out of hand.

The entertainers should know that when they are billed to perform they have entered into a legally binding contract for service and they are expected to carry out the requirements and contents of such contract to the last detail, if not they can be held for breach of contract.

Nigerian A-list musicians are notorious for breaching terms of contracts; they will be paid to perform in a concert and they will show up late and sometimes refuse to even show up at all after they have pocketed the money they were paid.

Some of them even boast that they will refund the money they were paid, little do they know that refunding the money for the service you were paid and you didn’t render is not all there is in ameliorating breach of contract; after you have refunded back the money, you will have to as well pay for damages your breach caused to assuage the damage you have done.

Burna Boy in his New Year, Lagos Loves Damini Music Concert showed up several hours late and thereby breached the contract. Wizkid some weeks back also breached his contract by refusing to show up for a show he was paid to headline in Accra, Ghana without an apology or explanation. Kizz Daniel some months ago as well breached his contract when he refused to perform in Zanzibar after he had been paid and flown to the venue by the organizers of the show.

This is now looking like a trend amongst A list Nigerian musicians; Enter a contract with show organizers and promoters, agree to the terms, sign the contract paper, collect payment for the service and on the day of the performance they breach the contract by either showing up late or refusing to show up at all. 

What then is a contract for service?
A contract for service is an agreement between an employer and an employee where one party who is the employer hires the other party who is the employee to render some services. In a contract for service, an independent contractor, such as a self-employed person or vendor, is engaged for a fee to carry out an assignment or project.

A contract for services is formal and legally binding and every party to the contract is expected to live up to the contract terms and perform what is expected of him or he can be sued for breach of contract.

A contract for a live performance or singing or recording a song is a contract for service and it is a formal contract, when an artiste has been paid and he had agreed either orally or in writing to perform, he is expected to perform to the satisfaction of those that employed him to render such service if not he will be sued for breach of contract.

Legal advisers and lawyers to Nigerian entertainers need to be letting those entertainers know this because ignorance of the law is never an excuse.

Microsoft To Bake ChatGPT into Bing To Battle Google Search

By
Ndubuisi Ekekwe
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1

Category-king companies create a new basis of competition, by providing orthogonal competitive paths, different from what any other firm does. In the world of search, Google unleashed one many years ago, taking Yahoo down in the process. For years, no other company has come to challenge the brilliance and absolute dominance of Google search.

But there is a redesign on the way – and Microsoft is part of it. When it provided truckloads of money to the guys in the OpenAI, I noted that Microsoft would possibly have the rights to first commercialize inventions out of the organization. Yes, it is called OpenAI but when it comes to money, not everything is “open”.

That seems to be the playbook now as we’re reading that Microsoft plans to integrate ChatGPT into Bing, its forgettable search engine: “Microsoft is reportedly planning to incorporate ChatGPT into its Bing search service, a move geared toward wrestling more shares of web queries from rival Google. The Information reports that Microsoft plans to introduce the new feature by the end of first quarter 2023. The move will create a new path for web search results, changing the link-based answers that both Bing and Google have been serving.”

Google, shine your eyes: you have a real threat right now. Why? ChatGPT serves me the meal while you send me links to buy groceries to cook the meal. In that model and organization of results, ChatGPT is miles apart, as it accumulates more data and becomes smarter. Yes, who wants to be clicking links when you can get the answer before you?

Very soon, if you search Bing with “who had an edge on text search”, Bing may response: Bing over Google!

An AI Answers “What are the secrets to wealth in Nigeria?”

Microsoft to Incorporate ChatGPT into Bing to Challenge Google’s Search Dominance

By
Samuel Nwite
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0

Microsoft is reportedly planning to incorporate ChatGPT into its Bing search service, a move geared toward wrestling more shares of web queries from rival Google.

The Information reports that Microsoft plans to introduce the new feature by the end of first quarter 2023. The move will create a new path for web search results, changing the link-based answers that both Bing and Google have been serving.

ChatGPT, which is designed by OpenAI, has become popular among internet users since it was launched last year, due to its ability to add context to queries. It uses GPT-3.5, a large language model released last year, to generate answers and authentic-looking responses to queries about all topics. With the GPT-3.5-powered ability, ChatGPT helps users to accomplish tasks such as creating poems, composing college essays and writing code.

Bing believes that using the technology behind it, its search results will provide more humanlike answers to users. Microsoft is now betting on it to win over search users.

The Verge noted that Microsoft’s use of ChatGPT-like functionality could help Bing rival Google’s Knowledge Graph, a knowledge base that Google uses to serve up instant answers that are regularly updated from crawling the web and user feedback.

The swift rise of ChatGPT to the spotlight has, however, rattled Google. Last week, CEO Sundar Pichai reportedly issued ‘code red’ to employees, tasking them to develop a response to the potential threat from ChatGPT to its search-based ad business.

But besides its marvelous ability to create contextual answers to queries, the authenticity of ChatGPT responses is under serious question. The AI has been noted to have major flaws such as racial biases and inability to distinguish between false and true information. It is said to have a tendency to present incorrect information as true fact.

OpenAI CEO Sam Altman said the system cannot be trusted to provide accurate information for now. “It’s a mistake to be relying on [ChatGPT] for anything important right now,” he said in a tweet.

It is not clear how Microsoft plans to integrate the technology. A person familiar with the matter said the Washington-based company may roll out the additional feature in the next several months, but it is still weighing both the chatbot’s accuracy and how quickly it can be included in the search engine.

However, while the ChatGPT wave sweeps across the web, threatening Google’s dominance, the search giant has said it won’t immediately launch its own AI-powered search feature. Google reportedly cited “reputational risk”, bias and factuality issues with AI chatbots as reasons any change to its existing search technology will have to wait.

Microsoft has been betting big on chat-based interfaces. In 2019, the company invested $1 billion in OpenAI, and has an exclusive license to use its text generator AI GPT-3. ChatGPT appears to have opened up the opportunity for Microsoft to expand the idea. The person familiar with the matter said the initial release may be a limited test to a narrow group of users.

CES 2023: Over 3100 Global Exhibitors to Showcase Emerging Trends in Tech Value Chains

By
Tiamiyu Ismail
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0

Tech innovators and enthusiasts globally look forward to this year’s global premier tech exhibition by the Consumer Electronics Show (CES) which is scheduled to hold in Las Vegas, US from January 5 to 8.

More than 3,100 exhibitors from 170 countries and regions are expected to grace this year’s event, CES’ organiser, Consumer Technology Association (CTA) has reportedly said.

CES which has traditionally been known as the venue where companies highlight new TV technology, laptops, smart phones and other products will be showcasing the emerging trends in various value chains of the tech industry including electronic vehicles, digital health, and AI robotics at this year’s show. This news article by XinhuaNet gives broader analysis on the emerging trends to look forward to at the event.

Inaugurated in June 1967, CES is an annual trade show organized by the Consumer Technology Association (CTA). The event typically hosts presentations of new products and technologies in the consumer electronics industry. The last show held in January 5 2022 also in Vegas in the US.

U.S. Banking Regulators Warn Financial Institutions Against Dealing With Cryptocurrencies

By
Ojukwu Emmanuel
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0

Banking regulators in the U.S. have warned financial institutions to be careful about how they deal with cryptocurrency, noting that it exposes them to risks such as scams and fraud.

This warning is coming after the FTX collapse and the bankruptcy of several crypto platforms, which has negatively impacted the crypto industry and has led to the high volatility of crypto assets.

The regulators said in a joint statement, from the Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency, “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector”.

The regulators further disclosed that there is a heightened case of fraud and scams among crypto-asset sector participants and contagion risk within the crypto-asset sector resulting from interconnections among certain crypto-asset participants.

In the statement, the regulators also highlighted various shortcomings that have rocked the crypto industry lately such as the Risk of fraud and scams among crypto-asset sector participants, Legal uncertainties related to custody practices, redemptions, and ownership rights, some of which are currently the subject of legal processes and proceedings.

Also, it revealed that inaccurate or misleading representations and disclosures by crypto-asset companies, including misrepresentations regarding federal deposit insurance, and other practices that may be unfair, deceptive, or abusive, have contributed to significant harm to retail and institutional investors, customers, and counterparties.

Also, the susceptibility of stablecoins to run risk creates potential deposit outflows for banking organizations that hold stablecoin reserves.

Given the significant risks highlighted by the recent failures of several large crypto-asset companies, the U.S. banking regulators have continued to take a careful approach related to current or proposed crypto-asset-related activities and exposures at each banking organization.

However, Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.

The regulators will continue to assess whether or how current and proposed crypto-asset-related activities by banking organizations can be conducted in a manner that adequately addresses safety and soundness, consumer protection, legal permissibility, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules.

They have further warned financial institutions that holding crypto-assets that are issued, stored, or transferred on an open, public, or decentralized network is highly likely to be inconsistent with safe and sound banking practices.

Recall that last year, the crypto industry was shaken by different unpleasant happenings around several crypto platforms. The major one that shook the crypto industry was the bankruptcy of the FTX, which filed for chapter 11 bankruptcy on November 11, 2022, and its banking ties have raised uncomfortable questions for regulators.

The collapse of FTX left more than one million customers unable to withdraw assets worth an estimated $8bn.

Prosecutors allege the company’s CEO Sam Bankman-Fried used FTX’s customers’ money to cover losses in his private crypto hedge fund Alameda Capital in what the company’s new chief executive disclosed as an “old-fashioned embezzlement”.

Reports reveal that an estimate of 80,000 FTX’s customers are based in the UK, with individual liabilities as high as £5m in life savings according to a lawyer acting for dozens of victims.

This led the Bank of England deputy governor Jon Cunliffe to disclose that the FTX collapse shows crypto is ‘too dangerous’ not to regulate, further stating that Cryptocurrency trading is “too dangerous” to remain outside mainstream financial regulation and could pose “a systemic problem” without action.

This has also spurred the U.S. banking regulators to continue to closely monitor crypto-asset-related exposures of banking organizations.

As warranted, the agencies will issue additional statements related to engagement by banking organizations in crypto-asset-related activities.

They will also continue to engage and collaborate with other relevant authorities, as appropriate, on issues arising from activities involving crypto-assets.

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