• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.47
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• pp.157-182
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• 2010

A counter-guarantee is an independent undertaking and it functions in the same way as an ordinary independent guarantee. However, the typical notion of independence which applies to the relationship between the guarantee and the underlying contract cannot be exactly transposed to the relationship between the counter-guarantee and the primary guarantee, because the primary guarantor bears its duties that derive from the mandate. In this respect, this study reviews, with some critics, a Korean appellate court's decision and argues that, in spite of the principle of independence between the counter-guarantee and the primary guarantee, the primary guarantor may not be entitled to reimbursement from the counter-guarantor, if it is objectively evident that the primary guarantor has failed to perform its duty of verifying compliance under the primary guarantor or if it is objectively evident that the primary guarantor knows that it is objectively evident that there was fraudulent calling by the beneficiary under the primary guarantee.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.85-105
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• 2016

Independent guarantee is new financial product developed in international commercial transaction. The nature of independent guarantee is an independent undertaking, which takes the form of documentary transaction. As long as the documents presented by the beneficiary are on their face complying with the terms and conditions of the guarantee, the guarantor is obliged to pay upon the complying presentation. Where parties choose to apply for issue of independent guarantee in international commercial transactions in China, Chinese court shall respect the autonomy of parties. If either the guarantor or the beneficiary is located outside of China, or the facts which cause the establishment, change or cancellation of independent guarantee relationship occurred outside of China, it shall be deemed as foreign related independent guarantee. If the interested parties requests for confirmation of the independence of foreign related independent guarantee, it shall be supported by Chinese court. However, parties dealing with Chinese domestic commercial transaction have not fully realized the severity of independent guarantee liability. The market credit is being cultivated and the financial innovation is being explored at present in China. In order to guard against the systematic and the regional financial risk, before relevant rules are promulgated, Chinese court shall not recognize the independence guarantees issued for the domestic commercial transaction, but treat it as joint liability surety.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.241-261
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• 2011

URDG 758 tracks UCP 600 in format and style. This makes it easy for practitioners to understand various terms with a lot more clarity than in URDG 458, since practitioners see things in a format and style they are accustomed to. It is a fact that the provisions of the national law will prevail over the URDG 758. In many countries there is only limited written law concerning abstract guarantees; therefore any conflict between URDG 758 and the national law will be unlikely. In many instances the instructing party is different from the applicant - the party whose obligation is supported by the guarantee. And provision for amendment is a new addition in URDG 758. Inspiration was taken from UCP 600 with some fine tuning: accpet, reject or do nothing - and the implications of each of these. Chief among the innovations in the URDG 758 is the one banning non-documentary conditions. The consensus is that the new URDG 758 is a major improvement on URDG 458 in both comprehensiveness of scope and contents of rules. The URDG 758 is likely to become the international standard in the field of demand guarantees.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.263-283
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• 2011

There are two typical international rules in issuing guarantee for obligations of party which is responsible to provide some duties such as services, construction, plants, loan repayment, etc. The two internationally recognized rules are currently ISP98 and URDG758. ISP98 was firstly introduced in 1998 for American banks to issue standby letter of credit domestic and overseas for the area where UCP does not cover. URDG was introduced first in 1991 in the name of URDG458 but it has not been widely used and therefore new URDG named URDG758 came out in 2010 to accommodate more standard guarantee practice. At the face of these two prevailing international rules, the users are sometimes confused which rule would be more suitable for their individual transaction. This led us to conduct a comparative analysis on these two rules. Our study suggests that URDG758 is more adequate for construction, ship-building and plants-supply obligations whilst ISP98 is for financial obligations. Also attentions are required when issues such as counter guarantee, governing rule, presentation period, document examination period and default statement exist. This is because ISP98 and URDG758 have different view points.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.179-213
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• 2013

While a performance type guarantee is required as a security for non-performance risk by a seller, a payment guarantee is used as a security for non-payment risk by a buyer(or a borrower in a loan agreement). A payment guarantee is a type of independent bank guarantee, bank guarantee, bond, demand guarantee, or standby letter of credit. A guarantor accepts a credit risk of a principal which is normally a buyer in a contract for sale of goods. A payment guarantee is independent of the underlying relationship between the applicant and the beneficiary. The guarantor is only empowered to examine the beneficiary's demand and determine the payment on its face to the terms of the guarantee. A payment guarantee is thus different from a suretyship. The principle of independence carries a significant advantages for a guarantor as well as for a beneficiary. While a documentary credit requires B/L, commercial invoice, packing list, inspection certificate, etc., a typical payment guarantee does not require any evidence for a seller's performance of the underlying contract other than written demand. In this respect payment guarnatee can be a more secured facility than a documentary credit. A payment guarantee normally comes into force from the issuing date and shall remain in effect until all sums guaranteed shall be paid in full by a buyer(or a borrower) or by a guarantor. Although a guarantor shall pay a demand made in accordance with the terms and conditions of the payment guarantee, a payment demand may be denied when it is determined to be abusive or unfair.

• Proceedings of the Korean Reliability Society Conference
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• 2000.04a
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• pp.135-143
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• 2000

일반적으로 제어시스템은 독립된 기능을 갖는 전자제어모듈들로 구성되고, 제어시스템의 보수에 있어서 최소 교체단위가 전자제어모듈이기 때문에 제어시스템의 신뢰성을 평가하는 것은 전자제어모듈의 신뢰성을 평가하는 것으로부턴 출발한다. 전자모듈의 신뢰성을 평가할 때 주로 사용하는 평가척도는 MTBF이고, 제조업체에서는 일반적으로 MIL-HDBK-217의 수명예측방법을 이용하여 산출한 MTBF를 제시하고 있다. 하지만 현장의 구매자들은 물론 전자모듈을 개발하는 엔지니어도 MIL-HDBK-217 데이터를 이용한 계산만으로 산출한 MTBF가 실제 사용할 때와 큰 차이가 없는지 확인하기를 원한다. 본 논문에서는 이러한 요구에 따라서 MIL-HDBK-217의 수명예측 방법을 이용하여 예측한 수명을 가속수명시험을 통하여 보증하는 방법을 제시하고, 제시한 방법을 실제 국내에서 제작한 2종류의 전자제어모듈에 적용한 사례를 기술하였다. 국내에서 제작한 2종류의 전자제어모듈에 대하여 본 논문에서 제시한 보증시험방법에 따라서 시험한 결과 신뢰수준 60%에서 예측 수명을 보증할 수 있었고, 보증시험 후에 수명을 추정하기 위하여 추가적으로 장시간 시험하여 수명을 추정한 결과 추정된 수명이 MIL-HDBK-217을 이용하여 예측된 수명에 비하여 2.86∼3.40배길게 나타났다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.27-40
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• 2023

This study analyzes the factors affecting the survival of young start-up companies. A youth start-up company was defined as a company with a founder's age under 39. The study was based on evaluation data from 3,540 companies evaluated by the Technology Guarantee Fund to support youth start-up guarantees during the period from 2012 to 2015. In this study, independent variables were defined as founder characteristics, start-up environment, and start-up strategy, and entrepreneurship, knowledge level, and development capabilities were set as variables for start-up characteristics, competition conditions and comparative advantage with alternatives in the start-up environment, and item novelty, commercialization plan and financing plan were set as variables. For variable measurement, the evaluation index of the youth start-up evaluation model of the Technology Guarantee Fund was used. Management performance was defined as the survival of a company, and the survival of 12, 36, 60, and 84 months was measured based on the occurrence of insolvency registered by the Korea Technology Guarantee Fund. The Cox proportional risk model was used for hypothesis testing. As a result of the analysis, knowledge level and development capability were statistically significant in the characteristics of the founder, and the financing plan in the start-up strategy was statistically significant regardless of the survival period. Among the start-up strategies, the novelty of the item had a positive effect on survival after 36 months. Entrepreneurship was significant only in 12-month survival. The most important order for survival was identified in the order of financing plan, knowledge level, item novelty and development capability, of which the founder's knowledge level in the beginning and the funding plan in the second half had the greatest impact.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.47
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• pp.129-156
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• 2010

Since the 1970s, international construction employers have commonly requested first demand guarantees upon their contractors as a form of security for due performance of their works. Contractors prefer the greater protection offered by more traditional forms of security requiring presentation of an arbitral award or other evidence of the caller's entitlement to compensation. Many contractors nonetheless feel that they have no alternative but to provide these unconditional guarantees in order to compete. However, these unconditional first demand guarantees are controversial and have given rise to numerous disputes both in arbitration and litigation. Disputes arising from first demand guarantees can be broken down into a) applications to prevent a perceived fraudulent or otherwise unfair or improper calling of a guarantee, b) claims arising from such abusive calls and c) claims relating to the consequences of such calls even if the call itself may not be abusive as such. The contractors should carefully assess the risk of an abusive call being made bearing in mind the difficulties he may face in seeking to prevent such a call. He should also bear in mind the difficulties, delays and cost he is likely to encounter in seeking to recover any monies wrongfully called. One option would be to provide that the call can only be made once and to the extent that the employer's damages have been assessed or even incurred or even for the default to have been established by an arbitral tribunal or court. Another option would be to provide that any call be accompanied by a decision of a competent and impartial third party stating that the contractor is in breach. For example, such a requirement could be incorporated into a construction contract based on the FIDIC Conditions by submitting this decision to a Dispute Adjudication Board. Another option would be to provide for the "ICC Counter-Guarantee Scheme". In sum, there would appear to be room for compromise between the employer and the contractor in respect of first demand guarantees by conditioning the entitlement to call such guarantees to the determination of a competent and impartial third party.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.213-239
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• 2011

This article examines two important issues of the demand for payment by the beneficiary and the payment by the guarantor to the beneficiary under the revised Uniform Rules for Demand Guarantee (URDG) published by ICC, which are called URDG 758 and effected on July 1, 2010. Here, after first briefly defining the concept and nature of the demand for payment, this article discusses various issues surrounding the demand: By whom, where and how the demand has to be made; which documents are required in demanding the payment; how much amount can be demanded and paid; when and where the payment has to be made and which currency has to be used for the payment. The demand for payment has to be made by the beneficiary to the guarantor on or before expiry of the guarantee at the place of issuance of the guarantee unless any other place is specified in the guarantee. The demand has to be made in paper form unless the guarantee requires an electronic form. Unless otherwise expressly stipulated in the guarantee, the demand must be supported by a statement by the beneficiary indicating the applicant is in breach of the underlying contract. Also the demand must identify the guarantee under which it is made, and the time for examination by the guarantor starts on the date of identification. The demand cannot be for more than the amount available under the guarantee. When the demand is complying the guarantor must pay the amount demanded. The payment has to be made at the branch or office of the guarantor that issued the guarantee unless any other place is indicated in the guarantee. The payment has to be made in the currency specified in the guarantee, unless the guarantor is unable to make payment in that currency due to an impediment beyond its control or any illegality under the law of the place for payment. In case of "extend or pay" or "pay or extend" demands, the demand is deemed to be withdrawn if the extension is granted. But if not, the demand has to be paid without any further demand by the beneficiary.

• Proceedings of the Korea Information Processing Society Conference
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• 2019.10a
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• pp.110-112
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• 2019

블록체인은 4차 산업혁명 핵심 키워드 중 하나이다. 하지만 현재 블록체인 기술을 접목시킨 사례는 굉장히 적다. 그것은 블록체인 시스템에서 트랜잭션을 처리하는 속도가 느린 것을 이유로 볼 수 있다. 기존에 빠른 속도로 많은 트랜잭션을 처리하던 시스템에 비해 느린 블록체인 기술을 접목시키는 것은 어려움이 있다. 때문에 블록체인 연구는 합의 알고리즘, 다양한 네트워크 구성 등을 이용하여 트랜잭션 처리 속도를 늘리는 연구들이 진행 중이다. 본 논문에서는 오픈소스 프로젝트인 하이퍼레저 패브릭의 트랜잭션 처리 속도를 향상시키기 위한 방법을 제안한다. 패브릭은 블록에 트랜잭션을 추가하기 위해 독립적으로 수행되는 3단계를 거쳐 수행된다. 그 중 1번째 단계인 보증 단계의 최적화를 진행한다. 패브릭에서 클라이언트로부터 피어가 반복적인 요청을 받을 때 매번 같은 네트워크에 속해 있는 노드인지 확인을 하게 되는데, 한번 보증을 완료한 노드는 일정 기간 동안 노드 확인을 거치지 않고 체인 코드를 수행하여 트랜잭션을 처리하도록 하는 방법을 제안한다.