• International Commerce and Information Review
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• v.15 no.4
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• pp.241-265
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• 2013

The purpose of this paper is to examine the Banks's Examination of Documents in the L/C Transactions. Most of all, this article deals with one of most important aspects of the law on documentary credits, namely, the compliance of documents presented with the terms and conditions of a letter of credit. In addition, the general principles of strict compliance will be considered and in the next, the requirements of specific documents such as invoices, transport documents and insurance policies. This area of letter of credit law is shaped not only by judge-made decisions but also the articles of Uniform Customs and Practice for Documentary Credits, the International Standard Banking Practice(ISBP Publication No.745) prepared by the Banking Committee of the International Chamber of Commerce as well as the position papers and opinions of the latter. Whether a document complies with the terms of a letter of credit is essentially a matter of examination and construction of the document in question against the terms of the letter of credit under which it is presented, articles of the UCP, ISBP as well as the opinions and statements of the Banking Committee. Most of all this article was focused on provisions of UCP600. Comparison with provisions of UCP500 have been drawn where appropriate.

• Journal of Arbitration Studies
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• v.16 no.3
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• pp.161-189
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• 2006

This paper is aiming at analyzing case law of India in relation with reasonable time to make decision whether to accept or to refuse the documents received from the presenter in credit transactions. As specified in UCP, the failure to refuse to accept the documents within a reasonable time precludes the Issuing Bank, Confirming Bank (if any) and Nominated Bank from asserting that they are discrepant. Compliance of the stipulated documents on their face with the terms and conditions of the credit shall be determined by international standard banking practice as reflected in this Articles of UCP 500. The Issuing bank is only to be held responsible for honoring the documents presented by beneficiary through the nominated banks if they are strictly in compliance with terms and conditions of the Credit. As any well experienced banker knows, however, a word-by-word, letter-by-letter correspondence between the documents and the credit terms means a practical impossibility. Thus the notion of reasonable care in conjunction with the doctrine of strict compliance mixed with International Standard Banking Practices has not played a right functional standard for checking the documents as stipulated in the credit and UCP 500. And so the rejection rate is highly estimated at approximately 50% in EU and 40 to 70% according to their geographical locations in the USA. As a result, it can possibly be inferred from this fact that the credit industry would be facing the functional failure as the international trade credit facility, if not supported with motive power as a relevant scheme in UCP 500. It is quite important to note that UCP 500 Article 13(b) which specify the time limit for the banks to notify the presenter their decision not to accept the documents within a reasonable time not to exceed seven banking days following the day of receipt of documents would be the motive engine to improve the negotiability of documents in international trade financial facility.

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.255-275
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• 2013

The purpose of the study is to examine compliance criteria for documents of the Letter of Credit(L/C) by the Korean Supreme Court in practical use. The judgement criteria of the court in documents' examination is supported by the doctrine of strict compliance. And, in examination of documents by the Supreme Court, the difference between documents presented and the credit should be followed by the allowance of international standard banking practices. In this case, the Supreme Court makes a reference for ICC's opinion or decision proposed as the international standard banking practices, or otherwise admit by exploring the practices. However, when documents reviewing by the bankers' auditors, it is very difficult for them to judge in a short time due to the lack of high level of knowledges and insights. As shown the cases of this study, the doctrine of strict compliance of an L/C be relaxed, and most of the recent precedents be ruled by the exception of the doctrine. Because, therefore, it is difficult for to documents reviewers of bank to judge these consistencies, conducting arbitrary document review will be inevitable. As a result, it will be difficult for banks and applicants to ensure the strictness of the documents, and free use of L/Cs in international transactions will be avoided. Finally, the expanded usage of the electronic negotiation system that simplifies the highly difficult compliance criteria to ensure the strictness of documents will be needed, and not only be eradicated the acts of arbitrary documents examination practices, but also be promoted the freely usage of L/Cs.

• Korea Trade Review
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• v.42 no.2
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• pp.205-225
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• 2017

The study attempts to verify the case related to the notice of payment refusal by issuing bank regarding discrepancy in transport document under L/C(Letter of Credit) transaction. Considering the high portion of trade between Korea and China, Korean companies and banks in L/C transaction should be careful about many unpredictable situations. The case of this study is that Chinese seller(beneficiary) initiated a civil suit against Industrial Bank of Korea to Chinese court and Chinese courts in the first and second trials judged that the notice of payment refusal by Industrial bank of Korea doesn't satisfy Article 16, (c) (ii) (iii) in UCP 600. However, Industrial Bank of Korea implements the judgement even though the judgement is highly biased to Chinese seller. Considering the judgement by Chinese courts, the study suggests some countermeasures to Korean companies and banks which opened L/C. First, the issuing bank should describe the contents of discrepancy specifically based on Article 16, (c) in UCP 600. Second, it is necessary to insert a clause regarding governing law in the L/C contract like sales contract. Third, considering the biased judgement by Chinese court and difficulty in execution of foreign judgement in China, it is recommended to using arbitration as a method of dispute resolution such as ICLOCA and DOCDEX Rules which are international system operated by international instruments because it has legal effects to parties in L/C contracts if the issuing bank inserts arbitration clause in L/C.

• International Commerce and Information Review
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• v.16 no.3
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• pp.203-221
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• 2014

ICC Banking Commission have approved the new version of ISBP for UCP 600(Publication 745) on April 17, 2013. This is called the ISBP 745. This revised version of ISBP includes a lot of shipping documents including bill of exchange. These shipping documents stated in the ISBP 745, especially the certificate of origin is the document necessary for carrying out the customs formalities in FTA era. Particularly, practitioners such as bankers, buyers and sellers, lawyers, freight forwarders and carriers in import and export transactions have to know the UCP 600 and ISBP 745 (2013) thoroughly in order to avoid the disputes due to discrepancies of the documents with the terms and conditions of the credit. The purpose of this article is to reduce the disputes occurred in the credit transaction by providing the examination criteria and case study of the certificate of origin in ISBP 745.

• International Commerce and Information Review
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• v.16 no.5
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• pp.87-114
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• 2014

The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP600. This latest version, called the UCP600, formally commenced on 1 July 2007. During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. This publication has evolved into a necessary companion to the UCP for determining compliance of documents with the terms of letters of credit. It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP 600 is in force. This paper focuses on documents including various certificates, Packing List, Weight List, Beneficiary's Certificate, Analysiis, Inspection, Health, Phytosanitary, Quantity and Quality Certificates, Courier Receipts, Shipping Advice etc. and suggests some implications in the field.

• International Commerce and Information Review
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• v.15 no.3
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• pp.177-197
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• 2013

The updated International Standard Banking Practice(ISBP), International Chamber of Commerce Publication No. 745, was published to bring its contents in line with UCP 600. The ISBP 745 has dealt with A-Q that are commonly arising in the credit transactions and also explains in detail some of the articles of UCP 600 with the proper interpretation. The updated version ISBP 745 involved aligning it with UCP 600, making certain technical adjustments in expression of words such as "in conflict" instead of "inconsistent", etc. Despite the updated ISBP 745, there remains a question. Where the words "from" or "after" are used in regard to something other than a period of shipment or the maturity date of drafts, there is no guidance from the UCP as to its meaning. The party concerned in credit transactions is also required to have a full understanding of ISBP 745 and the articles of UCP 600 in order to acquire the documents preparation and examination facilitating the parties to minimize discrepancies.

• Journal of the Korean BIBLIA Society for library and Information Science
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• v.27 no.3
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• pp.129-149
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• 2016

The purpose of this study is to examine in depth the personal experience of Instructor during National Competence Standards (NCS) Curriculum at Department of Library and Information Science. We conducted in depth interview (FGI) with participants who had recently experienced and data analysis was undertaken. We hope this study that an application of NCS would be activated fully in Library, educational institutes and qualifying examination institutes and that diverse feedbacks from related parties would makes leading to a better updated version of NCS development. As a result, First, The instructor had generally familiar with the background and purpose of the NCS. and they issued the inadequacies of job elements, non-reflection of the opinion on field education, the problems of classification of NCS. second, In the experience of NCS curriculum operating, There were the paperwork burden, Problems of methods of evaluation, evaluation period discrimination, the need to well communication with students. Third, In the problems on the NCS Curriculum operating, we found that there were The need on the proper Class size/hour, additional education, re-evaluation, Support system for NCS Curriculum operation, tools for practice, discrimination between relative evaluation and NCS evaluation, Enhancement for Competence/Standards. Fourth, On The ways of improving for NCS curriculum, We found that There were Class size, Support tools for practice, The improvement Competence/elements/standards based on LIS characteristic. The result of this study may contribute for improving the overall environment Based upon FGI analysis, several new directions for NCS education in the filed LIS curriculum are suggested.

• 대한공업교육학회지
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• v.40 no.1
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• pp.142-162
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• 2015

The purpose of this study are to provide the basic data materials and implementations for successful performance of electric-work field representatives of South Korean firms by identifying their roles and competency and examining their educational need. For this research purposes, three phased analysis was followed on: (1) the roles of electric-work field representatives, (2) competency of electric-work field representatives and (3) educational need for their competency. This research method was to conduct a focus group interview for 10 expert field representatives along with survey. The collected data materials were processed by MS Excel and SPSS 21.0 for statistical analysis including average, standard deviation and other basic statistics; the gap in awareness of field representatives; and need values. For the needs analysis, the difference between significance of field representatives' competency and current status was examined by t test. And the awareness gap between competency importance and current status was identified based on the Borich equation. The Locus for Focus model was employed herein to identify the kinds of competency with high importance and high inconsistency to prioritize. As a result, this research has found as follows: first, the roles of field representatives were found to be in 13 different kinds of roles. Second, electric-work field representatives were found to need to have 16 different skills. Third, regarding the 16 abilities, the gap between current status and significance was analyzed herein. The results showed statistically significant differences in all cases. The Borich needs analysis found the first required ability was communication ability followed by power of execution, conflict management ability, analytical thinking and time management ability. Also, the results of Locus for Focus model analysis displayed that the first quadrant(HH) included 7 highly-demanded abilities of communication ability, analytical thinking, decision making ability, specialty, time management ability, power of execution and drive for work implementation. The top-priority group was found to have 5 items of communication ability, analytical thinking, time management ability, power of execution and drive for work implementation which were commonly seen in the Locus for Focus model outcomes. Based on these findings, this research could identify the roles and competency of electric-work field representatives and provide the basic data materials applicable to future personal management of electricity companies including recruitment, division of work, job description, evaluation, etc. Also this research offered guidelines on demanded abilities in the field and where to place priority. The kinds of abilities with high educational demand as found in this research must be considered in designing educational programs for the competency building of field representatives. This research is expected to provide useful information in developing such educational programs for field representatives.