• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.458-461
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• 2006

With the opening in construction market, more diversified and internationalized construction culture is imported, but the level of our construction culture and policy is still not met the international standards. For example, there is a difference in the liquidated damages at delay due to the reason of builder imputation during the public construction project comparing the international standards like damages. It may lead to the potential claim. In this study, via comparing and analysis on the relevant international standards and extension expense for terms of work, actual compensation is selected, and improvement of liquidated damages like damages is presented.

• Journal of Arbitration Studies
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• v.31 no.1
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• pp.55-81
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• 2021

Awarding interest in international arbitration remains one of the most challenging areas for tribunals and parties given the myriad of issues that arise. This article seeks to provide an overview of how international arbitral tribunals grant delay interest. It reviews the various issues that international arbitral tribunals face concerning pre-award and post-award interest, determining the appropriate interest rate, surrounding simple or compound interest, and the complex issue of choice of law. A comparative context is provided by surveying the laws of major jurisdictions from both the common law and civil law and the regulations of leading arbitral institutions. It concludes with a review of the law, jurisprudence, and practice in Korea related to delay interest and how Korean tribunals under the KCAB Domestic and International Rules have determined delay interest in recent years.

• Journal of the Korea Institute of Building Construction
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• v.20 no.6
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• pp.527-535
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• 2020

This study analyzed main causes of claims in EPC/Turnkey projects. For this purpose, this study referred to the FIDIC silver book, which lists the international standard contract conditions for EPC/Turnkey projects. The most frequent cause of claim was delay. A process was then proposed to determine whether the owner or contractor was the responsible party when the delay claim occurred. The proposed process was for damages for delay which is the conditions of contract for indemnities against delay claim. The process was based on conditions of the contract of two previous EPC/Turnkey projects that were constructed in 2010, the FIDIC silver book, as well as the obligations of owner and contactors. The proposed process is applicable depending on the conditions of the contract and the owner's meaning. Furthermore, by identifying the responsible party, this study will contribute in identifying the possible claim types before concluding a contract and writing the specific contract.

• Korean Journal of Construction Engineering and Management
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• v.8 no.1 s.35
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• pp.150-158
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• 2007

The delay of construction is one of the most frequent and complicated elements of the claim. And the liquidated damages cause many disputes during the judgement. The liquidated damages should be a compensation for owner's substantial loss, but actually be applied as a damage for breach of contract. These damages are different from owner's loss and give constructors a excessive burden. So we need a more reasonable system than a lump application system. In this study, we make a Improvement System, that based on owner's substantial loss, and suggest the new liquidated damages calculation method.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2002.11a
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• pp.111-116
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• 2002

The delay of the completion of the construction project occurs frequently because the origin schedule is affected by numerous factors that contribute to the overall delay in completing the project. But in our country. the dealing with a claim is not sufficient yet by reasons of fairl relation between owner and constructor, cognitive shortage in claim, and such. especially they have make a wrong application of baseless the rule. In this study. we make a rational model ; that includes calculating of dispute costs, and suggest the solution and the prevention for claim by considerating the law followed liquidated damages.

• Journal of Arbitration Studies
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• v.22 no.1
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• pp.65-88
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• 2012

Even though there are some discrepancies in detail with the legal characteristic of the issuing bank's notice to the beneficiary of opening of the letter of credit, article 25 of "the Korean Private International Act(hereunder, 'KPIA')" can be applied to the legal relation between the issuing bank and the beneficiary or the negotiating bank. According to article 26 of the KPIA, if there is no agreement between the issuing bank and its opponent party as to the governing law issues, a state's law which has the closest relationship with the subject case may be applied. In the latter case, given the facts that the issuing bank plays important roles in every phasis of the sale of goods by the letter of credit, a law of place where the issuing bank's business premises is situated(the $lex$ $situs$) can be the applicable law. Meanwhile, "the Korean Supreme Court(hereunder 'KSC')" held that the beneficiary or the negotiating bank can claim any damages arising due to the refusal or deferred payment of the issuing bank, and the law which governs the above mentioned situation is the same law that is applicable to the legal relation between the issuing bank and the beneficiary or the negotiating bank. The main reason of the KSC's ruling is that the nature of the legitimate interest rate which is stated in article 3 of "the Act on Special Cases concerning Expedition etc. of Legal Proceeding(hereunder 'ASCELP')" is substantial matters, not procedural. Taking into account, however, that the main object of ASCELP lies in expedition of legal proceeding, prompt realization of people's rights and duties, and prevention of delayed legal proceeding, it is recommendable that ASCELP, instead of the law applicable to the legal relation between the issuing bank and the beneficiary or the negotiating bank, should be applied to the cases in which the malicious debtor's only and main purpose is delaying the legal proceedings. On the other hand, even if the issuing bank's duty of examination of the documents which were tendered by the beneficiary or the negotiating bank is restricted to the formality and strict conformity of the documents and not the substantiality of the documents, the issuing bank still has to examine the documents with due diligence that is required to the banks whose main business is sales of documents, not the real goods. In this regard, under the circumstances where the document lacked the regularity and/or the formality on its face because of the forgery of the document and where it was expected that an ordinary banker might have easily found any faults with the document, the issuing bank must compensate any parties for damages when it pays money without due diligence as a banker who engaged in the sales of documents.

• The Korean Journal of Air & Space Law and Policy
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• v.19 no.2
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• pp.9-53
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• 2004

This paper described the contents of theme entitled "Domestic Legislative Problems on the Civil Liability of Air Carrier in Korea" including the current example of fourteen countries' legislation ((1) Great Britain, (2) United States of America, (3) Canada, (4)European Union), (5) Germany, (6) France, (7) Italy, (8) Spain, (9) Swiss, (10) Australia, (11) Japan, (12) People's Republic of China, (13) Taiwan, (14) North Korea) relating to the aviation law or air transport law. Though the Korean and Japanese aviation act has provided only the public items such as (1) registration of aircraft, (2) persons engaged in aviation, (3) operation of aircraft, (4) aviation facilities including airport, (5) air transport business, (6) investigate of aircraft accidents etc., but they could not regulated the private items such as the legal relations of the air transport contract (1) air passenger ticket, (2) air luggage ticket, (3) airway bill, (4) liability of air carrier, (5) amount of compensation for damage caused by aircraft accidents, (6)jurisdiction, (7) arbitration, (8) limitation of action, (9) combined carriage, (10) carriage by air performed by an actual carrier other than contracting carrier, damage caused by aircraft to the third parties etc. in their aviation act until now. In order to solve speedily the legal problems on the limitation of air carrier's liability and long law suit and disputes between wrongdoers and survivors etc, it is necessary and desirable for us to enact a new "Draft for the Air Transport Act" including the abovementioned private items. I would like to propose personally and strongly the legislation of "Draft for the Air Transport Act" in Korea in emphasizing the importance of ensuring protection of the interests of consumers air passengers and shippers in carriage by air and the need for equitable compensation between air carriers and survivors caused by the aircraft accidents such as the German Air Transport Act (Luftverkerhrsgesetz).