• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.39
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• pp.87-103
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• 2008

Two kinds of security devices such as independent guarantees and standby letters of credit have been widely used in the international transactions. These devices design to protect one of the parties from a breach by its counter-party. Main uses of these guarantees and standby letters of credit are as follows : bid guarantee, performance guarantee, advance payment guarantee, payment guarantee, retention guarantee, etc. The standby letters of credit were first invented in the U.S.A. and have been widely used in the international and domestic contracts in the U.S.A. But the practical use of these credits is very unsatisfactory in Korea. The purpose of this study is to serve the increase of practical use of the standby letters of credit in Korea through the comparison study on the practical use of the credits between Korea and the U.S.A. Both devices are very similar in function, but they are very different in forms. The one has the form of letter of credits but the other has the form of guarantee. The letter of credit has the stability of governing rule, the legal certainty, and the preference in the field of the trade community comparing to the guarantee. I recommend to use standby letter of credit instead of bank guarantee in international transactions because of the merits of the credit aforesaid.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.26
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• pp.203-223
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• 2005

Many international transactions involve the use of security devices, commonly referred to as "guarantees", "bonds", or "standby credits", designed to protect one of the parties from a breach by its counter-party. These security mechanisms may be provided by banks, insurance companies, specialized surety companies, or other financial service firms. Although some legal systems distinguish between "guarantees", "bonds", and "indemnities", these terms are often used as synonyms in the everyday language of international traders. It may therefore be necessary to examine the particular characteristics and nature of the guarantee obligation in order to properly classify the guarantee. Two main categories of guarantee are demand and suretyship. Under a demand guarantee, the guarantor must pay on first demand by the beneficiary. The beneficiary only has to demand payment under the guarantee - there is no need to prove that the principal has actually defaulted on a contractual obligation. Under a suretyship or conditional guarantee, the obligation of the guarantor is triggered by the actual default or contractual breach of the principal, as evidenced in a document such as a court judgement or arbitral award against the principal. Guarantees have been widely used in the international business transactions. Main uses of guarantees are as follows : Performance Bonds/Guarantees, Bid(or Tender) Bonds/Guarantees, Advance Payment or Repayment Bonds/Guarantees, Retention Bonds/Guarantees, Maintenance(or Warranty) Bonds/Guarantees etc.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.495-518
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• 1999

Since the end of World War II, the standby letters of credit have been used as a surety device, serving as a performance bond and guarantee in the world. In Korea, the standby letters of credit have been also being used in international transactions. But there have been a few studies on the standby letters of credit. This study is carrying out to reveal the characteristics of the standby letters of credit and the documentary letters of credit and also between the standby letters of credit and guarantees. Secondly, this study is carrying out to indicate types of practical use of standby letters of credit in international transactions, i.e. bid bonds, performance bonds, advanced payment guarantees etc.. Finally, this study is carrying out to indicate governig rules regarding standby letters of credit, i.e. URCG, URDG, UCP, UN Convention on Independent Guarantees and Standby Letters of Credit, ISP etc..

• Journal of Power Electronics
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• v.1 no.2
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• pp.65-70
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• 2001

Transmission System Operators are governed by operational security standards that are applied in real time. During system disturbances, the System Operators must rely on the installed protection and control equipment, prior to human intervention. New power electronic solutions bring rapid and repeatable responses to disturbances, which will help System Operators to guarantee a stable system. Last year, Alstom completed the world's first competitively bid STATCOM to support the voltage on National Grid's 400kV network that supplies London and the Southeast from the north of the UK. It is rated ${\pm}75MVAr$ and forms part of a Static Var System (SVS) with a total rating of 0 to 225MVAr. This paper will describe the reasons for its size, location, its chain-link configuration and give examples of its operating performance. The paper will also describe the features that allow this STATCOM to deliver much more than reactive compensation in support of a wider transmission service objective, as system conditions require.

• Proceedings of the KSR Conference
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• 2004.06a
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• pp.1155-1162
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• 2004

This research proposes a new risk analysis method in order to guarantee successful performance of construction projects. The proposed risk analysis methods consists of four phases. First step, AHP model can help contractors decide whether or not they bid for a project by analysing risks involved in the project. Second step, the influence diagraming, decision tree and Monte Carlo simulation are used as tools to analyze and evaluate project risks quantitatively. Third step, Monte Carlo simulation is used to assess risk for groups of activities with probabilistic branching and calendars. Finally, Fuzzy theory suggests a risk management method for construction projects, which is using subjective knowledge of an expert and linguistic value, to analyze and quantify risk. The result of study is expected to improve the accuracy of risk analysis because three factors, such as probability, impact and exposure, for estimating membership function are introduced to quantify each risk factor. Consequently, it will help contractors identify risk elements in their projects and quantify the impact of risk on project time and cost.

• Korean Journal of Heritage: History & Science
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• v.55 no.1
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• pp.111-132
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• 2022

The comprehensive examination on tendering system has been introduced to the Cultural Heritage repair and restoration field since 2016 to remedy the repair issues of South Gate in 2014. The Cultural Heritage Administration tried to attain the high performance of the cultural heritage repair and restoration works securing the proper payment for the repair and restoration works. It is high time to review the operating performance of the comprehensive examination on tendering system (hereinafter referred to as the "CEOTS"), as the system has been run for over 5 years to correspond with its original goal, i.e., "The Proper Payment in return for the High Performance of Repair and Restoration works." This study intends to analyze 114 tenders of CEOTS from 2016 to 2020. As a result of the analysis of 114 tenders, firstly, more than half of bid winners were in the top 20% of repair & restoration capacity disclosure amount list, which mostly fulfilled the goal of 'attaining high performance.' Secondly, as the winning bid rate is decreasing from 86.847% in 2017 to 85.488% in 2020, the goal of 'guarantee of a proper payment' is not achieved yet. Thirdly, the influence of Economic Evaluation section in CEOTS has been grown since the change of scoring system in CEOTS in 2019. This study identifies two reasons why the winning bid rate of CEOTS has decreased. Firstly, it is caused by the fact that 'the group that got more than 1st place' and 'the first place group' that are more than half of the total bidders have the decreasing bidding rate trend as the years go by. Secondly, the exclusion rate of 'the group that got more than 1st place' is higher than the exclusion rate of 'the group that got less than 1st place', which means the expected winning rate would be lowered. It is proposed that the revision of CEOTS code is needed, i.e. easing the strict rule concerning the exclusion rate as well as setting up the lower bidding limit to prevent the excessive decreasing winning bid rate.

• International Journal of Advanced Culture Technology
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• v.5 no.4
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• pp.26-30
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• 2017

The Ministry of Patriots and Veterans Affairs decided to designate Goesan County as a comprehensive venue for determining the geography of the land, the efficient management of land, the public opinion of local residents, and the establishment of a group of civic complaints. In the meantime, Goesan focused on attracting high-ranking government officials, including high-ranking government officials and high-ranking tourist attractions, to attract high-ranking government officials, including high-ranking officials of the National Guard, to promote the nation's bid to attract high-ranking government officials. In this paper, we intend to conduct a study centered on the controversy over the survival of the Korean National Guard. conflict between local governments is a non-authoritative administrative administrative body, it can be regarded as a matter of difficulty by intervening in any autonomous matter, and ultimately, it can be changed to judicial judgment. This is not to say that the residents of Goesan county will protest this time. Even though Goesan promotes regional development and development for local residents, it can not guarantee that the judgment of Goesan County will be held in the same situation. Thus, it should develop a win-win strategy based on the threat of sabotage. To this end, I would like to suggest the following measures.

• Korean Journal of Construction Engineering and Management
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• v.21 no.4
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• pp.21-29
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• 2020

This study analyzed problems of operating performance bond for public works and derived some suggestions for improvement. The Contract Law for Government Owner requires to submit performance bond which guarantees performing the construction contractor pays back compensation money when the obligation is not executed. Currently, first bid eligibility for participation is exactly required for executing company of performance bond obligation, not considering volume, technical level, and special type of remaining works. In collaboration contract, if guarantee accident occurs, it is obliged for remaining collaboration contractors to be qualified to fulfill the whole contract. This study proposes following improvement plan to solve problems of current performance bone in public works. Firstly, qualification criteria must be deregulated exceptionally for selecting proper contractor, which executing performance bond obligation, considering progress and characteristics of remaining works. Secondly, In collaboration contract, the prerequisite of remaining contractors' should be deregulated as 'implementation requirement of the remaining works'from'implementation requirement of the whole work'. Finally, defect responsibility should be included in liabilities of performance bond by specifying that owner or guarantee agency bear them.

• Korean Journal of Construction Engineering and Management
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• v.2 no.2 s.6
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• pp.98-108
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• 2001

This research proposes a new risk analysis model in order to guarantee successful performance of construction projects. The risk analysis model, called Construction Risk Analysis System(CRAS), is introduced to help contractors Identify project risks through RBS and through the procedures in risk analysis model. The proposed CRAS model consists of three phases. First step, CRAS model can help contractors decide whether or not they bid for a project by analysing risks involved in the project. Second step, the influence diagraming, decision tree and Monte Carlo simulation are used as tools to analyze and evaluate project risks quantitatively. Third step, Monte Carlo simulation is used to assess risk for groups of activities with probabilistic branching and calendars. Consequently, it will help contractors identify risk elements in their projects and quantify the impact of risk on project time and cost.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.817-838
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• 2005

In this paper, the resource adequacy as well as the optimum fuel mix is obtained by the following procedures. First, the regulation body, the government agency, determine the reliability index as well as the optimum portfolio of the fuel mix during the planning horizon. Here, the resources with the characteristics of public goods such as demand-side management, renewable resources are assigned in advance. Also, the optimum portfolio is determined by reflecting the economics, environmental characteristics, public acceptance, regional supply and demand, etc. Second, the government announces the required amount of each fuel-type new resources during the planning horizon and the market participants bid to the government based on their own estimated fixed cost. Here, the government announces the winners of the each auction by plant type and the guaranteed fixed cost is determined by the marginal auction price by plant type. Third, the energy market is run and the surplus of each plant except their cost (guaranteed fixed cost and operating cost) is withdrew by the regulatory body. Here, to induce the generators to reduce their operating cost some incentives for each generator is given based on their performance. The performance is determined by the mechanism of the performance-based regulation (PBR). Here the free-riding performance should be subtracted to guarantee the transparent competition. Although the suggested mechanism looks like very regulated one, it provides two mechanism of the competition. That is, one is in the resource construction auction and the other is in the energy spot market. Also the advantages of the proposed method are it guarantee the proper resource adequacy as well as the desired fuel mix. However, this mechanism should be sustained during the transient period of the deregulation only. Therefore, generation resource planning procedure and market mechanisms are suggested to minimize possible stranded costs.