• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.16
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• pp.183-203
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• 2001

To accomplish international electronic commerce via the Internet, the most serious dilemma is the international payment system. The BBL is a secure and effective electronic commerce framework for the replacement of traditional paper documents by electronic messages via the Internet providing significant benefits in terms of cost savings, improved logistics and reduced errors in documentation. The most important legal obstacles in the BBL are how to secure authenticity, non-repudiation and message integrity as well as the status of negotiability equivalent to paper B/L. These kinds of functions may be carried out through the electronic title registry of the Bolero International Limited. The technical structure is supported contractually by the Bolero Rulebook. And other documents except B/L can be made out without any legal or technical problems. What are the handicaps of the BBL in its practical use at this time? I can summarize the current and expected problems as follows: First, the fee to join Bolero Association Limited is burdensome to sellers, buyers and trade related organizations all over the world. Second, the liability in errors or defaults in operating central data registry of Bolero International Limited is limited to U.S.$100,000. The amount is not sufficient to the many bulk cargo owners to cover the damages. Third, businessmen are used to traditional paper documents; therefore it takes much time for them to change their customs and practices. So the BBL and traditional papers would be used simultaneously for the time being. Finally, it is very important to incorporate the Rulebook, a multilateral contract binding on all users signed, in each domestic law, which will accomplish the uniform law basis.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.18
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• pp.137-157
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• 2002

The clauses of bill of lading(B/L) consist of the terms of contract for the carriage of goods by sea because of clauses of B/L by the mutual agreement of contracting parties. There are some exempted cause of deviation clause in B/L for specific reasons. Then deviation clauses are influenced by Rules of international carriage of goods by sea, because the international rules become the governing law of contract for the carriage of goods by sea. The problem of deviation clauses in B/L is stipulated as follows. "It shall be prerequisite to the Merchant' claim for damages on account of deviation that the merchant's insurance shall first have been cancelled on account of alleged deviation. No deviation shall oust the right to limit liability or damages, and the Carrier shall always be entitled to the full benefit of all privileges, rights and immunities contained in this Bill of Lading and incorporated tariffs." This stipulation should be adjusted according to the confirmed cases, otherwise it will be invalid according to the Hague Rules and Hamburg rules. The sphere of a reasonable deviation in the deviation clause should be interpreted in the connection with the designed voyage and the commercial object of contract for the carriage of goods by sea and the deviation become valid unless the policy, the general object of international rules or the true intention of contracting parties has violated.

• International Commerce and Information Review
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• v.2 no.1
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• pp.67-95
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• 2000

Owing to the Boero Service, Global Trading will be materialized as international Business to Business E-Commerce. There are three principles in the letter of credit transaction, that is to say, independence and abstraction, document dealing, strict compliance. In the electronic letter of credit, these principles are called as independence and abstraction, electronic document dealing, strict compliance. As a joint venture between SWIFT and TT Club, bolero.net is changing the way the world trades by providing a web-based, paperless mode of commerce that is designed to become a global standard. As bolero.net supplies the service of the title registry resolves the problem of Electronic Bill of Lading, the electronic letter of credit will be easily introduced. Thus, this study deals with the Nature of the Electronic Letter of Credit Transaction and the Presentation of the Documents, in particular, the Bolero Bill of Lading.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.65
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• pp.95-116
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• 2015

So far several attempts have been made to digitalizing sea transport documents. Three notable examples are SeaDocs, Bolero, e-B/L Korea and Ess-Databridge. Ess-Databridge was established in 2003, with the aim of promoting the use of electronic alternative to shipping documents. The ESS-Databridge system was piloted from 2005 and went live in January 2010. The ESS-Databridge operates under a private legal outline, the Databridge Services and Users Agreement (DSUA). In the Ess-Databridge system, only the user who is in control of the original bill of lading will be able to indorse it on to another user. Once the indorsement is effected and unless the indorsee decide store turn the documents, the indorser loses control and retains access only to an electronic document marked 'copy' for its records. A feature that appears to have been crucial to the success of the CargoDocs service is that visually, e-B/Ls produced using ESS-Databridge appear identical to the paper documents. The ESS-Databridge may be even more successful if the legislators take certain steps that will increase uniformity and certainty in electronic transport documentation.

• Proceedings of the Korea Information Processing Society Conference
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• 2021.11a
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• pp.1353-1356
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• 2021

블록체인은 다수의 노드 네트워크 내에서 거래내역을 분산 저장함으로써 투명성을 확보하는 기술이다. 최근에는 금전적 가치를 지닌 선하증권(Bill of Lading, B/L 서류)에 블록체인을 적용하여 무결성을 확보하고 거래 과정을 간소화 하기위한 연구가 진행되고 있다. 본 논문에서는 거래자 중심의 블록체인 기반의 선하증권 시스템을 제안한다. 수출자는 발행 받은 선하증권을 AI(Artificial intelligence)기반의 OCR(Optical character recognition)기능을 통해 블록체인에 등록하고, 각국 은행에서 열람하여 신용장거래를 진행한다. 수입자는 선하증권 정보를 담은 QR(Quick Response code)코드로 자기증명을 하여 물품을 인도 받게 된다. 이는 수출자 측에서는 선적서류를 우편으로 보낼 시간과 비용을 단축하고, 서류의 무결성을 입증할 수 있다는 점에서 큰 효과를 얻을 수 있다. 수입자 측에서는 서류가 등록됨과 동시에 확인할 수 있고, 해당 거래를 신뢰할 수 있다는 이점을 갖는다. 마지막으로 은행 측에서는 선적서류에 대해 보안성을 갖출 수 있고 검증이 더 신속하게 이루어질 수 있다.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.37
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• pp.187-216
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• 2008

Risk regarding the possibility of loss can be especially problematic. If a loss is certain to occur, it may be planned for in advance and treated as a definite, known expense. It is when there is uncertainty about the occurrence of a loss that risk becomes an important problem. The word risk is often used in connection with insurance. No one generally accepted definition of risk exists, however. Of the many definitions, two distinctive ones are commonly used. One defines risk as the variation in possible outcomes of an event based on chance. That is, the greater the number of different outcomes that may occur, the greater the risk. Another way of expressing this concept is to state: The greater the variation around an average expected loss, the greater the risk. The second definition of risk is the uncertainty concerning a possible loss. The definition of risk as a useful one because it focuses attention on the degree of risk in given situations. The degree of risk is a measure of the accuracy with which the outcome of an event based on chance can be predicted. For now, it will serve our purpose to note the more accurate the prediction of the outcome of an event based on chance, the lower the degree of risk. After sources of risks are identified and measured, a decision can be made as to how the risk should be handled. A pure risk that is not identified does not disappear, the business merely loses the opportunity to consciously decide on the best technique for dealing with that risk. The process used to systematically manage risk exposures is known as risk management. Some persons use the term risk management only in connection with businesses, and often the term refers only to the management of pure risks. In this sense, the traditional risk management goal has been to minimize the cost of pure risk to the company. But as firms broaden the ways that they view and manage many different types of risk, the need for new terminology has become apparent. The terms integrated risk management and enterprise risk management reflect the intent to manage all forms of risk, regardless of type. International trade transaction is called between countries has features of globalism, cultural gap, long distance and long terms for the transaction. It is riskier than domestic transaction has its specific risks, such as foreign exchange risk and political risk, and requires various active risk management skills. Risks in relation to the international trade transaction are the contract risk, transit risk and payment risk, etc. The risk management in relation to the international trade transaction is to identify and measure these risks. The purpose of this study is to analyse the practical problems and its solution plan by analyzing various cases related to the risk management of bill of lading in the international trade transaction.

• Journal of Navigation and Port Research
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• v.32 no.1
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• pp.97-102
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• 2008

According to the trend of a large-sized vessel and a industrial carrier, the role of the independent contractors such as transport terminal operators, stevedores and warehousemen is increasing the base of cargo distribution that include the function of storage, warehousing, loading, unloading, trimming, dunnaging and lashing. But the common law doctrine of privity of contract has been a perennial source of difficulty for litigants seeking to enforce rights and obligations arising under a bill of lading contract. When carriage contract is negotiated, the concerned parties will be aware that some portion of obligations arising from the contract will be performed by the independent contractors engaged to carry out a particular function. It is reasonable for the independent contractors to be allowed the benefit of the carrier under the contract of carriage. As a part of the alleviating measures for the liability of independent contractors has been allowed various schemes, specially including 'Himalaya Clause'. Therefore, this study performed the validity of 'Himalaya Clause' by means of a recent judicial precedent by the Supreme Court and analyzed the rights of third parties, specially transport terminal operators, under the contract of carriage.

• Journal of Korea Trade
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• v.25 no.1
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• pp.203-219
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• 2021

Purpose - The purpose of this study is to review and analyzes the contract of carriage and delivery/transport document in light of the major changes made to the Incoterms^® 2020 rules forced into effect on January 1st, 2020. Design/methodology - This study analyzed responsibility for the loading and unloading of goods under the contract of carriage in Incoterms 2020^® rules forced into effect by the ICC from January 1, 2020, and what document must be presented as evidence of delivery by the seller. Findings - A review revealed that in Rule C, the costs of unloading at the place of destination are determined by the terms of the contract of carriage, and in the DAP and DDP rules, if the seller bears the unloading costs, such unloading costs cannot be recovered from the buyer. To settle this issue, the seller needs to make a contract of carriage by sea with the carrier on FI terms. Furthermore, in the case of containerized goods that the FCA should be used, FOB was misused because the seller could not present an on-board bill of lading in the L/C transaction. However, it was confirmed that in FCA, the parties can use an optional mechanism to issue an on-board bill of lading. Originality/value - Incoterms 2020^® rules are still widely used in international trade by parties to contract sales around the world, just like Incoterms 2010^® rules. This study attempts to reduce or eliminate disputes that may arise from interpretative misunderstandings between the parties in the contract of sales concluded by the seller and the buyer.

• Journal of Navigation and Port Research
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• v.33 no.6
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• pp.409-414
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• 2009

As Korea has the economic structure heavily depending on exporting commodities, the importance of both maritime and air transportation mode is significant. Accordingly, for the sustainable and stable export the freight transportation market by mode needs to be developed complementarity each other. This paper, therefore, aims at analysing the LCL commodities transported by the two mode in terms of unit price, freight charge bearability and price structure. For this around 500 bill of lading(B/L) are collected and analysed resulting in deriving the distinctive characteristics of commodities by mode and the implication for price policy.

• Journal of Korea Port Economic Association
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• v.22 no.4
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• pp.1-17
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• 2006

In the Bill of Lading of The Irbenskiy Proliv is not subject to the Hague-Visby Rules in accordance with paragraphs (A) and/or (E) of cl.1 or to the Hague Rules in accordance with paragraphs (B) and/or (D) of cl.1. The Irbenskiy Proliv is very rare case that is effective to exempt the carrier as literal words of Bill of Lading. The action concerns cargoes of perishable goods shipped from Brazil to Japan, under Bills of Lading each of which contained an extensive carrier's exemption clause. A preliminary issue was ordered to be determined on the question whether c1.4 is effective to exempt the ralliers from any potential liability for the claims in this case. The court held that there is no reason to reject c1.4 as part of each of the contracts contained in or evidenced by the bills of lading; and it protects the carrier where damage to the goods shipped results from such causes. It is therefore effective to exempt the carriers from any potential liability for those claims.