• Journal of Arbitration Studies
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• v.21 no.1
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• pp.131-155
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• 2011

PICC executes its role as a useful lex mercatoria in the continuously increasing international trade to be adopted as the standard criterion of prevention or dispute resolution. When considering the fact that GISG has not presented results beyond expectation in the past due to hard laws and legal deficiency, PICC, which possesses interpretation and supplementation function, is considered undoubtedly useful particularly in international commercial arbitration. As observed in the previously mentioned analysis on cases accumulated in UNILEX, PICC application and Arbitral tribunal in international contract between parties possess considerably large claim possibility and the number of actual application cases is continuously increasing. The fact that PICC has been composed as maximum common measures of continental and common law systems by traditional comparative legal scholars familiar with international trade can function as the fundamental principle in future global trade activity and can also act as the model law for uniting contract laws of nations. In this aspect, PICC can be evaluated to have considerably achieved enactment purpose of previous intention. However, additional topics that had not been accepted in the revised edition of PICC remain as assignments requiring solution, such as analysis and acceptance problem of comparative law, PR of PICC unfamiliar even to the relative parties of international trade and application in international contract, and absorption problem as model law in various domestic laws.

• Korea Trade Review
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• v.45 no.3
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• pp.21-33
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• 2020

This study aims to determine if the current COVID-19 event can be admitted as an excuse for non-performance in international trade transactions. In order to do so, this study selected case study method in the analysis. Firstly, the definitions of Force Majeure addressed in CISG, UCC, Chinese Law, and Korean Law were organized. Secondly, this study reviewed the avian influenza event in 2006 and the natural disaster event occurred in Guangdong, China, in 2017. In the study, three critical evaluation factors are suggested in order to be admitted as a Force Majeure event in international transactions as following: 1) possibility of foresight of the event, 2) possibility to overcome and avoid the event, and 3) the enterprise's countermeasures of the event. As an implication, this study organized the definitions of Force Majeure that were indicated in various kinds of Laws and suggested the basic framework to analyze the possibility of admittance as a Force Majeure event.