• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• 제41권
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• pp.79-102
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• 2009

L/C transaction, the most important issue for the seller and the buyer is the theory of documentary transaction and the theory of strict compliance which are the principles of L/C transactions. According to the leading cases in England and America where the practice of L/C transactions was created and developed, the descriptions of the commodities specified on all the documents which are submitted based on an L/C, should be identical to the descriptions of commodities specified in the L/C. And further, many leading cases of L/C continuously repeat to emphasize strict compliance. However, the recent leading cases in and out of the country show that the principle of strict compliance is being weakened. The leading cases in America show two trends of weakening the principle of strict compliance. That is, on the contrary to strict compliance, tends to apply substantial compliance (which puts more value on the substance of the documents). These leading cases reflect the attitudes of the judicial and the legislative authorization that don't want to approve formal approach to the commercial law. Recently, the Supreme Court of Korea is giving a decision on the principle of strict compliance, "The documents attached to an L/C should strictly comply with the conditions in the L/C, but it doesn't mean that they should be perfectly identical without any mistake in words. In case the bank can understand through reasonable care that a small mistake in words is too trivial to give different meaning or to give damage to the conditions of the L/C, the documents are regarded to comply with the conditions of the L/C. However, the judgment should be based on whether the difference between the documents and the L/C can be admitted by the international standard bank transaction practice or not." This decision tells that the principle of strict compliance is quite much modified so application of this modification can't be ignored. However, from the viewpoint of the party who requests to open an L/C, there is a criticism that a bank's arbitrary judgement can be involved. Therefore, reviewing the original purpose of L/C transactions (activating international transactions), the principle of strict compliance may be thought old-fashioned because it emphasizes a form, but in reality, for prompt transaction and payment, the principle of strict compliance should be observed in L/C transactions. And further, if a legislative device is prepared to systematically compensate for several side-effects, the principle of strict compliance will improve dynamic flow of prompt and low-costly L/C transactions. On the other hand, it will be able to protect the interested parties.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• 제31권
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• pp.81-106
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• 2006

The Terms of Reference are one of the most distictive features of ICC Arbitration. No document of this type is required to be drawn up under the rules of any of the other major international arbitration institutions. The purpose of this paper is to examine their advantages and to introduce main contents provided in Article 18 of ICC Rules of Arbitration, which results in the wide recognition of the Terms of Reference. As the volume of our international commercial transaction ranks almost ten in the world, the frequency using ICC Arbitration is expected to increase continuously. The Terms of Reference provide the parties and the arbitrators with an opportunity to identify and agree on procedural and other matters, such as the applicable law, the language of the arbitration and the timetable for the arbitration. They also afford the parties and the arbitrators to identify the substantive issues that are addressed in the arbitration and to delimit the precise scope of the Arbitract Tribunal's mandate. The contents of the Terms of Reference which are provided in Article 18(1) include the summary of parties claims, the list of issues and procedural rules. For the effects of the Terms of Reference, they are not intended to replace the parties' arbitration agreement. But they may in certain circumstances be regarded as a form of submission agreement. Article 18(2) provides that the Terms of Reference shall be signed by the parties and the Arbitral Tribunal, and requires the Arbitral Tribunal to transmit a signed copy of the Terms of Reference to the Court within two months of the date on which the file was transmitted to it by the Secretariat. The Court enjoys the power to extend the two-month time limit for the Terms of Reference on the reasoned request of the Arbitral Tribunal or on the Court's own initiative. Article 18(3) provides that if any of the parties refuses to take part in the drawing up of the Terms of Reference or to sign the same, they shall be submitted to the Court for approval. Article 18(4) allows the Arbitral Tribunal to extablish in a separate document a provisional timetable. This is a provision that encourages the acceleration of the arbitraction process. The timetable provided for therein is merely "provisional" and may be modified, as necessary, during the course of the arbitration.

• The Korean Journal of Air & Space Law and Policy
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• 제26권1호
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• pp.93-125
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• 2011

The International Civil Aviation Convention (Chicago Convention) has been a backbone of international air transport system whereby air transport between States should be based on bilateral agreements, and in particular, international airfares, which are set up through IATA(International Air Transport Association) rate-fixing machinery could be approved by the governments concerned. International airfares are fares for transporting passenger and freight and their conditions between two or more countries. However, since U.S. pursued th deregulation policy in 1978 whereby routes, capacity and fares could be freely determined by airlines, many States have been following so called open-skies agreements. In many cases, aeronautical and competent authorities have been reviewing whether airlines' commercial activities including air fares could possibly conflict with free competition rules envisaged in relevant laws and regulations. As competition among airlines gets intense, airlines often resort to cooperation with other airlines in the forms such as equity exchange, M&A, code-sharing, fares consultation and resource pooling, mainly with a view to effectively use resources available and to avoid monopoly situation resulting from excessive and destructive competition among players. Whereas bearing in mind that application of competition laws is important to secure consumers' interests by preventing airlines's malpractices such as bargaining exorbitant fares, it is also important to comprehensively consider as many factors as possible, from that unilateral measure by governments may bring about retaliatory measures by the governments affected, to that airlines' cooperative practices may rather increase consumers' benefits by lowering air fares.

• Journal of the Korea Society of Computer and Information
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• 제21권6호
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• pp.97-106
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• 2016

This study tries to seek the is the realistic improvements and legislative measures about current medical advertising which was in the Court on 12 May 2015 by presenting and discussion the understanding, problems and its alternative direction of pre-deliberation on the existing law which is the decision on the constitutionality of health care advertising regulated health care advertising General commercial advertising has the right which have to be protected as the terms of the protection of know and freedom of expression and advertiser's there are sure to be in a value to be protected. Medical advertising is also a person in addition to the absolute value that includes both Due to the particularity of medical advertising in terms of life and the right to health Until now, this has been the target of strong regulations are changing the policy of gradual deregulation in our country, including the country. Medical advertising on the current medical law had been to be checked by pre-deliberation of the executive power. However, due to unconstitutional, in the circumstances which a false hype is flooding and increasing, it has been realized that the fair competition of medical community, life and health rights of the people are threatened by in reverse. In this regard, the abolition of the pre-deliberation system of medical advertising can be welcomed by abolition of the old system which is the legal and institutional censorship. Since its abolition, the alternative policy direction is insufficient also it is not clear. Therefore we need to study this. Therefore, in this paper, we try to find general theoretical background and problem of pre-deliberation system of medical advertising. Also, as trying to find feasibility or ambiguity of regulation and issues about medical advertising on medical law, we argued the provision of special measures of the medical advertising for introduction of integrated medical advertising deliberation committee which can ensure the independence and autonomy, strengthening of the monitoring on the internet advertising, legal resolving through amendments, strengthening of penalties, and establish special measures of medical advertising for the medical privatization and demand for the foreign medical tourist, etc. Empirical study about practical regulatory measures of medical advertising which converged the various opinions of consumer groups, government and academia, and medical community, and we expect hope to see the more realistic alternative provision.

• The Korean Journal of Air & Space Law and Policy
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• 제21권2호
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• pp.55-69
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• 2006

Electronic ticketing ("e-ticketing") through the internet will be the most critical commercial tool in the international airline industry. Actually the International Air Transport Association(IATA) has announced that it's goal is to accomplish 100 percent implementation of e-ticketing worldwide by 2007. Domestically e-ticketing will be put into operation in a full scale from the next year(2007). Thus, we count on, sooner or later, e-ticketing will be accomplished globally. As a legal aspect, this e-ticketing raises many legal issues which are no longer subject to a static set of legal rules driven by judicial precedent because e-ticketing is carried out on the "cyber space" which is a new and developing law area. In this treatise, I studied these legal issues, specially on the time and place(jurisdiction) of the contract which are the most important issues based on the New Montreal Convention signed at Montreal on May 28, 1999, which would seem prove that the airline industry is receptive and capable of change. Upon this opportunity, I hope the more comprehensive legal study on the e-ticketing will be introduced in the near future.

• MARITIME LAW REVIEW
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• 제29권2호
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• pp.115-144
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• 2017

The impact of the global financial crisis, which began in the United States in 2007, had a major impact on the domestic shipping and shipbuilding industries. In this regard, the domestic shipyard has established an order-taking strategy in several ways as an alternative to lowering the amount of construction of commercial vessels due to deterioration of the shipping industry, and selected industrial sector was the offshore plant sector. However, the domestic shipyard has under performed the offshore plant in order to just increase sales and secure work without any risk analysis for EPC contracts. As a result, the shipyard has been charged more than the initial contract price with the offshore plant contractor, or the shipyard has become a legal issue requiring payment of liquidated damages due to delays in delivery of the product. The main legal disputes are caused by the thorough risk analysis and the inexperience of process control that can occur during offshore plant construction. and In particular, there is no sufficient review of the unequivocal provisions in the contract as an element of risk management. There is no human resource to review these contractual clauses. Therefore, this study identifies the existence of specific risks that could lead to delays in offshore plant construction, and examined the existence of any unequivocal clauses in contracts for offshore plant construction. and also discussed how the toxic clause applies to the actual parties and how the concrete risk factors in the construction contracts are transferred and expressed by referring to the interviews with the project manager of the domestic shipyard and the previous research. As a result, This paper examined the legal liability of the contracting parties regarding delayed delivery of the products due to the offshore plant construction contract. And to improve the domestic shipbuilding industry.

• Proceedings of the Korean Society for Technology of Plasticity Conference
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• 한국소성가공학회 2008년도 추계학술대회 논문집
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• pp.292-296
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• 2008

A new method of evaluating critical damage values of commercial materials is presented in this paper. The method is based on the previous study of the methodology [1] of acquisition of true stress-strain curves or flow stress curves over large strain from the tensile test in which the flow stress is described by the Hollomon law-like form, that is, by the strain dependent strength coefficient and the strain hardening exponent. The strain hardening exponent is calculated from the true strain at the necking point to meet the Considere condition. The strength coefficient is assumed to be constant before necking and represented by a piecewise linear function of strain after necking. With the predicted flow stress, a tensile test is simulated by a rigid-plastic finite element method with higher accuracy of less than 0.5% error between experiments and predictions. The instant when the fracture begins and thus the critical damage is obtained is determined by observing the stress variation at the necked region. It is assumed that the fracture due to damage begins when the pattern of stress around the necked region changes radically. The method is applied to evaluate the critical damage of a low carbon steel.

• Journal of Arbitration Studies
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• 제20권2호
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• pp.3-26
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• 2010

In 2006, the UNCITRAL Working Group II started a new project on the revision of the UNCITRAL Arbitration Rules of 1976. Ever since that time, 9 sessions of the Working Group II were devoted to the discussions on such topic. The Arbitration Rules has been acknowledged to be used for settling international disputes involving various disputing parties. In recent years, many treaty-based arbitrations have been subject to the Arbitration Rules. This article focuses on the discussions made in the 52nd session of the Working Group II where the third reading of the revised draft of the Arbitration Rules was completed except for a few provisions. Among the draft rules, the delegations were hardly able to reach an agreement with regard to Articles 2(2), 34(2), 41(3), (4), and (6). It is expected that those provisions would be agreed in the coming 43rd plenary session of the UNCITRAL. The use of the Arbitration Rules is dependent on the agreement by the disputing parties. It is not like the UNCITRAL Model Law on International Commercial Arbitration which was adopted in Korean legal system in 1999. However, the proper functioning of arbitration rules is essential for the efficient and successful operation of the arbitration system in a particular country. That is the reason why we should keep close attention on the discussions of the UNCITRAL with regard to the revision of the Arbitration Rules.

• 한국전산유체공학회:학술대회논문집
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• 한국전산유체공학회 2009년 춘계학술대회논문집
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• pp.183-190
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• 2009

The objective of this study is to get simulation data about pulsatile flow around an interior solid body inside a bifurcated tube. All the processes were based on CFD method, with a commercial FVM code, SC/Tetra ver. 6.0 for solving, and with CATIA R16 for generating geometries. The bifurcated tube models were drawn with the bifurcated angle of 45 degrees, considering Murray's law about the diameter ratio. With various locations of the object, the effects of flow on the drag were considered. For the pulsating flow condition, the velocity wave profile was given as the inlet boundary condition. To validate all the result, the simulation was compared with the existing data of the other papers first. Overall flow field of both data were similar, but there was some difference at a zero velocity. Therefore the next simulation was continued with the sine wave profiles where there is no negative flow, and then the data was compared with one of the pulmonary artery velocity where there is negative flow. The final process was to calculate flow variables such as the wall shear stress (WSS) and to compute the drag of the solid object.

• Transactions of the Korean Society of Mechanical Engineers B
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• 제21권1호
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• pp.113-124
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• 1997

This work is performed to investigate the pressure drop and heat transfer characteristics in the air side of finned-tube heat exchanger for air conditioner. Experimental apparatus and method are described to simulate the heat exchanger performance by using the three times enlarged model. The pressure drop and heat transfer coefficient were measured and compared for the heat exchangers with a plane fin and a commercial strip fin. The measured data for the strip fin agree well with those of prototype within a few percentages. For the plane fin, the measured data had similar trend to Gray & Webb's correlation at high air velocity, however a new correlation is needed to give more accurate prediction at low air velocity. It is found that most heat was transferred around the front row of the two-row heat exchanger, and the ratio of thermal load at the front tube row was increased for decreasing air velocity.