• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.61
• /
• pp.273-302
• /
• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• Journal of Practical Agriculture & Fisheries Research
• /
• v.10 no.1
• /
• pp.101-111
• /
• 2008

As the quality of life improves, people want to live in more pleasant environment with beautiful trees, clean air and water. They are keenly interested in environmental issues as well as living environment of apartment which is a trademark of modern life. With this situation, the function and roles of landscaping trees have been recognized as a critical factor to improve living environment. As people have asked for more demands on those trees, it has raised more issues on the defect of trees and is required the solution to those issues. So, the purpose of this study was to survey the reasons of defects and find out those solutions. The data on defects in 1990s was referenced to the reports issued by SH Corporation in 1994 and 1997. The data on defects in 2000s are collected from March, 2006 to May 2006 based on the survey for apartments already constructed by Korea Housing Corporation. The results of the survey were shown that, in the year of 1994, landscaping trees causing high rate of defects were Acer buergerianum (92%), Pinus densiflora(85.7%), Celtis sinensis(80%), Cydonia sinensis(75%) and Diospyros kaki(66.6%), and in the year of 1997, landscaping trees causing high rate of defect were Ziziphus jujuba(100%), Cornus alba(65.2%), Diospyros kaki(60%), Thuja occidentalis(60%), and Metasequoia glyptostroboides(42%). And, in the year of 2006, landscaping trees causing high rate of defect were Sophora japonica(100%), Taxus cuspidata(80%), Magnoila quinquepeta (75%), Acer palmatum(62.5%) and Ginkgo biloba(50%). Because the reasons of defects were various according to the conditions including the climate, location, time and landscaping trees carried into the work area, we present the problems and solutions to those defects. Since the landscaping trees are living creatures, the factors of defects were various and complicated according to the site condition. So, in the period of warranty, contractor should designate the tree manger who can recognize the situation and take suitable action within timely manner.

• Korean Journal of Construction Engineering and Management
• /
• v.10 no.5
• /
• pp.37-46
• /
• 2009

This research will focus on the public agencies, designers, supervisors, building cooperation, and contractor who involved in urban development plan. By understanding the complexity and the priorities in urban development process, all problems of the urban development projects can be solved or improved. These priorities are specified using AHP (Analytic Hierarchy Process). A questionnaire survey is employed to identify the problems of urban development process and the methods of revitalizing urban in this research. Through the survey, 35 issues are drawn out. Factor analysis technique is applied to extract the underlying interrelationships possibly existing. Using latent root criterion and varimax rotation method, 9 factors are extracted(by using 34 issues after deleting 1 issue less than 0.4 of factor loading) These 9 factors named as PIF (Problem Improvement Factor) consist of integration estimation (PIF1), cooperation operation capability (PIF2), contractor corporation capability (PIF3), capital for infrastructure investment (PIF4), misunderstanding of effective land use (PIF5), financial capability (PIF6), obscure goal of project (PIF7), shortage of cooperation expertise (PIFS), administrative procedures (PIF9). PIF 6 is the most important factor and PIF 1 is the most widely effective factor to succeed urban land development projects. It is recognized that administrative office is most responsible for PIF1 cooperation is most responsible for PIF2, 7, 8 and 9; contractors is most responsible for PIF3 and PIF6; administrative agencies is most responsible for PIF4; cooperation and consultants are responsible for PIF5. From findings in this study, some suggestions are proposed for the revitalization methods of urban development projects through the land readjustment method.

• Korean Journal of Construction Engineering and Management
• /
• v.16 no.3
• /
• pp.36-48
• /
• 2015

To complete various types of finish works with higher quality in much less time, TACT, which was mostly used for high-rise buildings, has been adapted to meet the needs for systematic schedule management in construction sites. However, the effectiveness of adapting TACT has not been shown as expected due to the different perspectives on productivity from both general contractor and subcontractors based on unforeseen conditions according to the types of site. Furthermore, not enough theoretical backgrounds, empirical data, and systematic approaches to solve the fundamental problems caused by each participants' different views on productivity has produced obstacles for establishing effective solutions. Therefore, this research aims to analyze the possible main reasons for having different point of views regarding productivity among various participants of residential building sites using TACT based on literature review, site survey, and interviews. Also, case study was conducted to propose obtainable productivity (OP) regression equation and productivity achievement ratio (PAR) with reduction factors (RFs) and actual productivity (AP) data from an actual construction site. The proposed outcome may assist general contractors converting output management with PPC to productivity management with actual data using PAR. On the other hand, subcontractors would be able to estimate theory-based maximum productivity of construction sites with TACT by using OP. The PAR will enhance the communication between general and sub-contractors for their decision making process. Finally, the main RFs derived from PAR could be used as essential keys for productivity management to increase the economical and operational effectiveness of the construction project.

• Journal of the Korea Institute of Building Construction
• /
• v.17 no.4
• /
• pp.377-384
• /
• 2017

It is generally acknowledged that subcontractors mostly allocate their resources to project relying on their previous experiences, instead of data-based judgement. Installing residential fire protection systems, typically performed by subcontractors, is labor-intensive job and its schedule is frequently changed as the contractor master schedule is often revised. Nevertheless, it is still important for subcontractors to make much effort to improve labor productivity through a thorough planning for scheduling and resource allocation. The purpose of this study is to identify significant factors that affect labor productivity for residential fire protection system installation. For this purpose, 50 potential factors that may affect productivity were identified based on literature reviews and expert interviews. These factors were further explored using correlation analysis and ANOVA test. The results showed that the labor productivity is significant impacted by various project characteristics.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.31 no.6D
• /
• pp.793-801
• /
• 2011

Existing specifications of road pavement require contractors to meet only materials and construction conditions regardless of pavement life. There are limitation of developing road pavement technology and possibility causing dispute between ordering organization and contractor with this type of specification. Research efforts to introduce performance warranty contracting are in progress in the field of road pavement to improve the problems. The performance warranty contracting gives the contractors opportunity to select materials and construction methods as they like. But they should satisfy a certain level of performance during a given period. The performance indicator and threshold value of pavement which are main elements of the warranty specification should be defined first to introduce the performance warranty contracting successfully. In this study, the performance indicator, threshold value, and warranty duration of asphalt pavement were investigated by reviewing literatures on performance warranty contracting of some states of the US. Major distresses influencing the performance of the asphalt pavement were investigated at 24 national expressway lines and national highway lines in 16 regions, and the data were analyzed to be compared to the cases of the US. Development of rational performance warranty specification for domestic asphalt pavement is expected based on the research results.

• Journal of the Society of Disaster Information
• /
• v.17 no.2
• /
• pp.306-318
• /
• 2021

The dispatch law has a negative impact on safety management at construction sites as the command and command relationship to safety assistants of the original contractor are applied to the dispatch law. Purpose: The purpose is to study the importance and impact of safety management according to the dispatch law, and to propose a direction for safety management so that safety assistants can actively and proactively prevent accidents. In this study, we used AHP analysis techniques for experts to achieve the final goal and verified the suitability through logistic regression. Method: AHP analysis technique is used for experts and workers and logistic regression analysis is conducted. Result: The result of analyzing scenario data where the dispatch method can be applied showed the importance in the order of education (SkillUp education), management (work-time management) and direct instructions (feedback instruction). In logistic regression analysis, feedback is the factor that affects direct instruction, and in education management, the ratio of education management is 3.42 times lower than that of other groups when only the team leader of the company gives work instructions. Conclusion: The management of feedback and education is more important than anything else within the range in which the dispatch method is not applied, and the expansion of non-face-to-face online education is judged to avoid the violation of dispatch method because the expansion of non-face-to-face online education due to covid 19 recently has brought more various target for safety education.

• Management & Information Systems Review
• /
• v.36 no.3
• /
• pp.151-165
• /
• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.

• Journal of Arbitration Studies
• /
• v.18 no.2
• /
• pp.79-102
• /
• 2008

When several parties are involved in a dispute, it is usually considered desirable that the issues should be dealt with in the same proceedings, rather than in a series of separate proceedings. This saves time and money. It avoids the possibility of conflicting decisions on the same issues of law and fact, since all issues are determined by the same tribunal at the same time. Where there is a multi-party arbitration, it may be because there are several parties to one contract, or it may be because there are several contracts with different parties that have a bearing on the matters in dispute. In international trade and commerce, for individuals, corporations or state agencies to join together in a joint venture or consortium or in some other legal relationship of this kind, in order to enter into a contract with another party or parties, where such a contract contains an arbitration clause and a dispute arises, the members of the consortium or joint venture may decided that they would each like to appoint an arbitrator. A different problem arises where there are several contracts with different parties, each of which has a bearing on the issues in dispute. A major international construction project is likely to involve not only the employer and the main contractor, but also a host of special suppliers and sub-contractors. Each of them will be operating under different contracts often with different choice of law and arbitration clauses. The appointment of the arbitrator or the composition of the arbitral tribunal should be in accordance with the agreement of the parties. The parties have to be equally treated in the constituting of the arbitral tribunal and the arbitral proceedings. However, the right of the parties to nominate a member of the arbitral tribunal could be taken away from them, if they are subject to the restrictions by means of the law of the country where the arbitration is taking place. That is, multiple parties jointly should nominate one arbitrator, where there they have to exercise their substantive right in common, or one of them exert his substantive right, then it has an effect on another parties, or they, whether as claimant or as respondent, get the same or similar treatment in the arbitral procedure. Therefore it is necessary to intend to settle multi-party disputes quickly and efficiently.

• Fire Science and Engineering
• /
• v.28 no.6
• /
• pp.82-89
• /
• 2014

Disasters that destroy homes and infrastructure and cause significant financial damage are becoming more common as population centers grow. In addition, several natural disasters have resulted in a major loss of life and created countless refugees due to damage to housing. After major catastrophic disasters, it is very important that the government agencies respond to post-disaster housing issues and provide resources such as temporary housing before the full rehabilitation and reconstruction of destroyed and damaged housing. To provide affordable temporary housing for residents who may lose their homes as the result of a catastrophic disaster including storms, government agencies must develop a post-disaster housing prototype. In general, government agencies should explore several different forms of factory-built single-story, single family housing, such as modular homes, panelized homes, and precut homes. In urban cities including New York and Seoul, it is very important to provide housing which supports the demand for higher-density living spaces than single-family homes or trailers typically available due to the high population density and the desire to resettle as many residents as possible in their former neighborhoods. This study identified the urban post-disaster housing prototypes that may provide higher density housing with high quality living spaces, high air quality, and energy efficiency as well as rapid deployment. A case study of "Urban Post-Disaster Housing Prototype Program in New York" was conducted through a detailed interview process with a designer, engineer, contractor, the Office of Emergency Management (OEM) in New York, the U.S. Army Corps of Engineers (USACE), and temporary occupants. An appropriate disaster housing program that can provide living spaces for victims of disasters that keeps residents in their community and allows them to live and work in their neighborhoods was developed.