• Korea Trade Review
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• v.43 no.4
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• pp.89-110
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• 2018

This paper reviews the practical operations and exceptions to the independent principle by analyzing the leading cases of English documentary credit transactions. A bank's undertaking in L/C transactions differentiates between underlying contract and other contracts. The autonomy principle is the key principle governing L/C, but this principle may be connected with unfair (unjust) payment. English Law is strongly influenced by the developments in American Law in the case of fraud, but traditionally, British courts has been very reluctant to interfere in banks' independent undertaking under the L/C. The position of British case law relating to fraud is based on Sztejn. In practice, British courts recognize fraud as an exception to the autonomy principle in which the case is sufficiently serious to render it unjust to permit the beneficiary to receive payment. British case law has historically taken a narrow approach toward intervention in the independent principle of documentary credit. Therefore, innocent parties including beneficiaries are protected by these regulations regarding fraud.

• The Journal of the Convergence on Culture Technology
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• v.9 no.6
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• pp.1017-1029
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• 2023

A large amount of transactions are taking place through Blockchain. Among them, the proportion of transactions through smart contracts is increasing. Accordingly, problems such as vulnerability attacks on smart contracts and fraud using smart contracts are increasing. Through security audits of smart contracts, developers can discover and resolve vulnerabilities, and users can distinguish whether smart contracts are fraudulent. However, there are currently no regulations and standards for security auditing of smart contracts, so services that perform security auditing are uneven. In this paper, we analyze security audit trends for smart contracts and identify what services are being provided. We investigate what elements are analyzed from smart contracts, focusing on security audit reports. Also, investigate what vulnerabilities can be detected. Finally, we investigate quality indicators for smart contracts and visualization elements of design extraction. Through this, we hope to be able to find visualization elements specialized for smart contracts.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.1-31
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• 2008

Various opinions have been suggested to explain the slump in equipment investment, such as increased government regulations, shareholder-oriented management by expanded foreign equity investment, response against M&A threats, conservative investment trends seen after a series of bankruptcy of large conglomerates (amidst crumbling myth of "Too Big to Fail"), and financial restructuring. Some also argued that the increased uncertainty in business environment is mainly responsible for conservative management, though there are few domestic studies made regarding the situation. But, in other countries, including the U.S., studies have shown that more volatility is seen now surrounding stock prices, profitability, and sales growth rate reflecting business performance. Also, there are other studies showing such expanded volatility have led to conservative management by businesses. In this regard, this study reviews the volatility conditions of business performance of Korean companies based on profitability, and then attempts to analyze the impact on investment brought on by increased volatility. Each company's profitability volatility used here is from the standard deviation of companies for the past five years. As a profitability indicator, the ROA (= operating profit/total asset) is used. According to the analysis, profitability volatility has remarkably increased from the mid 3% in 1994 to low 5% in 2005. Profitability volatility of the Korean companies has expanded to a great extent since the financial crisis. The crisis might have served to raise the volatility in the macroeconomic conditions. If increased volatility observed during the economic crisis had gradually declined after the crisis, the situation could be interpreted as a temporary phenomenon, not to be too concerned over. But, this was not the case for Korea. The volatility level, after the crisis, has not dropped back to its pre-crisis level. Hence, in the Korea's case, high volatility cannot be explained by the impact of financial crisis. Not only that, the fact that such expansion is seen in every industrial sector indicates that this phenomenon cannot be explained by the composition change of industries alone. An undergoing study shows that with a rapid spread of globalization, industries fiercely competing with China experience more volatility. Such increased volatility tends to contract investment, and since the crisis the impact of volatility on investment has slightly increased. It is noteworthy that this study only includes a part of 'uncertainty' that could be measured statistically. For instance, the profitability volatility indicator used in this study is unable to reflect all the effects that the tacit reduction of protection by the government or regulations might have made. So, the result here also indicates that other 'uncertain' factors not mentioned in this study may have served to contract investment sentiment. It would be impossible for policies to completely remove uncertainties measured by profitability volatility, but at least it is necessary to put effort to reduce the macroeconomic volatility in the future economic management. Stabilized macroeconomic management may not be enough to diminish all volatility that occurs within each company, but it would make a meaningful contribution in encouraging investment.

• The Korean Journal of Air & Space Law and Policy
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• v.27 no.1
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• pp.75-101
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• 2012

As the Reublic of Korea revised the Commercial Code including 40 articles of air transport enacted newly on May 23, 2011, so Korea became first legislative examples in the Commercial Code of the developed and developing countries. I would like to explain briefly the main contents of my paper such as (1) history of enacting newly Part VI (air transport) in the Korea's revised commercial law, (2) legal background enacting newly Part VI (air transport) in the Korea's revised commercial law and the problems on the conditions of air transport, (3) every countries' legislative examples on the civil liability of aircraft's operator, (4) unlawful Interference Convention and general risk convention of 2009, (5) main contents and prospects of the revised Commercial Code for the liability of aircraft's operator etc as the followings. Meanwhile as the Aviation Act, Commercial Code and Civil Code in Korea and Japan did not regulated at all the legal basis of solution on the disputes between victims and offender for the amount of compensation for damage due to personal or property damage caused by aircraft accidents in Korea and Japan, so it has been raised many legal problems such as protection of victims, standard of decision in trial in the event of aircraft accident's lawsuit case. But the Korean Revised Commercial Code including Part VI, air transport regulations was passed by the majority resolution of the Korean National Assembly on April 29, 2011 and then the South Korean government proclaimed it on May 23 same year. The Revised Commercial Code enforced into tothe territory of the South Korea from November 24, 2011 after six month of the proclaimed date by the Korean Government. Thus, though Korean Commercial Code regulated concretely and respectively the legal relations on the liability of compensation for damage in the contract of transport by land in it's Part II (commercial activities) and in the contract of transport by sea in its Part V (marine commerce), but the Amended Commercial Act regulated newly 40 articles in it's Part VI (air transport) relating to the air carrier's contract liability on the compensation for damage caused by aircraft accidents in the air passengers and goods transport and aircraft operator's tort liability on compensation for damage caused by the sudden falling or collision of aircraft to third parties on the surface and so it was equipped with reasonable and unified system among the transport by land, marine and air. The ICAO adopted two new air law conventions setting out international compensation and liability rules for damage caused by aircraft to third parties at a diplomatic conference hosted by it from April 20 to May 2, 2009. The fight against the effects of terrorism and the improvement of the status of victims in the event of damage to third parties that may result either from acts of unlawful interference involving aircraft or caused by ordinary operation of aircraft, forms the cornerstone of the two conventions. One legal instrument adopted by the Conference is "the Convention on Compensation for Damage to Third Parties, Resulting from Acts of Unlawful Interference Involving Aircraft" (Unlawful Interference Convention). The other instrument, "the Convention on Compensation for Damage Caused by Aircraft to Third Parties" (General Risk Convention), modernizes the current legal framework provided for under the 1952 Rome Convention and related Protocol of 1978. It is desirable for us to ratify quickly the abovementioned two conventions such as Unlawful Interference Convention and General Risk Convention in order to settle reasonably and justly as well as the protection of the South Korean peoples.

• The Korean Journal of Air & Space Law and Policy
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• v.34 no.1
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• pp.39-77
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• 2019

Crew members engaged in international air transportation provide work in many countries due to the nature of their work. According to the Private International Act, the place where the employee habitually carries out his/her work plays an important role in the determination of the governing law of the international labor contract (Article 28, Paragraph 2) and in the decision of international jurisdiction (Article 28, Paragraphs 3 and 4). The concept of the place where the employee habitually carries out his/her work was proposed by the EU to determine international jurisdiction and governing law. In international aviation law, the legislative purpose of the place where the employee habitually carries out his/her work is different from that of home base, which is a concept introduced for fatigue management of the crew in order to secure the aviation safety; thus the place where the employee habitually carries out his/her work and home base are not the same concept. In order to determine the place where the employee habitually carries out his/her work, following matters should be considered comprehensively; (i) where the crew starts and ends work, (ii) where the aircraft the crew is performing work on is primarily parked, (iii) where the crew is informed of the instructions and organizes his/her work activities, (iv) where the crew is obliged to reside according to the labor contract, (v) where there is an office provided by the employer and available to the crew, (vi) where the crew is obliged to be when he/she is ineligible for the work or subject to discipline. However, since all of the above items are the same as the location of the home base, it is reasonable to consider the home base as the most important factor when deciding on the place where the employee habitually carries out his/her work. In contrast, the state where the aircraft is registered (Article 17 of the Chicago Convention), should not be regarded as a place of where the employee habitually carries out his/her work. In this case, CJEU provided the first judging standard for the concept of the place where the employee engaged in international air transportation habitually carries out his/her work. It is the interpretation of the Brussels regulations which became a model -for the Korean Private International Act,- so it would be helpful to understand the concept of the place where the employee habitually carries out his/her work.

• Journal of Korean Society of Forest Science
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• v.15 no.1
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• pp.1-38
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• 1972

1. Objective of the Study The objective of the study was to make fundamental suggestions for drawing a forest insurance system applicable in Korea by investigating forest insurance systems undertaken in foreign countries, analyzing the forest hazards occurred in entire forests of Korea in the past, and hearing the opinions of people engaged in forestry. 2. Methods of the Study First, reference studies on insurance at large as well as on forest insurance were intensively made to draw the characteristics of forest insurance practiced in main forestry countries, Second, the investigations of forest hazards in Korea for the past ten years were made with the help of the Office of Forestry. Third, the questionnaires concerning forest insurance were prepared and delivered at random to 533 personnel who are working at different administrative offices of forestry, forest stations, forest cooperatives, colleges and universities, research institutes, and fire insurance companies. Fourth, fifty three representative forest owners in the area of three forest types (coniferous, hardwood, and mixed forest), a representative region in Kyonggi Province out of fourteen collective forest development programs in Korea, were directly interviewed with the writer. 3. Results of the Study The rate of response to the questionnaire was 74.40% as shown in the table 3, and the results of the questionaire were as follows: (% in the parenthes shows the rates of response; shortages in amount to 100% were due to the facts of excluding the rates of response of minor respondents). 1) Necessity of forest insurance The respondents expressed their opinions that forest insurance must be undertaken to assure forest financing (5.65%); for receiving the reimbursement of replanting costs in case of damages done (35.87%); and to protect silvicultural investments (46.74%). 2) Law of forest insurance Few respondents showed their views in favor of applying the general insurance regulations to forest insurance practice (9.35%), but the majority of respondents were in favor of passing a special forest insurance law in the light of forest characteristics (88.26%). 3) Sorts of institutes to undertake forest insurance A few respondents believed that insurance companies at large could take care of forest insurance (17.42%); forest owner's mutual associations would manage the forest insurance more effectively (23.53%); but the more than half of the respondents were in favor of establishing public or national forest insurance institutes (56.18%). 4) Kinds of risks to be undertaken in forest insurance It would be desirable that the risks to be undertaken in forest insurance be limited: To forest fire hazards only (23.38%); to forest fire hazards plus damages made by weather (14.32%); to forest fire hazards, weather damages, and insect damages (60.68%). 5) Objectives to be insured It was responded that the objectives to be included in forest insurance should be limited: (1) To artificial coniferous forest only (13.47%); (2) to both coniferous and broad-leaved artificial forests (23.74%); (3) but the more than half of the respondents showed their desire that all the forests regardless of species and the methods of establishment should be insured (61.64%). 6) Range of risks in age of trees to be included in forest insurance The opinions of the respondents showed that it might be enough to insure the trees less than ten years of age (15.23%); but it would be more desirous of taking up forest trees under twenty years of age (32.95%); nevertheless, a large number of respondents were in favor of underwriting all the forest trees less than fourty years of age (46.37%). 7) Term of a forest insurance contract Quite a few respondents favored a contract made on one year basis (31.74%), but the more than half of the respondents favored the contract made on five year bases (58.68%). 8) Limitation in a forest insurance contract The respondents indicated that it would be desirable in a forest insurance contract to exclude forests less than five hectars (20.78%), but more than half of the respondents expressed their opinions that forests above a minimum volume or number of trees per unit area should be included in a forest insurance contract regardless of the area of forest lands (63.77%). 9) Methods of contract Some responded that it would be good to let the forest owners choose their forests in making a forest insurance contract (32.13%); others inclined to think that it would be desirable to include all the forests that owners hold whenerver they decide to make a forest insurance contract (33.48%); the rest responded in favor of forcing the owners to buy insurance policy if they own the forests that were established with subsidy or own highly vauable growing stock (31.92%) 10) Rate of premium The responses were divided into three categories: (1) The rate of primium is to be decided according to the regional degree of risks(27.72%); (2) to be decided by taking consideration both regional degree of risks and insurable values(31.59%); (3) and to be decided according to the rate of risks for the entire country and the insurable values (39.55%). 11) Payment of Premium Although a few respondents wished to make a payment of premium at once for a short term forest insurance contract, and an annual payment for a long term contract (13.80%); the majority of the respondents wished to pay the premium annually regardless of the term of contract, by employing a high rate of premium on a short term contract, but a low rate on a long term contract (83.71%). 12) Institutes in charge of forest insurance business A few respondents showed their desire that forest insurance be taken care of at the government forest administrative offices (18.75%); others at insurance companies (35.76%); but the rest, the largest number of the respondents, favored forest associations in the county. They also wanted to pay a certain rate of premium to the forest associations that issue the insurance (44.22%). 13) Limitation on indemnity for damages done In limitation on indemnity for damages done, the respondents showed a quite different views. Some desired compesation to cover replanting costs when young stands suffered damages and to be paid at the rate of eighty percent to the losses received when matured timber stands suffered damages(29.70%); others desired to receive compensation of the actual total loss valued at present market prices (31.07%); but the rest responded in favor of compensation at the present value figured out by applying a certain rate of prolongation factors to the establishment costs(36.99%). 14) Raising of funds for forest insurance A few respondents hoped to raise the fund for forest insurance by setting aside certain amount of money from the indemnity paid (15.65%); others wished to raise the fund by levying new forest land taxes(33.79%); but the rest expressed their hope to raise the fund by reserving certain amount of money from the surplus money that was saved due to the non-risks (44.81%). 15) Causes of fires The main causes of forest fires 6gured out by the respondents experience turned out to be (1) an accidental fire, (2) cigarettes, (3) shifting cultivation. The reponses were coincided with the forest fire analysis made by the Office of Forestry. 16) Fire prevention The respondents suggested that the most important and practical three kinds of forest fire prevention measures would be (1) providing a fire-break, (2) keeping passers-by out during the drought seasons, (3) enlightenment through mass communication systems. 4. Suggestions The writer wishes to present some suggestions that seemed helpful in drawing up a forest insurance system by reviewing the findings in the questionaire analysis and the results of investigations on forest insurance undertaken in foreign countries. 1) A forest insurance system designed to compensate the loss figured out on the basis of replanting cost when young forest stands suffered damages, and to strengthen credit rating by relieving of risks of damages, must be put in practice as soon as possible with the enactment of a specifically drawn forest insurance law. And the committee of forest insurance should be organized to make a full study of forest insurance system. 2) Two kinds of forest insurance organizations furnishing forest insurance, publicly-owned insurance organizations and privately-owned, are desirable in order to handle forest risks properly. The privately-owned forest insurance organizations should take up forest fire insurance only, and the publicly-owned ought to write insurance for forest fires and insect damages. 3) The privately-owned organizations furnishing forest insurance are desired to take up all the forest stands older than twenty years; whereas, the publicly-owned should sell forest insurance on artificially planted stands younger than twenty years with emphasis on compensating replanting costs of forest stands when they suffer damages. 4) Small forest stands, less than one hectare holding volume or stocked at smaller than standard per unit area are not to be included in a forest insurance writing, and the minimum term of insuring should not be longer than one year in the privately-owned forest insurance organizations although insuring period could be extended more than one year; whereas, consecutive five year term of insurance periods should be set as a mimimum period of insuring forest in the publicly-owned forest insurance organizations. 5) The forest owners should be free in selecting their forests in insuring; whereas, forest owners of the stands that were established with subsidy should be required to insure their forests at publicly-owned forest insurance organizations. 6) Annual insurance premiums for both publicly-owned and privately-owned forest insurance organizations ought to be figured out in proportion to the amount of insurance in accordance with the degree of risks which are grouped into three categories on the basis of the rate of risks throughout the country. 7) Annual premium should be paid at the beginning of forest insurance contract, but reduction must be made if the insuring periods extend longer than a minimum period of forest insurance set by the law. 8) The compensation for damages, the reimbursement, should be figured out on the basis of the ratio between the amount of insurance and insurable value. In the publicly-owned forest insurance system, the standard amount of insurance should be set on the basis of establishment costs in order to prevent over-compensation. 9) Forest insurance business is to be taken care of at the window of insurance com pnies when forest owners buy the privately-owned forest insurance, but the business of writing the publicly-owned forest insurance should be done through the forest cooperatives and certain portions of the premium be reimbursed to the forest cooperatives. 10) Forest insurance funds ought to be reserved by levying a property tax on forest lands. 11) In order to prevent forest damages, the forest owners should be required to report forest hazards immediately to the forest insurance organizations and the latter should bear the responsibility of taking preventive measures.

• International Commerce and Information Review
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• v.18 no.3
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• pp.3-21
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• 2016

The thesis examines genealogical study of various aspects to overcome lots of problems which come by when we execute SWIFTNet TSU BPO. Practical implications regarding the innovation of electronic trade infrastructure are as follows. First, the shipping documents in the SWIFTNet TSU BPO are directly sent to an importer by an exporter after the baseline is confirmed. With this process itself, therefore, the bank cannot secure the account receivable. When initiating the SWIFTNet TSU BPO deal, it is needed to set regulations on the bank's account receivable security in the contract. Second, the SWIFTNet TSU BPO should also have an institutionally unified sharing platform with security, stability and convenience. It other words, it is needed to develop services which meet e-payment paradigm and international environments through continued analysis on market changes and flow. Third, the SWIFTNet TSU is useful in terms of promptness, reduction of risk in foreign exchange payment, cost reduction. Therefore, the SWIFT should be perfectly united and linked among the banks, importer and exporter to make the SWIFTNet TSU more convenient in countries around the world. Fourth, the SWIFT should be approached from the aspect of expansion of network and creation of a new business model through analysis on these problems with a worldwide perspective. At the same time, it is necessary to build a cooperative system to share information and promote comprehensive management for efficient operation.

• Korean Journal of Construction Engineering and Management
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• v.7 no.1 s.29
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• pp.119-127
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• 2006

On December, 1996, the Ministry of Construction and Transportation published Construction Management Service in Construction Industry Basic Act. CM service has been adopted in Korean construction market for ten years by now, however there was no significant change in the construction industry from adoption of CM service. The CM service results aggregated by PCM, from 1997 to 2004, show that CM service adopted projects were 324 in total and the total contract amount was 260million US dollars. These results tell us that adoption of CM service in Korean construction industry is not successful. The research is to survey the factors and the limitations affecting on poor adoption of CM service and to propose the improving strategies on that matter. Therefore, this paper analyzes former papers, laws and regulations on CM and CM service results from PCM as well. From the analysis, we found conflicts in between the laws such as different rules on same matter or missing significant policies in their provisions. Also, problems of industrial organization was found such that the public sector seldom adopts CM service due to their embeded CM function.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.251-261
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• 2016

Recently, many weapon related quality issues have arisen in the armed forces, such as failures of K-21 Infantry Fighting Vehicles, K-9 self-propelled mounts, and grenade explosion during boot training. Since all of the issues are repetitive phenomena, we examined the defense quality management system and identified the possible solutions for it. Since the government quality assurance agency performs their quality assurance activity using the system evaluation technique, we first reviewed the regulations related to the defense quality management system. Then, we benchmarked some other advanced quality management systems. We suggested two types of defense quality management system, one for small (in terms of the amount of the contract) competitive contracts and the other for large private contracts. For the first one, we adopted the framework of MIL-I-45208 (Inspection System Requirement), while for the second one, we adopted the framework of NATO AQAP 2310 (Quality Management System Requirements for Aviation, Space and Defense Suppliers).

• Korean Journal of Construction Engineering and Management
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• v.17 no.5
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• pp.22-34
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• 2016

The Project Delivery System (PDS) is used in mixed way without clear classification from tendering system and the standard itself that can be selected is set with project budget or estimated cost only. Essentially, the PDS should consider and reflect project characteristics and types, internal and external factors for the purpose of improving the lives of citizens and their welfare. However, the current status is not operated flexibly due to the given budget, period and uniform laws and regulations. In order to solve this problem, this study suggests a Decision Support Model to select the optimal PDS for public construction projects. The current problem of the PDS for public construction projects were identified and the application of a decision support model was proposed. Subsequently a decision-making model was suggested for each PDS using the identified factors and linear discriminant function of discriminant analysis. An additional questionnaire survey and actual practical case analysis were carried out to verify the effectiveness and applicability of the model to actual work. It can be used by adjusting the decision support model and detailed factors according to the specific characteristics of public organization, ability of person in charge and project type.