• International Commerce and Information Review
• /
• v.5 no.1
• /
• pp.63-83
• /
• 2003

This paper's objective is to provide insights about the problems and expansion strategies of electronic trade. Korean small and medium-sized firms have adopted the Internet since the end of 1990s in order to reshape their competitiveness, and it is now being utilized as a major export marketing instrument to develop new customers, save export transaction costs ad facilitate new work processes. However, at present, the use of the internet in the field of trading is limited to the collection of market information, owing to legal, technical and institutional restraints between countries. In addition to that, because firms have the difficulties in making the trade contract through the e-trade system, the negative recognition on its' utility has been spreaded gradually between companies. This is one of the barriers to block the expansion of e-Trade between Korean firms. Therefore, this paper points out the problems of e-trade in the environmental, institutional and strategic view and provides many considerations for establishing the expansion strategy of e-trade by the Korean government and trade supporting institutions.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• v.16 no.11
• /
• pp.3694-3722
• /
• 2022

In today's globalized world, there is no transparency in exchanging data and information between producers and consumers. However, these tasks experience many challenges, such as administrative barriers, confidential data leakage, and extensive time delays. To overcome these challenges, we propose a decentralized, secured, and verified smart chain framework using Ethereum Smart Contract which employs Inter Planetary File Systems (IPFS) and MongoDB as storage systems to automate the process and exchange information into blocks using the Tendermint algorithm. The proposed work promotes complete traceability of the product, ensures data integrity and transparency in addition to providing security to their personal information using the Lelantos mode of shipping. The Tendermint algorithm helps to speed up the process of validating and authenticating the transaction quickly. More so in this time of pandemic, it is easier to meet the needs of customers through the Ethermint Smart Chain, which increases customer satisfaction, thus boosting their confidence. Moreover, Smart contracts help to exploit more international transaction services and provide an instant block time finality of around 5 sec using Ethermint. The paper concludes with a description of product storage and distribution adopting the Ethermint technique. The proposed system was executed based on the Ethereum-Tendermint Smart chain. Experiments were conducted on variable block sizes and the number of transactions. The experimental results indicate that the proposed system seems to perform better than existing blockchain-based systems. Two configuration files were used, the first one was to describe the storage part, including its topology. The second one was a modified file to include the test rounds that Caliper should execute, including the running time and the workload content. Our findings indicate this is a promising technology for food supply chain storage and distribution.

• Korea Trade Review
• /
• v.42 no.5
• /
• pp.19-42
• /
• 2017

Nowaday typically international commercial transaction, buyer and seller communicate with each other using standard forms. So called "the battle of forms" results from the exchanges of these forms. There are several problems that have to be solved in the battle of the forms. For example, Do the exchanges of the different terms form a contract? What are the contract terms? Which party's terms could apply? etc. Around the world, two basic types of rules are applied to solve the problem as to the battle of forms : last-shot rule and knock-out rule. In 2015, Hague Conference in Private International Law finally approved Hague Principles. The principles deal with the battle of the forms. Also in 2013, CISG Advisory Council adopted the "Black letter rules" to provide an effective way of resolving regarding the inclusion of standard terms under the CISG. This study would try to comprehensively review the battle of forms concerning Hague Principles and CISG. The aim of this study is to propose the most appropriate way to resolve the problem of the battle of forms both parties.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.45
• /
• pp.85-109
• /
• 2010

L/C provides the exporter and the importer with safe assurance in the exchange of goods for payment in international trade. It involves a number of parties. Although the parties may have confidence in their client, bad faith or ignorance of international banking practice by any of these parties could cause the failure of transaction, which makes international trade a risky business. Most of the risks are found in transport document, which can cause disputes. There are many factors in the risk of transport documents under L/C transaction. One most common risk factor for the beneficiary in all transport documents is even if there is no discrepancy in document, the issuing bank or the applicant refuses to pay or delay payment insisting there is a discrepancy. In some very rare cases, the beneficiary may not get paid due to unfair injunction of the local court of the applicant. For the applicant, most common risk factors are fake bill and fraud. Risks classified according to the sorts of transport documents are as follows. 1. In B/L, payment can be refused because it is regarded as charter party B/L, although there is no real charter party contract. And the applicant can bear the potential risk of the loss or deterioration of cargo through transhipment of the cargo loaded on board in container if transhipment is prohibited without excluding of UCP 600 article 20 (c). 2. In charter party B/L, the applicant may take delivery without paying when charter party B/L is signed by charterer, which can result in a big loss for the beneficiary and the negotiating bank. And risks may arise when cargo is seized because the charterer does not pay the hire. The applicant and the issuing bank are also vulnerable to a risk - Against whom should they file a suit when cargo gets damaged during transportation? 3. In multimodal transport document, which is subject to a conflict because there is a big difference in viewpoints between transport industry and banks, conflicts may also arise when L/C requires ocean B/L and accepts multimodal transport document at the same time, but does not specify the details. 4. In air waybill, where the consignee is not the issuing bank but the applicant, risks may take place to the beneficiary when the applicant takes delivery but refuses to pay asserting minor discrepancies in document. The applicant may also bear the risk when cargo may not be loaded because air waybill is a received bill. Another risk may arise when although the applicant prohibits transhipment without excluding UCP 600 article 23 (c), the cargo may be transhipped, provided that the entire carriage is covered by one and the same air waybill.

• Korea Trade Review
• /
• v.41 no.5
• /
• pp.15-39
• /
• 2016

Over the past couple of decades, we can see the emergence of a new lex mercatoria. It consists of international conventions or treaty, model laws and international principles. And such new lex mercatoria is driven by the international institutions such as UNCITRAL, UNIDROIT and ICC. The international convention and international principles in the field of international commercial transaction are considered : UN Convention on Contracts for the International Sale of Goods(CISG) and The UNIDROIT Principles(PICC Principles). The former is the statue law for the latter, and the latter sometimes supports the former as an interpretation and supplementation of CISG. So, the purpose of this article is to evaluate and investigate the current status of CISG and PICC Principles in terms of application and interpretation principles. The results are as follows. First, PICC are used for the interpretation and supplementation of international law such as CISG, but CISG is a law, not a rule. Second, CISG and PICC Principles are not often chosen when parties chose the law governing their contract. The parties very often chose a national law ; the number of the parties choosing CISG and PICC Principles as a governing law was very low.

• Journal of Arbitration Studies
• /
• v.15 no.2
• /
• pp.93-123
• /
• 2005

As the international commercial transaction has drastically grown up with the mainland China, commercial disputes that are required to settle through ADR have tremendously increased during the last decade. Since China has not been fully exposed to the Free World for a long period of time, there would have been a great amount of misunderstanding about their competency and integrity to deal with internationally oriented commercial transactions with a view to internationally acceptable manner. This arbitration case was related to the contract in dispute of C&A Inc. as the importer v. China XX Importation Co. as the exporter for the sale of Silicon Metal. But after the contract were formed, exporter(respondent) declined to deliver the goods under the contracts because the market price of Silicon Metal increased according to the argument of the importer(claimant). Importer had to purchase alternative goods from other companies to substitute for the goods subject to the contracts in dispute. Importer purchased silicon metal of the same quality as under the contracts from two other Chinese companies as the necessary measure to mitigate the loss, paying prices higher than the contract price. Since exporter had breached the contracts, importer's loss should be compensated by the exporter as the Arbitration Tribunal decided for supporting importer's claim of loss for the substitute goods. This study is aiming at analyzing the rationale of the arbitral awards made by the Shanghai Commission in terms of (l)Place of Arbitration, (2)Applicable Law, (3)Validity of the Contracts, (4)Doctrine of Frustration, (5)Responsibility for the Mitigation of Damage by the Importer.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.69
• /
• pp.23-43
• /
• 2016

This study describes the exclusion of the seller's liability for defects in title under CISG and UCC. Through comparing two provisions, this article provides contracting parties with guidance regarding choosing governing laws and practical advice. CISG and UCC states not only the seller's liability for defects in title but also the exclusion respectively. Under two provisions, contracting parties who wish to avoid this liability may agree that the liability will not apply. Under UCC ${\S}$2-213(2), the seller's warranty can be disclaimed by specific language in the contract or by the circumstances surrounding the transaction. Although there is no express exclusion provision under CISG Article 41 and 42, Article 6 allows contracting parties to agree that they may exclude the application of the seller's liability. Both Article 42 under CISG and ${\S}$2-213(3) under UCC provide where the buyer furnishes specification to the seller. Under UCC ${\S}$2-213(3), it is the buyer's warranty to hold the seller harmless from any claims which arise from the seller complying with specification furnished by the buyer. But, under CISG Article 42, the seller's duty is excluded if the third party right or claim result from the fact that the seller has complied with specifications provided by the buyer. Therefore Article 42 does not charge the buyer with the duty, but rather limits the circumstances under which he could cause claims under Article 42. Interestingly, CISG has provisions which are absent from UCC. First, under Article 41, the seller escapes the liability if the buyer agree to take the goods subject to the third party right or claim. Second, under Article 42(2)(a), the seller is not liable if the buyer knew or could not have been unaware of the third party right or claim at the time of the conclusion of the contract.

• Korea Trade Review
• /
• v.48 no.3
• /
• pp.23-41
• /
• 2023

The seller and the buyer write down the agreed details in the trade contract as trade contract clauses. In the case where a letter of credit is agreed to be the payment condition, the buyer shall open a letter of credit to the seller with the shipping date specified in the trade contract through its bank. In this case, the legal relationship between the performance date of the trade contract and the shipment date of the letter of credit, the change of the performance date of the trade contract due to the change of the trade contract and the change of the shipment date specified in the letter of credit, the seller's letter of credit A problem arises in the legal interpretation of the approval period and the change request period. Therefore, this paper analyzed the precedents of the Seongnam Branch of the Suwon District Court and the Seoul High Court related to these legal issues. The performance date of a trade contract is the seller's delivery date and the buyer's payment date. In the letter of credit transaction, the date of performance of the trade contract is regarded as the date of shipment and the date of negotiation of documents specified in the letter of credit. The seller must decide whether to accept the letter of credit within 5 banking days after receiving the letter of credit from the buyer. After this period has elapsed, the seller cannot refuse the letter of credit. However, if the buyer is unable to decide whether to accept the letter of credit within 5 banking days due to reasons attributable to the buyer, the delivery date specified in the letter of credit will be extended. If the seller requests an amendment to the letter of credit, the buyer must accept it and open the letter of credit the seller desires to the seller. If the buyer refuses the seller's request to change the letter of credit, company A has the obligation to change and reopen the letter of credit as requested by company B. Expect by agreeing on the quotation As it is a fundamental breach of contract stipulated in Article 25 of the United Nations Convention on Contracts for the International Sale of Goods, company B can cancel the trade contract and claim damages from company A. Compensation for damages caused by Company A's breach of the trade contract shall be an amount equal to the loss suffered by Company B as a result of the breach, including loss of profits.

• International Commerce and Information Review
• /
• v.18 no.4
• /
• pp.195-217
• /
• 2016

The Convention on Contracts for the International Sale of Goods(CISG) endeavors to increase international trade through the creation of a uniform law of international sales. The CISG applies to contracts of sale of goods between parties whose places of business are in different States. If a party has more than one place of business, the place of business if that which has the closest relationship to the contract and its performance. Despite the importance of a definition for 'place of business,' the CISG does not provide one. Lack of a definition of 'place of business' may cause problems for parties trying to determine whether the CISG applies to their contract. Also Contracting parties can opt out of the CISG. But the CISG does not state whether the parties must expressly exclude the CISG's application to a transaction or whether they might do so by implication. we need to consider how effectively opt out of the CISG. Under U.S. law, the CISG is considered to be a self-executing treaty. So the CISG's provisions apply directly as substantive sales law to contracts for the international sale of goods. Despite the CISG's political and economic significance to U.S., U.S. Courts have overlooked the terms of the CISG. This article considered how to the CISG was recognized, interpreted and applied by the U.S. Courts in related cases.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.13
• /
• pp.83-103
• /
• 2000

Through the this paper, a conclusion could be derived from CISG PICC MISC made by UNIDROIT, UNCITRAL, ICC of representative system making out a draft for uniform law, convention, trade usages. (1) In short, like most int'l sales rules applicable to commercial contracts, these rules play a supporting role, supplying answers to problems arising from transaction between the parties. (2) Though every one has in its own way a special feature, use of MISC made on the basis of actual facts which the parties are faced with their daily transactions, CISG and Incoterms being now in force, is desirable. (3) In case of use of MISC similar to a system of Incoterms, as PICC, it is necessary for MISC to set forth definitions about important terminology which is possible to give concerned parties confusion. (4) In a sense, PICC has a character complementing problems which CISG can not solve, therefore, if int'l agreement is given, it is desirable to adopt revised PICC adding specials conditions (A) of MISC as appendix of PICC such as Llouyd's Form in an appendix to MIA, as int'l convention.