• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.26
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• pp.203-223
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• 2005

Many international transactions involve the use of security devices, commonly referred to as "guarantees", "bonds", or "standby credits", designed to protect one of the parties from a breach by its counter-party. These security mechanisms may be provided by banks, insurance companies, specialized surety companies, or other financial service firms. Although some legal systems distinguish between "guarantees", "bonds", and "indemnities", these terms are often used as synonyms in the everyday language of international traders. It may therefore be necessary to examine the particular characteristics and nature of the guarantee obligation in order to properly classify the guarantee. Two main categories of guarantee are demand and suretyship. Under a demand guarantee, the guarantor must pay on first demand by the beneficiary. The beneficiary only has to demand payment under the guarantee - there is no need to prove that the principal has actually defaulted on a contractual obligation. Under a suretyship or conditional guarantee, the obligation of the guarantor is triggered by the actual default or contractual breach of the principal, as evidenced in a document such as a court judgement or arbitral award against the principal. Guarantees have been widely used in the international business transactions. Main uses of guarantees are as follows : Performance Bonds/Guarantees, Bid(or Tender) Bonds/Guarantees, Advance Payment or Repayment Bonds/Guarantees, Retention Bonds/Guarantees, Maintenance(or Warranty) Bonds/Guarantees etc.

• Journal of Korean Ophthalmic Optics Society
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• v.12 no.3
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• pp.65-70
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• 2007

This research aims at knowing educational objectives and understanding the whole departmental processes of two-year education programs of junior colleges in the field of ophthalmic optics. Our analyses can be categorized by on liberal art courses, compulsory subjects and optional subjects. The educational purpose of all the seven colleges was training the professional worker, meets well the educational requirements of two year college. All seven colleges' curriculum is open to the national licence examination subjects, but more academic credits are demended in eye examination of refraction, test of ocular function, professional sense of cultural subjects field, leadership in organization and course of marketing related subjects, and stronger relation with clinical examination are also required.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.22
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• pp.107-135
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• 2004

The International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit (ISBP) is the product by the ICC Banking Commission, October 2002. The ISBP is a practical complement to UCP 500, ICC's universally used rules on documentary credits. It explains, in explicit detail, how the rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. By using the ISBP, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of documents refused for discrepancies on first presentation. We are convinced that the benefits of the ISBP will not only be of high importance for users of UCP 500, but also that the practices in the ISBP will survive a UCP revision, or will even be included in the next version of the rule (so call "UCP 600"). Though the above-mentioned benefits of the ISBP, there are several troublesome topics that will probably have to wait for a new UCP revision. It will be a challenge for the drafters of a future UCP to find solutions that will further clarify these points.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.34
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• pp.55-74
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• 2007

The documentary credit has been functioning as an indispensable tool for making international commercial transactions safer throughout the world since ICC adopted the second revision of the Uniform Customs and Practices for Commercial Documentary Credits in 1962. Letter of Credit transaction should be cleared by the principle of the trust and integrity and vile partners sometimes make a fraud on the L/C by the misinterpretation of the documents. As there is no rule but no exception, exception from application of these principles is allowed. The fraud exception nile constitutes contracting out an application of basic principles, this rule should apply restrictively and in many authorities a court does not apply this rule to nominated bank, confirming bank, and bona fide holder of draft even if fraud is involved in L/C transactions. If not, we lose a lot of benefits from the credit as valuable commercial device through reservation of these principles to take a few benefits. So, We need to recognize that the fraud exception rule should be applied restrictively. Therefore, this study reviewed condition of application and exception from application of fraud exception rule in view of Cardozo's opinion, the Sztejn court, and UCC Sections-114(2).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.3-28
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• 2007

A non-documentary conditions is a condition contained in the credit without reference to the presented document in compliance therewith, thereby causing many problems to all parties involved in letter of credit transactions. The purpose of this study is to examine the regulations on the non-documentary conditions under Uniform Customs and Practice for Documentary Credits: UCP, International Standby Practices: ISP98, United Nations Convention on Independent Guarantee and Stand-by Letters of Credit: CIGSLC and Uniform Commercial Code: UCC and also the opinions on the effect of non-documentary conditions through the analysis of several cases on the non-documentary conditions. The result of this study can be summarized as follows: First, UCP, ISP98, CIGSLC and UCC stipulate that banks will deem non-documentary conditions as not stated and will disregard them. Second, courts used to permit the effect of non-documentary conditions. Finally, all parties should not attempt to put in any non-documentary conditions in order to prevent disputes on the effect of non-documentary conditions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.49
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• pp.139-164
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• 2011

Traditionally courts have been adopted over the years two standards of dealing with compliance of documents such as strict compliance and substantial compliance and the substantial compliance, which was somewhat less demanding than the strict compliance. However the new guidelines of ICC's international standard banking practice for the examination of documents under documentary credits set up how the UCP is to be applied in practice. The payment obligations of an issuing bank to a beneficiary are independence of the performance or the nonperformance of any contract underlying the letter of credit. However, strictly applying the principle of independence and abstraction could produce unfair results by operating unjustly enrich an unscrupulous beneficiary in case of fraud. Accordingly, when a beneficiary presents complying documents, the issuing bank is bound to honour the presentation unless the fraud rule applies on the facts of the case such as forged or material fraud. If it does, the issuing bank(issuer) needs not pay despite the complying presentation of documents by the beneficiary under the Uniform Commercial Code Article 5-109 and case law in America. However the fraud rule was not addressed in UCP 600. In conclusion, view in terms of legal principle and the court cases is variable and difficult to honour or dishonour the presentation in case of application of the independence principle and fraud rule such as the problems on burden of proof timely, possibility of granting injunction in order to protect against victim for bona fide applicant.

• Journal of Preventive Medicine and Public Health
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• v.43 no.6
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• pp.455-458
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• 2010

The Affordable Care Act (ACA) was signed into law on March 23, 2010 and will fundamentally alter health care in the United States for years to come. The US is currently one of the only industrialized countries without universal health insurance. The new law expands existing public insurance for the poor. It also provides financial credits to low income individuals and some small businesses to purchase health insurance. By government estimates, the law will bring insurance to 30 million people. The law also provides for a significant new investment in prevention and wellness. It appropriates an unprecedented $15 billion in a prevention and public health fund, to be disbursed over 10 years, as well as creates a national prevention council to oversee the government's prevention efforts. This paper discusses 3 major prevention provisions in the legislation: 1) the waiving of cost-sharing for clinical preventive services, 2) new funding for community preventive services, and 3) new funding for workplace wellness programs. The paper examines the scientific evidence behind these provisions as well as provides examples of some model programs. Taken together, these provisions represent a significant advancement for prevention in the US health care system, including a shift towards healthier environments. However, in this turbulent economic and political environment, there is a real threat that much of the law, including the prevention provisions, will not receive adequate funding.

• Journal of Society of Preventive Korean Medicine
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• v.16 no.1
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• pp.31-42
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• 2012

Objective : To set up the concept and the category of the medical humanities in Korean medicine education through researching and analysing the curriculum of 12 colleges and school of Korean medicine (KM) in Korea. Methods : We collected self-evaluation reports from 12 KM institutions, and analyzed subjects regarding medical humanities and social medicine. The subjects' relevance with medical humanities was verified using the learning objectives of KOMEEI(Korea Oriental Medicine Education and Evaluation Institute). The number of relevant subjects, the credits and educational hours, and the time of opening, etc. were analysed. Results : 12 KM institutions provide 44 subjects as medical humanities and social medicine related subjects. Among them, 17 subjects were corresponded to the actual learning objective of medical humanities. These subjects account for an average of 7% in total curriculum. Most of the subjects are required courses for premedical students and the fourth year students of medical school. Conclusions : This paper suggests the public discussion on the learning objective and the categories of the medical humanities education in KM institutions. Further studies on developing the educational contents and evaluation tools are also needed to produce good doctors with ability and personality.

• Environmental and Resource Economics Review
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• v.9 no.1
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• pp.127-153
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• 1999

청정개발체제(CDM)란 '기후변화의 부정적 효과 완화'와 '개도국의 지속 가능한 발전 지원'이라는 기후변화협약의 양대 목표를 비용 효과적으로 이행하기 위해 교토의정서에 마련된 수단이다. CDM은 선진국인 부속서 I 국가와 이에 해당하지 않는 비(非)부속서(non-Annex) I 국가 즉 개도국이 배출감축을 위해 공동으로 노력하고 그 결과 창출된 온실가스 감축 분을 이 두 그룹 국가간에 배분되도록 한 제도다. 즉 선진국은 개도국에 자본과 기술을 투자하여 온실가스 저감사업을 벌이고 이 과정에서 발생한 온실가스 배출감축 분을 자국의 감축실적(credits)으로 인정받게 되고, 개도국은 이 과정에서 기술이전 및 재정지원의 혜택을 받을 수 있게 되어 있다. CDM은 따라서 세계 대다수의 국가가 직 간접으로 영향을 받지 않을 수 없을 것이며, 이로 인해 CDM의 구체적 실천 방안을 둘러싸고 각 국간의 이해 관계가 좀처럼 좁혀지기 어려운 상황이다. 이에 따라 지난해 부에노스 아이레스에서 개체되었던 COP-4에서는 CDM 체제를 비롯한 기후변화협약의 핵심 쟁점사항을 오는 2001년(또는 2002년)에 개체될 COP-6까지 일괄 타결키로 한 부에노스 아이레스 행동계획을 채택하는 데 그쳤다. CDM이 향후 어떤 형태로 결정되는 가에 따라 우리 나라가 받는 영향도 상당한 차이가 날 것이다. 따라서 CDM의 전개 방향을 면밀히 주시하고 이에 대한 대응책 마련이 절실히 요구되고 있다.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.15
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• pp.89-116
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• 2001

Throughout the history of UCP, the longest lasting operational rules have been those derived from internationally acceptable best practices. I would propose that the effort to establish best practices be undertaken using four tools the SBPED, ISP98, the Opinions of the Banking Commission, and decisional law by respected courts in jurisdictions that influence letter of credit case law in the various regions. The SBPED and the ISP98 should be used; not only as a model for the drafting of future operational rules, but also as a questionnaire on best practices directed to all the national committees. The Opinions of the Banking Commission and the leading cases should be used to verify the soundness and enforceability of proposed rules. For this reason, I would suggest that the revision wait until the dust settles sometime in 2003 (10 years after the enactment of UCP 500) and we know if it is a good idea to attempt the drafting of new operational rules and whether to merge with closely related sets of rules. To do otherwise may entail a revision of the revision while it is still going on, or worse, discarding it before the ink dries or the electronic message reaches its intended recipient.