• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.53
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• pp.135-153
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• 2012

Incoterms is a standard transaction terms and conditions which is established to provide goods delivery, cost and risks between the seller and the buyer as a principle concerned. Incoterms is made of international rules about regular uses of transaction terms and condition. It removes uncertainty of misunderstanding and applying rules, commercial customs and etc, between nations. Incoterms does not have an enforcement like an unified rules or an agreements established between different nations. Therefore, it is just considered as a standard formal terms and conditions from International Chamber of Commerce. For those reasons, validity of Incoterms applies only when parties of contract come to an agreement not by officially adopted or applied by law in each nation. Incoterms 2010 contains specific and clear articles which is fixed version of incoterms 2000, it has insufficient points on insurance contract article. Though, insurance contract belongs to sales contract, it sustains independence itself. It is difficult to sustain perfection until establishment of insurance contract and expiration by fixing the articles. As a result, it is necessary for sellers and buyers take a full responsibility of making complete insurance contract. This paper is written for those reasons in this filed.

• Korea Trade Review
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• v.42 no.2
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• pp.29-52
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• 2017

This research employed a comparative legal analysis to explore the rules of CISG, Incoterms 2010, Chinese Contract Law, and Korean Civil Act with precedent researches and present customs in the international sale of goods. The results of this study show that there are some differences in the provisions of seller's delivery obligation to those regulations, such as the time and place of delivery goods, the conformity of goods on the contract, and delivery of documents. Therefore, the parties of contract, especially between Korean and Chinese traders, must be aware of the differences in the provisions of those selected regulations in order to reduce disputes between them, out of or in relation to or in connection with their sales contract.

• SUVANNABHUMI
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• v.1 no.1
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• pp.51-74
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• 2009

It has often been said that Myanmar is the most profound Buddhist country in the world. That may well be true, but the brand of Buddhism practised in this isolated land is unique on the face of the globe. Myanmar Buddhism is theoretically Theravada Buddhism, a sect of Buddhism adhering most closely to the Buddha's teachings, and is the dominant form of Buddhism throughout Southeast Asia. The customary law also has an indissoluble connection with Buddhism in the Burmese society. The family customs and law have been put in statutory form with Damathat. And Damathat which is a statute law plays a important role as a mirror of the popular society. In Burmese society, the network which connects an individual and an individual fulfills its more function than the relatives and families act with group. The human relation which is generally completed within home, for example, parents and children, brothers and sisters, husband and wife and so on is situated as a center of the network which spreads outside home also in Burmese society. And Burmese society is 'khin' and 'ana' society. Burmese people positively extend the human relation through the way of thinking of Myanmar language 'khin' translated 'intimate', but they also put on the brakes the extending human relation without ending by keeping its distance through the way of thinking of Myanmar language 'ana' translated 'refuse courteously.'

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.77
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• pp.239-258
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• 2018

The purpose of this study is to examine the legal standards of agreements on the origin of liability and the relevant laws in Korea, to suggest implications for custom authorities and traders wishing to benefit from preferential tariff via FTA, citing the excluded cases of related FTA preferences (court cases and administrative judgments). In order to examine the provisions related to supporting evidence of the origin of liability in FTA, we examined FTAs agreed between Korea and EU, EFTA, ASEAN, U.S., and India relevant to FTA Special Customs Act, court cases and administrative judgements. If verifying the origin to protect the fair trade order impedes to promote utilizing FTA, solutions will need to be suggested. If FTA preference is exempted due to verifying the origin by the import customs authorities, the importer shall pay the income tax calculated in accordance with the general tax rate. This is because the certificate of origin confirmed during verification process is different from the actual origin. In most agreements, the exporter (the producer) shall issue the certificate of origin and since the importer has no other option than obtaining the certificate of origin from the exporter, it may face consequences such as declined credibility from the custom authorities in addition to being disqualified for FTA preferential, if the certificate of origin received from the exporter has flaws. On the other hand, the exporter cannot help but being punished by the customs authorities due to issuing defective origin certificates, but it doesn't have conventionary liabilities for damages incurred to the importer. As a result, importers are forced to pursue legal proceedings to claim damages to exporters or to give up FTA preference. As FTA is increasingly utilized, the number and amount of origin verification in Korea has continuously been increasing while administrative judgements indicates other FTA exporters doesn't seem to gain any support in utilizing FTA like Korea does. It has been 8 years since full-scale supports in FTA launched and now is the time to introduce more efficient and intensive FTA support system In this regard, it is desirable to conduct comprehensive verification on export Next, an institutions that assures FTA-based exports should be established in order to compensate the importer's damages that may occur from disqualified certificate of origin issued by the exporter.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.405-427
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• 1999

Although Uniform Customs and practice for Documentary(UCP) is not a law, it applies to most documentary credits and is binding on all parties unless otherwise expressly stipulated. Besides, Uniform Commercial Code(UCC) Article 5 was codified by the United States and was adopted by every state. Moreover, the New York version of the UCC Article 5-102(4) specifically providing that the UCC does not apply to letters of credit where the parties agree to be governed by the UCP. Identical nonuniform Articles were latter added in Alabama, Arizona, and Missouri. The fact that courts in forty-six of the fifty states are bound by Article 5. Until now, Article 5 of the UCC has probably had an impact on the decisions in New York and the New York common law. Therefore, I examined a few issues on application between Article 5 of the UCC and the UCP. First, although the UCP attempt to introduce a new for examination of document by incorporating "standard practice of financial institutions" and "international banking practice", the standards for documentary compliance are not clear. The UCC attempt to rely on the matter of interpretation for the court, but the UCP would probably be interested in examining in about bank's internal practices as reflected in UCP Articles. Second, the rule for nondocumentary conditions is a useful for stand-by credit transactions under the UCC, but these conditions would probably put the bank in an even worse position in case of documentary credit transactions under the UCP. Third, the UCP does not contain any provision governing the fraud exception, but the UCC codified the fraud and forgery rules developed through American case law. Fourth, the UCP treats the issue of transfer in much more detail than the UCC does. In contract, the UCP's treatment of assignment of proceeds is brief. Finally, I suggest that the fraud exception rules should be prescribed in the UCP in order to protect the issuing bank and the applicant when an unscrupulous party attempts to defraud.

• Journal of the Daesoon Academy of Sciences
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• v.26
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• pp.1-41
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• 2016

The script of the Fellowship of Daesoon Truth, 『Jeongyeong』 consists of seven sectors and 17 chapters. The seven sectors include 「Life of Sangje」, 「Reordering of the Universe」, 「Passing on of Teaching」, 「Law of Teaching」, 「Wisdom」, 「Cure of the Sick」, and 「Foreseeing」. The chapter 「Reordering of the Universe」 has the most records about Sangje, while the 「Law of Teaching」 has the most variety of materials in many passages about Sangje. This shows that the chapter 「Reordering of the Universe」 puts emphasis on the unique religious activities of Sangje and 「Law of Teaching」 is important for its edifying elements. "Law of teaching" is 敎法(Gyobeop) in Chinese character. 敎 means "teaching" and 法 "laws". What is law? A law becomes the rules for maintaining order of a society. In the view of religion, the law is ethical rules set by Kang Jeungsan to keep an order in the world. The first and second chapters of 「Law of Teaching」 have writings on 1. What Sangje said in person to the disciples, 2. The teachings Sangje gave to the disciples in certain occasions, 3. Reality of the society in late Joseon Dynasty, 4. Teachings related to the historical figures and old stories, and 5. Literatures. The third chapter has two special types of writing, which is about Taoism myths and statements written only in Chinese characters. In 『Daesoon Jeongyeong Volume 6』, the chapter 「Words of Law」 has more contents on edification for disciples, Cheok and resolving grudges with more detailed expression of woman resolving their piled up grudges. This chapter also has writings about discriminating old evil customs of Confucianism, emphasizing virtue and act of reciprocating for offered graces while training of one's mind and working on one's daily practice (shown in Sangje's saying about certain historical figures, quoting the Song of Suwun, statements in Chinese characters), Sangje's opinion about Japan, China, ancestral beings, eating raw foods, Byeokgok and others. In comparison with 「Words of Law」 in 『Daesoon Jeongyeong Volume 6』, which was issued in 1965 as the previous generation literature, 「Law of Teaching」 in 『Jeongyeong』 has many additional statements made to existing passages. Also, some passages were combined of two previous passages, some words were corrected, and in some passages, additional statements were made about the same person mentioned in another passage. And some passages were dropped. For the contents, 『Jeongyeong』 has additional statements about spiritual training of one's mind and practicing the teaching in daily lives, which indicates that 『Jeongyeong』 is focusing more on actual daily practice and the idea of overcoming hardships during the practice and realizing the principle of Resolution of all grudges.

• Journal of Arbitration Studies
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• v.22 no.1
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• pp.65-88
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• 2012

Even though there are some discrepancies in detail with the legal characteristic of the issuing bank's notice to the beneficiary of opening of the letter of credit, article 25 of "the Korean Private International Act(hereunder, 'KPIA')" can be applied to the legal relation between the issuing bank and the beneficiary or the negotiating bank. According to article 26 of the KPIA, if there is no agreement between the issuing bank and its opponent party as to the governing law issues, a state's law which has the closest relationship with the subject case may be applied. In the latter case, given the facts that the issuing bank plays important roles in every phasis of the sale of goods by the letter of credit, a law of place where the issuing bank's business premises is situated(the $lex$ $situs$) can be the applicable law. Meanwhile, "the Korean Supreme Court(hereunder 'KSC')" held that the beneficiary or the negotiating bank can claim any damages arising due to the refusal or deferred payment of the issuing bank, and the law which governs the above mentioned situation is the same law that is applicable to the legal relation between the issuing bank and the beneficiary or the negotiating bank. The main reason of the KSC's ruling is that the nature of the legitimate interest rate which is stated in article 3 of "the Act on Special Cases concerning Expedition etc. of Legal Proceeding(hereunder 'ASCELP')" is substantial matters, not procedural. Taking into account, however, that the main object of ASCELP lies in expedition of legal proceeding, prompt realization of people's rights and duties, and prevention of delayed legal proceeding, it is recommendable that ASCELP, instead of the law applicable to the legal relation between the issuing bank and the beneficiary or the negotiating bank, should be applied to the cases in which the malicious debtor's only and main purpose is delaying the legal proceedings. On the other hand, even if the issuing bank's duty of examination of the documents which were tendered by the beneficiary or the negotiating bank is restricted to the formality and strict conformity of the documents and not the substantiality of the documents, the issuing bank still has to examine the documents with due diligence that is required to the banks whose main business is sales of documents, not the real goods. In this regard, under the circumstances where the document lacked the regularity and/or the formality on its face because of the forgery of the document and where it was expected that an ordinary banker might have easily found any faults with the document, the issuing bank must compensate any parties for damages when it pays money without due diligence as a banker who engaged in the sales of documents.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.16
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• pp.183-203
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• 2001

To accomplish international electronic commerce via the Internet, the most serious dilemma is the international payment system. The BBL is a secure and effective electronic commerce framework for the replacement of traditional paper documents by electronic messages via the Internet providing significant benefits in terms of cost savings, improved logistics and reduced errors in documentation. The most important legal obstacles in the BBL are how to secure authenticity, non-repudiation and message integrity as well as the status of negotiability equivalent to paper B/L. These kinds of functions may be carried out through the electronic title registry of the Bolero International Limited. The technical structure is supported contractually by the Bolero Rulebook. And other documents except B/L can be made out without any legal or technical problems. What are the handicaps of the BBL in its practical use at this time? I can summarize the current and expected problems as follows: First, the fee to join Bolero Association Limited is burdensome to sellers, buyers and trade related organizations all over the world. Second, the liability in errors or defaults in operating central data registry of Bolero International Limited is limited to U.S.$100,000. The amount is not sufficient to the many bulk cargo owners to cover the damages. Third, businessmen are used to traditional paper documents; therefore it takes much time for them to change their customs and practices. So the BBL and traditional papers would be used simultaneously for the time being. Finally, it is very important to incorporate the Rulebook, a multilateral contract binding on all users signed, in each domestic law, which will accomplish the uniform law basis.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.38
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• pp.71-96
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• 2008

Letters of Credit are the most common method of payment for goods in the export trade, and banking practice relating to letters of credit is standardised by the Uniform Customs and Practice for Documentary Credits, which are a set of rules issued by the International Chamber of Commerce. The current version is UCP 600, which took effect on July 1, 2007. To assist the practitioners of Documentary Credits, the KCCI(Koea Chamber of Commerce and Industry) authorised a new publication-Official Commentary on UCP 600. This new publication added the word "official" in the title. In order to being an official commentary, the terms and expression should be correct and unified. But there is some problems in official commentary and legal phraseology. The problem was appeared that ICC UCP 600's were translated into Korean UCP 600 version. For example, "Issuing Bank", "Applicant", "Port of discharge", "A date of pick-up", "Shipper's load and count", "Courier Receipt", "Charter Party", "Bill of Lading", "Cover Note", "Exclusion Clause", "Insurance Certificate", "Declaration, Underwriter". If can be used 'Official Commentary on UCP 600', the above statements should be a compliment though take a wide professional opinions or held a public hearings. The Purpose of this paper is to point out the problems and substitute the term used and unify the expression in official commentary.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.75-98
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• 2005

With the advent of new customs and practice of electronic records, the eUCP provides some useful guidance to accommodate the presentation of the paper documents electronically and also provides necessary rules to allow the UCP and eUCP to work together. There is no denying the fact that many of the UCP articles are not impacted by the presentation of electronic equivalent of paper documents, so the integrated application of the UCP and eUCP will be broad enough to allow for developing practice in this area. This study discusses some theoretical implication for efficient utilization of the global usages of letter of credit through the finding of optimal solution in the state of uncertainty caused by the electronic presentation of documents. This study suggest that the decision rules be developed to show how individuals choose optimal portfolio between the eUCP and the UCP that maximize their expected utility in letter of credit transaction, and also suggest that the optimal portfolio be determined at the point of tangency between the efficient trading line and the highest indifference curve in the mean-variance plane. This study finally recommends three rebuttable doctrines with regard to the relationship between the eUCP and UCP such as linkage characteristics, generation lap propensity, and homothetic application rule, which may be the critical standards for understanding of the integrated usages of the eUCP and UCP.