• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.34
• /
• pp.55-74
• /
• 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
• /
• v.33
• /
• pp.3-28
• /
• 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
• /
• v.57
• /
• pp.221-241
• /
• 2013

Country of origin is very important in terms of consumers right to know, protection of producer, national finance and tariff preference etc. The principal issues related to country of origin are breaches of origin mark, determination of origin of OEM products, domestic products using imported raw materials, exports products, and fairness of penalties. This study focus origin mark issues on key components and set products which have not been treated so far. First, Origin mark issues on key components need to introduce multiple countries of origin for the same products. Some specific products, which are considered important key components or materials, has to mark multiple country of origin in terms of portion and significance. Next, Origin mark issues on set products need to expand the objects from 15 listed items of Korea Foreign Trade Act to all items of HS tariff schedules of Korea Customs Act. A set products which below 15% of components can mark single country of origin like FTA agreement such as Korea-EU FTA, Korea-EFTA, Korea-US FTA and Korea-Peru FTA.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.50
• /
• pp.309-331
• /
• 2011

Today, the world is considered to indispensable basic data in specific gravity of international trade is increasing in economic activity of every country with globalization, and trade connection index number analyzes an economy or part of trade that contribute to economic growth of a country along with other foreign trade statistics and evaluates along with this. Also, it is becoming one of big subject for economic policy person in charge and related economists I do how measure movement of amount, price and amount of materials in trade. But, about till now interest lack about trade index and trade index creation theoretical, it is actuality that export, import connection index number or similar research is not attained much into domestic and overseas from study tribe which is gone ahead. Moreover, study that try to judge and forecast stream of market applying trade connection index number is hard to find on study until now. And, in this research, there is the objective to figure out stream of Korean market change through trade business index creation that base on Korea Customs Administration export and the importation data and this is differences with several study, and at the same time, it is value of this study.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.43
• /
• pp.397-422
• /
• 2009

Electronic trade reduces additional costs generated from the issuing and management of paper documents, and overcomes the physical limitations of commercial transactions as well as the geographical and time limitations resulting from trading with foreign countries. These characteristics of electronic trade guarantees better and more effective global marketing for companies. In addition, by expanding relative superiority of large corporations to medium-small sized companies, many medium-small companies have shown great interest in electronic trade to promote its exporting businesses, and implementing changes to facilitate electronic trade into their business system. Therefore, it is expected that the electronic trade will be more widely distributed and utilized by businesses of all sizes in the future. The adaptation and implementation of the electronic trade system can only have prosperous effects when there is a high efficiency in the utilization and service process of the concerned company. Under this premise, this research first examined electronic trade, characteristics of the company and information utilization as the key elements to determine the effectiveness of the utility aspect. Then it examines confirmation of product demand, registration of revenues, and authorization as the key elements to determine the level of service process.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.69
• /
• pp.673-698
• /
• 2016

This study tries to conduct a systematic analysis on whether adding up the royalties and license fees or not in measuring the taxable amount of tariff. We have confirmed that three main criteria to decide whether it is yes or not are non-inclusion, relatedness and condition of sale. We also have realized that whether satisfying a condition of sale or not depends on license agreement, sales contract, special relationship and so on. Furthermore, we have made case studies of bonded factory, film's domestic distribution, exempt royalty and license fee, price for exclusive use of relevant technology, retroactive application of price change and strict interpretation. Based on the case studies we have derived the following conclusions: First, the royalties and license fees only actually paid to the licensors may be added to taxable amount. Second, the royalties and license fees incurred after the imported goods are made into domestic goods may not be added up. Third, the royalties and license fees paid as a price for use may not be added up. Fourth, the analogical interpretation of relevant codes is not accepted.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.54
• /
• pp.213-233
• /
• 2012

International Hull Clauses(IHC(2003)) which have replaced the old system, Institute Time Clauses, Hull(ITCH), used more than 100 years in the shipping industry that did not fit the reality of the market and customs was announced in 01/11/2003 and was intended to supplement the existing issues to reflect the terms that had been used. IHC(2003) was composed of systematical and logical phrases to minimize the conflict which happened between the insured and the insurer after the incident. But IHC(2003) is being ignored by both the insured and the insurer in the shipping industry due to the differences in both positions. In addition, the studies about IHC(2003) in local academics are very low and many companies in the shipping industry are using both systems, IHC(2003) and ITCH so the usage of IHC(2003) is not so activated. Thus, this study will examines the main features and the compositions of IHC(2003) and compare IHC(2003) with ITCH(1983) in some provisions in both systems and then derive some similarities from the both systems and finally would suggest the necessity and validity of active use of IHC(2003).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.13
• /
• pp.631-655
• /
• 2000

This article is focused on the review of the judgement standard for compliance of the documents in international standard banking practice. Since the establishment of Uniform Customs and Practice for Documentary Credits, The practices of the Credit transactions has been formed and developed with the rapidly changing progress of the international trade environment. but though the international standard banking practice have meaning to suggest a new examination standard, in practice, there are some problems on the judgement of the compliance of the documents. Therefore, for the useful judgement standard for compliance of the documents, the range of the standard should become concrete and simple so that all the related parties can forecast. and the opinions and interpretations published by ICC Banking Committee are recommended to be used, systematized and activated. and also with the change of the trade environment, the changed standard practice could be published annually for the useful use. and it will be necessary to consider to publish the publications in the form of the "White Book" Last, it is necessary to accept the changes by the needs of the times as the international standard banking practice promptly and analysis accurately its problems for the times of the electronic commerce, so that Credit systems should be settled and developed continuously as the useful means of the settlement of the proceeds conquering of the characteristics originated from the international transactions between the parties concerned.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.13
• /
• pp.735-765
• /
• 2000

The paper aims to introduce and to discuss seafood import systems in terms of tariff and Non-Tariff Measurements which have been changed by the establishment of WTO. The paper can be used as materials for seafood trade policy making. The Non-Tariff Measurements for seafood import control in Japan are explored as follows; Import Quota, Import License, Pre-identification, Standard system, Customs Clearance Procedure, Import Port Nomination, Import Channel, Unification. The paper is composed of six chapters. Chapter 1 shows the current situation of seafood trade of major countries and background of the research. Chapter 2 deals with fisheries negotiations in the Uruguay Round, their impacts and major issues of tariffs and Non-Tariff Measurements in seafood trade. Chapter 3 analyzes seafood import of Japan, which is the core nation in the seafood trade of Northeast Asian Region, by item and the structure and characteristics of Japanese seafood import tariff including Non-Tariff Measurements. Chapter 4 and chapter 5 tackle seafood import management system of EU and USA respectively. Chapter 6 summarizes the issues of seafood import by focusing on Japan which is the biggest import market of Korean seafood.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.75
• /
• pp.117-136
• /
• 2017

Trade finance services have been played an important role in the Korea trade development history since 1960's. These days the trade environment is confronted by the 4th Industrial revolution and new trade protectionism. So we need to improve the Korea Trade Finance Services in order to improve Korea trade volume. Bank of Korea(BOK) also revised the Rule of Korea Trade Finance in 2014 and enlarged the trade fund for commercial banks where they handle the trade finance to small and medium enterprises(SME) in 2016. This article handle the current state and problems of Korea trade finance services and suggest the improvement measures as follows; First, the commercial banks, which handle trade finance fund, should improve the customs and practice of judge loan for SMEs. Second, the export volume counting rule for trade loan should harmonize between BOK's Rule and Foreign Trade Management Regulation under the Foreign Trade Act. Third, the processing trade and intermediate trade also can use the trade finance like other trade. Fourth, Trade finance should be in balance between export and import finance to defend the new protectionism. It means that the trade finance should expand to import in the certain conditions. Lastly, the related trade promotion agencies and their employees should improve their skills and abilities for handling trade finance.