• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.213-239
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• 2011

This article examines two important issues of the demand for payment by the beneficiary and the payment by the guarantor to the beneficiary under the revised Uniform Rules for Demand Guarantee (URDG) published by ICC, which are called URDG 758 and effected on July 1, 2010. Here, after first briefly defining the concept and nature of the demand for payment, this article discusses various issues surrounding the demand: By whom, where and how the demand has to be made; which documents are required in demanding the payment; how much amount can be demanded and paid; when and where the payment has to be made and which currency has to be used for the payment. The demand for payment has to be made by the beneficiary to the guarantor on or before expiry of the guarantee at the place of issuance of the guarantee unless any other place is specified in the guarantee. The demand has to be made in paper form unless the guarantee requires an electronic form. Unless otherwise expressly stipulated in the guarantee, the demand must be supported by a statement by the beneficiary indicating the applicant is in breach of the underlying contract. Also the demand must identify the guarantee under which it is made, and the time for examination by the guarantor starts on the date of identification. The demand cannot be for more than the amount available under the guarantee. When the demand is complying the guarantor must pay the amount demanded. The payment has to be made at the branch or office of the guarantor that issued the guarantee unless any other place is indicated in the guarantee. The payment has to be made in the currency specified in the guarantee, unless the guarantor is unable to make payment in that currency due to an impediment beyond its control or any illegality under the law of the place for payment. In case of "extend or pay" or "pay or extend" demands, the demand is deemed to be withdrawn if the extension is granted. But if not, the demand has to be paid without any further demand by the beneficiary.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.213-245
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• 2014

This study has significance in examining the formation requirements and notes for concluding the guarantee contract of minimizing interests and conflicts with the concerned parties by examining issues related to the legal relation and demand payment in the concerned parties and by figuring out the provisions of conformity related to the requirements for demand payment pertinent to the documentary provision in relation to characteristics of demand guarantee. What the concerned parties of using demand guarantee grasp the requirements for demand payment of being compliant with the essence and the guarantee condition of the demand guarantee will lead to possibly preventing a dispute caused by disagreement and being secured the fulfillment of underlying contract. To fulfill a underlying contract that is the objective of issuing the demand guarantee, an effort is needed that minimizes a contract-based risk and a cost by being fully aware of a relevant rule that will be recorded in the terms of payment in the demand guarantee, by reflecting the interests between the concerned parties, and by discussing the payment terms.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.179-213
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• 2013

While a performance type guarantee is required as a security for non-performance risk by a seller, a payment guarantee is used as a security for non-payment risk by a buyer(or a borrower in a loan agreement). A payment guarantee is a type of independent bank guarantee, bank guarantee, bond, demand guarantee, or standby letter of credit. A guarantor accepts a credit risk of a principal which is normally a buyer in a contract for sale of goods. A payment guarantee is independent of the underlying relationship between the applicant and the beneficiary. The guarantor is only empowered to examine the beneficiary's demand and determine the payment on its face to the terms of the guarantee. A payment guarantee is thus different from a suretyship. The principle of independence carries a significant advantages for a guarantor as well as for a beneficiary. While a documentary credit requires B/L, commercial invoice, packing list, inspection certificate, etc., a typical payment guarantee does not require any evidence for a seller's performance of the underlying contract other than written demand. In this respect payment guarnatee can be a more secured facility than a documentary credit. A payment guarantee normally comes into force from the issuing date and shall remain in effect until all sums guaranteed shall be paid in full by a buyer(or a borrower) or by a guarantor. Although a guarantor shall pay a demand made in accordance with the terms and conditions of the payment guarantee, a payment demand may be denied when it is determined to be abusive or unfair.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.58 no.6
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• pp.1087-1092
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• 2009

This paper presents a method for improvement of capacity payment in CBP(cost based pool) market. Capacity payments have been used as common mechanisms in various pools for compensating generators recognized to serve a for reliability purpose. Ideal pricing for capacity reserves by definition achieves a balance between economic efficiency and investment incentives. That is, prices must be kept close to costs, but not so low as to discourage investment. However, the price set is not easy. This paper concludes with market design recommendations that apply fuzzy theory for improvement of capacity payment. Following this model, market participants decided on their own based on their forecast to the market demand and the payment for it.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.109-136
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• 2011

Bank Guarantee system is commonly used as useful financial instruments to support various overseas and domestic business activities by providing bank guarantees. Therefore, it will be able to develop as a useful socio-economic useful system. However, some procedural problem can arise from the processes under demands for payment. Therefore, it is very important to review the requirements of the demand for payment and compliance standard for the examination of a presentation under the guarantee system. It is necessary to examine main issues under the revised URDG 758. The URDG introduced the same examination principle of "need not be identical to, but shall not conflict with' as that of UCP 600. The main changes of the URDG 758 like this imply the mitigation of the compliance standard for examination. So, This paper is to provide a comparative study of the regulations and laws for the examination standard and propose their implications and practical notes under bank guarantee system. For this purpose, this study will be examined the practical and legal issues focusing on the relative regulations of the revision URDG 758. It will also be reviewed and compared with the URDG, ISP98, UCP 600 and so on.

• Journal of Korean Society of Transportation
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• v.26 no.5
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• pp.101-115
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• 2008

This study reports UTIS(Urban Traffic Information System), which has been generalized in developed countries through brisk research and development and is being promoted for introduction by National Police Agency and Road Traffic Authority to reduce the astronomical amount of social expenses including traffic congestion expenses. Also this study investigates the proper charges for using by the preestimate of demand and contentment according to methods of payment after the service is introduced. The results of this study are as follows. First, demand forecast model is constructed by Binary Logit Model. Second, forecast models of using aspects of UTIS service according to methods of payment are established by Ordered Probit Model. Third, the proper charges for using of UTIS service according to methods of payment are presented to the supplier in the aspects of users. For this, preferences by using aspects and methods of payment are captured. And unit elasticity of coefficient of utilization is understood through responsiveness analysis according to methods of payment.

• The Journal of Fisheries Business Administration
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• v.32 no.2
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• pp.73-89
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• 2001

The market conditions of sea mustard is changing by overproduction, decreasing price, Import of blanched and salted sea mustard from China into Korea domestic market and increasing market share of sea mustard of China in Japan. In addition, the price support program in sea mustard aquaculture must be modified due to the restriction of domestic support by international organization such as WTO. There are two ways to solve those problems. First is that finding a way to solve the overproduction of sea mustard. One of possible ways is the production adjustment by Marketing Order. Second is that finding an alternative way to replace price support program. The possible way is Direct Payment instead of purchase stockpile system. To introduce marketing Order, outlook center, organization of self-management, production adjustment through output control measure, improvement of market structure, and education/publicity arc necessary. Also, to implement marketing order, setting a model business by government is required. There are two steps for implementation of marketing order. First step is to construct Order Committee including organization of producer, people related marketing. However, this committee must run by government for certain short-term. Second step is to improve quality of product and acceleration of demand. At visual point that enforcement of the first step is completed, government has process that government transfers Order Committees self-correcting. It is desirable that government only conduct the support acts such as quality improvement and acceleration of demand. Also, at early stage it is necessary to have aid system for marketing order For example, we can expect that income increase by production adjustment in long run. However, in short run the income of producer may decrease so, it is required to compensate his economic lose. For compensation, The useful means that can be utilized is direct payment. Direct payment is not continued policy. Also, when production adjustment policy such as Marketing Order has effective results, Direct Payment as an assistant measure must be reduced or abolished. Therefore, when production adjustment acts as an effective tool to control overproduction, Direct Payment system.

• Environmental and Resource Economics Review
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• v.9 no.4
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• pp.621-639
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• 2000

High population and economic growth leads to ever increasing demand for water resources, prompting many regional conflicts for the water. With the observation, this paper examines the allocation problem of flowing water between upstream and downstream regions, We offer a two- region model in which the downstream region pays a portion of product to the upstream region in order to induce the upstream region to share the water. Our model shows that the "side-payment" does not always work, because the ex post income of the downstream region could be lower than the income without the side-payment This happens when the externality the upstream region imposes on the downstream region is small. The paper derives the condition under which the incentive mechanism like side-payment is likely to fail (or work). The model also shows that the higher the degree of externality is, the less amount of side-payment should be. The results of the paper suggest that the incentive scheme can help the regional conflicts be solved if the externality effect generated by the water use of upstream region is big enough, which is in fact the case where the conflict is severe.

• Perspectives in Nursing Science
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• v.7 no.1
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• pp.23-35
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• 2010

Purpose: The purpose of this paper is to analyze the demand and supply of advanced practice nurses and suggest alternative benefit strategies in the Korean national health insurance. Methods: A revised demand & supply model was used to estimate the excess supply of APNs, and policy making process and key actors in the Korean health insurance were considered to develop a political approach to the APN issue. Results: The social demand for APNs is currently estimated to be less than 50% of its supply and the APN education program fell into difficulties in recruits. No reimbursement mechanism for APN's services in the national health insurance has given no economic incentive to hospital managers who have monopsony power in nursing labor market, which has caused the demand shortage of APNs in hospital industry. Payment for APN's services recognized as one of the most significant strategies to booster the social demand for APN's services should be carefully designed and implemented in the national health insurance. In line with this, key actors in health insurance policy decision-making include government, national assembly, labor unions, NGOs, civic groups, medical associations, and academia. Conclusion: The basic researches for APN's activities and cost-effectiveness analysis in clinical settings are required to support the strategies aforementioned. Constructing a policy network among key actors is able to make the payment strategy feasible, which will increase the socal demand for APNs.

• Health Policy and Management
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• v.8 no.1
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• pp.183-202
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• 1998

This study is to investigate patient's choice of health care and the demand for Korean traditional medicine care in rural areas in 1995. It tried to evaluate the effect of out-of-pocket expenditure, travel time, and waiting time on improving care-seeking and substituting clinical medicine for pharmacy care and Korean traditional medicine care in rural areas. The statistical model of this study is conditional logit to estimate effects of choice-specific and individual-specific characteristics on the choice of type of services. This study used, as explanatory variables, average out-of-pocket payment, travel time, and waiting time of services required to use the services. The model was empirically tested using data from 1995 Korean National Health Survery. The results showed that rural Koreans responded to out-of pocket payment and travel time. Increases of out-of-pocket payment and travel time decreased the probability to choose care in rural Korea. Rural Koreans were more likely to seek care than others with low out-of-pocket payment and travel time. The probability of choosing Korean traditional medicine were higher among the members of the households with higher education level and older persons, while they were lower in the households with large family than others compared with the probabilities of choosing public health facilities. The result of this study implies that policy on use of health care in rural Korea can be focused in managing travel time and out-of-pocket payment.