• Journal of Arbitration Studies
• /
• v.8 no.1
• /
• pp.323-352
• /
• 1998

Documentary letters of credit including standby letters of credit are governed by the independence or abstraction rule and the doctrine of strict compliance. Since the former rule requires the issuing bank to honor the drafts regardless of the defective performance of the underlying contract, the applicant(the customer) will be without a remedy if he is unable to make himself whole by litigation on the underlying contract. Therefore, the applicant is exposed to a risk much higher than in the commercial letters of credit. The Uniform Customs and Practice for Documentary Credit(UCP) has no provisions allowing legal relief for the applicant on the abuse of L/C by unscrupulous beneficiary, but UCC ${\S}5-114$ has provision allowing injunctive relief for the applicant. In this paper, I attempted to clarify certain standards of injunctive relief available for the customer in the credit. When there is fraud in the L/C transaction by any of the parties concerned, we must weigh the principle of independence or abstraction and the fraud rules. According to banking practice and judicial precedence, we need not keep the principle of independence and abstaction even in fraudulent transaction and the bona fide sufferer must be protected. The purpose of this paper is to review the studies of Fraud rule and the Injunction and to suggest the applicable standards for the Injunction therory under letters of credit. Specially this paper analysed the following ; (1) the guideline for the fraud (exception) rule to the autonomy principle, (2) the appilcable standards of the Injunction, and (3) the implications on parties concerned in letters of credit transaction. Conclusively, the Injunction should be granted if (1) there is clear proof of fraud (2) the fraud constitutes fraudulent abuse if the independent purpose of L/C (3) irreparble injury might follow if injunction is not granted or the recovery of damages would be seriously endangered.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.71
• /
• pp.107-126
• /
• 2016

This study is to review "on board notation" on a bill of lading under letter of credit transactions. A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. However, UCP 600Article 20 (a)(ii) requires the bill of lading to indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit by pre-printed wording, or an on board notation indicating the date on which the goods have been shipped on board. The shipped on board statement should relate to loading on board the named vessel at the port of loading stated in the credit. But it doesn't seem that the on board notation clause in the UCP 600 reflect current shipping practice fully because of the various kinds of on board notation and the confusion surrounding their use. There is a need to understand accurately the meanings and requirements of "on board notation" under UCP 600 and the related regulations. So, This paper will be studied the requirements and indication method of "on board notation" on the bill of lading and presented the practical implications under the bill of lading transactions. This study was based on documentary research including preceding research.

• The Journal of Information Technology
• /
• v.3 no.4
• /
• pp.55-72
• /
• 2000

The International Standby Practices (ISP98) has been carefully crafted for use with standby letters of credit. ISP98 is expected to become widely used for standby letters of credit commencing January 1, 1999. These new practices have been ratified and jointly published by the International Chamber of Commerce- the same organization that Provided us with the Uniform Customs and Practices for Documentary Credits, UCP500. The intention behind drafting ISP98 was to consolidate common and accepted practices applying to Standby Letters of Credit and to set a worldwide standard. ISP98 gives issuing organizations a set of practices that are free from the anomalies that arise when UCP500 is applied to Standby Letters of Credit This paper focuses on ISP98 provisions that may lead to changes in forms of standby letters of credit and reimbursement agreements, that may lead to changes in standby practices, that may alert parties to issues they had not previously focused upon, or that parties may wish to limit or vary, This Paper also focuses on differences between ISP98 and the Uniform Customs and Practice for Documentary Credits, 1993 revision, ICC Publication No. 500(UCP 500).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.22
• /
• pp.3-48
• /
• 2004

Many presentations of documents are rejected because credits have been incorrectly issued. One reason of rejecting the documents is related with error in application stage of L/C. Errors may take the form of mismatches between the terms of the sales contract and the provisions stipulated in the credit. Thus, Article 5 encourages applicants to make their contribution to the smooth running of the letter of credit process by being unambiguous and brief. Another reason that the banks reject the documents relates to the ambiguity of the term "International Standard Banking Practice" That is to say, UCP500 Art.13 introduced the term "International Standard Banking Practice"(ISBP) without the definition so that one wonder what ISBP is or how ISBP apply in daily work of bankers, examination of documents. From hence, International Chamber of Commerce(ICC) started the work to document ISBP at May 2000, finally approved the result last year and published the publication titled "International Standard Banking Practice for the examination of documents under documentary credits." By applying ISBP in document examination stage, I expect that the freqency of rejecting the documents grow less and bankers' work of examination become easy. On the other hand, ISBP is supplement to UCP500 so that the interpretation of ISBP is made on the basis of understanding of UCP and its underlying principles. So, I reviewed each paragraphs of ISBP on this basis and tried to indicate contradiction between ISBP and UCP500. But because of reading not enough, I failed to search the connotative sense many paragraphs have.

• International Commerce and Information Review
• /
• v.16 no.5
• /
• pp.87-114
• /
• 2014

The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP600. This latest version, called the UCP600, formally commenced on 1 July 2007. During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. This publication has evolved into a necessary companion to the UCP for determining compliance of documents with the terms of letters of credit. It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP 600 is in force. This paper focuses on documents including various certificates, Packing List, Weight List, Beneficiary's Certificate, Analysiis, Inspection, Health, Phytosanitary, Quantity and Quality Certificates, Courier Receipts, Shipping Advice etc. and suggests some implications in the field.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.33
• /
• pp.63-89
• /
• 2007

The UCP is an authoritative compilation of the customs and practice of letters of credit observed by most of the participants in the transaction. It remains the most successful set of private rules for trade ever developed. First issued in 1933, the UCP has been through five revisions, the latest being the present UCP 500, which came into force in 1994. Since 1994, new developments in transport, insurance, electronic commerce and banking industry have spurred the current revision of the rules. The ICC Banking Commission approved UCP 600 on October 25, 2006 by a unanimous vote of 91 to 0. The revision, which will come into effect on July 1, 2007, incorporates a number of changes from UCP 500 as follows : UCP 600 has a leaner set of rules, with 39 articles rather than 49 articles of UCP 500; New sections on "definitions" and "interpretations" have been added to clarify the meaning of ambiguous terms; The phrase "reasonable time" for acceptance or refusal of documents has been replaced by a firm period of five banking days; UCP 600 allows for the discounting of deferred payment credits. However, UCP 600 has two main problems such as the inconsistency with insurance industry and the banking community-oriented rules. We have some months before the commencement of UCP 600. From today to the commencement of UCP 600, we should study the full contents of UCP 600 and the influences on the trade industry.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.49
• /
• pp.139-164
• /
• 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 the Korean Society of Costume
• /
• v.60 no.8
• /
• pp.151-167
• /
• 2010

This research is to analyze ethics in fashion design for more valuable and sustainable human life against the increasing alienation of the human being, the global ecological crisis resulted from contemporary consumption society. I expect that it can be helpful to plan ethical fashion design practice more effectively. For this, the documentary study and practical case study have been executed. The results are as follows. The ethics in design can be defined as the responsibility to reform the social, environmental problem of consumptive design, to sustain together without human alienation, environment disruption and to do social good for total human being ultimately. The ethical design practice means to suggest solutions to problems of human rights and environment and to act willingly. Based on this, ethical fashion design appeared as responsible design solution which has two directions. One is the fashion design for coexistence and sharing, including the design for all which considers even underprivileged minority, the design to promote public issues as well as to donate some profits. The other is the eco fashion design for sustainable environment, including eco-friendly design which is reductive and slow in whole design process, the design to inform the seriousness of environmental crisis as well as to donate some profits. The last one of the most important ethical responsibility as fashion designer is to abide by vocational ethics, that is, the prohibition of design piracy.

• Journal of architectural history
• /
• v.28 no.6
• /
• pp.31-42
• /
• 2019

The harsh economic conditions of Buddhist temples in late Joseon dynasty, and the prevalence of the Buddhānusmrti(念佛) practice, which is a practice of reciting Amita Buddha(阿彌陀佛), led Buddhist temples to organize the Buddhānusmrti association(念佛契) in the nineteenth and early twentieth centuries. For the practices and the activities of organization, an architectural facility was required; thereby, many temples had a Yeombul-dang(念佛堂). However, only a few of the Yeombul-dang have survived and are known today. This research investigates the ways temples tried to acquire Yeombul-dang buildings during the period and their architecture characteristics by reviewing historical records and documentary works of literature. In this research, Yeombul-dang is found to have various types of building names and building forms. Different hall names such as Amitābha Hall(佛殿), Yosa(寮舍) and Daebang(大房) were used as Yeonbul-dang. The commonalities and differences in terms of building forms, spatial elements composition and layouts were found depending on how they were acquired. The Yeombul-dang were most commonly built as multi-complex buildings consisting of worshiping rooms and residential areas. Most of Yeombul-dang were located in the central areas of the temple site. On this basis, this research suggests the possibility that many Yeombul-dang is still being used under different names and for different purposes.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.43
• /
• pp.101-115
• /
• 2009

More than two years have passed since the latest UCP, Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No.600 became valid on July 1, 2007. There has been a lot of confusions in connection with the interpretation of the new UCP since July 1, 2007. Especially the transport document articles of the new UCP are the most confusing ones. Therefore, this work intends to study some points for practical attention of transport documents in the UCP 600. Transport documents can be divided into two kinds of documents such as marine transport documents and other transport documents. But most sellers and buyers distinguish two kinds of transport documents : the document of title and the document of non-title. Most traders consider the document of title importantly and ignore the document of non-title.