• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.133-158
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• 2010

Independent guarantee is a creation of the need from the both sides, i.e. the applicant (principal debtor) and the beneficiary (creditor). The former used to have to deposit cash in favor of the beneficiary in case of his default, which laid a burden on his liquidity while the latter still wanted to have the equivalent to cash. Independent guarantee satisfied the both parties by freeing the applicant of a deposit and maintaining the beneficiary's right at the same time. The fact that independent guarantee has three payment mechanisms is not widely known to the public. They are (i) payment on first demand, (ii) payment upon submission of third-party documents, (iii) payment upon submission of an arbitral or court decision. From the applicant's point of view, the order in his favor is (iii), followed by (ii) and (i). As there shouldn't be a case where one party is at a disadvantage against the other, useful insight is being sought for the benefit of the applicant. First, the applicant can offer his intention to provide a payment mechanism (ii) or (iii) rather than (i) if he must deliver it. Second, if the beneficiary still wants to have (i) and the applicant is in a position not to reject it, the latter should thoroughly check any provisions that may work against him later. Third, the applicant could use counterbalancing provisions in underlying contract to cope with protective clauses in the guarantees. Forth, the applicant should review the beneficiary's sincerity to prevent unfair calling risks. The applicant may use an ECA(Export Credit Agency) in his country to which he can transfer not only unfair calling risks, but also political risks. On the other hand, a bank needs to keep the following advice in mind. The foremost important thing for the bank not to forget is that it provides a guarantee as a service provider, not as a responsible party for the feasibility of the project, etc. Credit risk of the applicant should require the greatest attention when issuing a guarantee: the bank should look into the possibility that it can procure immediate reimbursement from its customers after payment to the beneficiary. Second, the applicant's ability to complete the project should be reviewed by checking its track records, techniques and reputation, etc. Third, the bank may also use an ECA to cover the beneficiary's unfair calling risks as well as political risks. In the case of Korea, as Korea Export Insurance Corporation(KEIC) can cover all the risks mentioned above, the bank could use its service called 'Export Bond Insurance.' What's better for the bank is that ECA cover can enhance the bank's asset quality by putting it zero on its risk weighted asset.

• Journal of Distribution Science
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• v.12 no.7
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• pp.53-61
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• 2014

Purpose - This study focuses on "large-scale marts," which is a typical discount-based retail channel (hereinafter, DRC), and provides practical managerial implications by applying the KD-SQS service quality factor based on customers' experiential perspective by developing and applying existing service measures. Research design, data, and methodology - The research subjects include adults who have experienced "large-scale marts." The research involved SPSS 20.0 and AMOS 19.0 packages; path analysis is used to analyze structural relationships. Results - First, physical aspects, human interaction, and additional convenience aspects of service quality have statistically significant influence on service value. Second, physical aspects, human interaction, and policy have statistically influence on store loyalty. Third, service value influences store loyalty. Fourth, service guarantee adjusts the relationship between service quality, service value, and store loyalty in terms of human interaction and policy. Conclusion - Among service quality measures, improving service value through personal service needs to be prioritized, while we need to develop different methods for the service guarantee system to effectively influence service value and store loyalty.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.11 no.6
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• pp.2870-2888
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• 2017

Recent studies have shown that the flow table size of hardware SDN switch cannot match the number of concurrent flows. Combined SDN Forwarding Element (CFE), which comprises several software switches and a hardware switch, becomes an alternative approach to tackle this problem. Due to the limited capacity of software switch, the way to route concurrent flows in CFE can largely affect the maximum delay that a flow suffers at CFE. As delay-guarantee is a nontrivial task for network providers with the increasing number of delay-sensitive applications, we propose an analytical model of CFE to evaluate a rules placement solution first. Next, we formulate the problem of Rules Placement with delay guarantee in CFE (RPCFE), and present the genetic-based rules placement (GARP) algorithm to solve the RPCFE problem. Further, we validate the analytical model of CFE through simulations in NS-3 and compare the performance of GARP with three benchmark algorithms.

• 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.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.241-261
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• 2011

URDG 758 tracks UCP 600 in format and style. This makes it easy for practitioners to understand various terms with a lot more clarity than in URDG 458, since practitioners see things in a format and style they are accustomed to. It is a fact that the provisions of the national law will prevail over the URDG 758. In many countries there is only limited written law concerning abstract guarantees; therefore any conflict between URDG 758 and the national law will be unlikely. In many instances the instructing party is different from the applicant - the party whose obligation is supported by the guarantee. And provision for amendment is a new addition in URDG 758. Inspiration was taken from UCP 600 with some fine tuning: accpet, reject or do nothing - and the implications of each of these. Chief among the innovations in the URDG 758 is the one banning non-documentary conditions. The consensus is that the new URDG 758 is a major improvement on URDG 458 in both comprehensiveness of scope and contents of rules. The URDG 758 is likely to become the international standard in the field of demand guarantees.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.263-283
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• 2011

There are two typical international rules in issuing guarantee for obligations of party which is responsible to provide some duties such as services, construction, plants, loan repayment, etc. The two internationally recognized rules are currently ISP98 and URDG758. ISP98 was firstly introduced in 1998 for American banks to issue standby letter of credit domestic and overseas for the area where UCP does not cover. URDG was introduced first in 1991 in the name of URDG458 but it has not been widely used and therefore new URDG named URDG758 came out in 2010 to accommodate more standard guarantee practice. At the face of these two prevailing international rules, the users are sometimes confused which rule would be more suitable for their individual transaction. This led us to conduct a comparative analysis on these two rules. Our study suggests that URDG758 is more adequate for construction, ship-building and plants-supply obligations whilst ISP98 is for financial obligations. Also attentions are required when issues such as counter guarantee, governing rule, presentation period, document examination period and default statement exist. This is because ISP98 and URDG758 have different view points.

• International Commerce and Information Review
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• v.11 no.1
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• pp.27-43
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• 2009

This article explored the customers protection regulations in electronic payment system by Article 4A of the UCC and EFTA of 1978 and by Electronic Financial Transaction Act of Korea. Both Korea and America have various regulations to protect concerned parties(customers). For examples, the errors of payment order, money-back guarantee, and unauthorized payment order etc. First, this Article focuses on the allocation of risk of loss caused by ambiguous term in payment orders that do not express the subjective intention of the senders. Second, most rights and obligations created by Article 4A of America can be varied with the agreement of affected parties. But there are some exceptions. The exceptions include the money-back guarantee. So Receiving bank have to pay to originator the ordered money included interest. However, Korea also has money-back guarantee but bank do not pay interest to sender. Lastly, Electronic Funds Transfer Act of 1978 and Regulation E has US$ 50 regulation in order to protect customers on the unauthorized payment order. Article 4A imposes duty to detect unauthorized payment orders to originator in relation to the establishment of commercially reasonable security procedure, while Korean law imposes the duty to notify the bank in order to decrease the loss resulted from unauthorized payment order.

• Journal of Agricultural Extension & Community Development
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• v.23 no.1
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• pp.73-87
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• 2016

The purpose of this study is to analyze the trends of basic income guarantee of which the discussion has been spreading in recent years and to explore the feasibility of this system in the rural areas of Chungchengnam-do. Basic Income Guarantee means a system in which all members of society could take regular incomes which is at a minimum necessary for their life without any conditions, and it is already introduced or being currently discussed in several countries and regions such as USA, Switzerland, Namibia. In Korea, it is currently claimed that breakthrough policy such as basic income guarantee for farmers should be introduced for farmers or rural residents who are facing the challenges of the double, namely the reduction of farm incomes and rural population due to the expansion of global free trade such as WTO and FTA since 1990s. Therefore, the policy considerations and suggestions for implementing the basic income guarantee for farmers in Chungcheongnam-do is explained in this paper.

• Knowledge Management Research
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• v.18 no.1
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• pp.67-81
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• 2017

As the important breakthrough continues in the field of machine learning and artificial intelligence recently, there has been a growing interest in the analysis and the utilization of the big data which constitutes a foundation for the field. In this background, while the economic value of the data held by the corporates and public institutions is well recognized, the research on the evaluation of its economic value is still insufficient. Therefore, in this study, as a part of the economic value evaluation of the data, we have conducted the economic value measurement of the data generated through the small business guarantee program of Korean Federation of Credit Guarantee Foundations (KOREG). To this end, by examining the previous research related to the economic value measurement of the data and intangible assets at home and abroad, we established the evaluation methods and conducted the empirical analysis. For the data value measurements in this paper, we used 'cost-based approach', 'revenue-based approach', and 'market-based approach'. In order to secure the reliability of the measured result of economic values generated through each approach, we conducted expert verification with the employees. Also, we derived the major considerations and issues in regards to the economic value measurement of the data. These will be able to contribute to the empirical methods for economic value measurement of the data in the future.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.40 no.4
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• pp.653-658
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• 2015

Cloud service is one of major challenges in IT industries. In cloud environment, service providers predict dynamic user demands and provision resources to guarantee the QoS to cloud users. The conventional prediction models guarantee the QoS to cloud user, but don't guarantee profit of service providers. In this paper, we propose a new resource allocation mechanism using Q-learning algorithm to provide the QoS to cloud user and guarantee profit of service providers. To evaluate the performance of our mechanism, we compare the total expense and the VM provisioning delay with the conventional techniques with real data.