• International Commerce and Information Review
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• v.9 no.1
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• pp.381-399
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• 2007

UCP 600 will now come into effect on 1 July 2007, giving practitioners more than six months to prepare for the change. The vote on the UCP was also a favourable vote on eUCP Version 1.1 which was amended to bring it into conformity with the new rules. ICC Banking commission unanimeusly approved the revised UCP 600 on 26 October 2006 in paris convention. The most important revision of UCP600 have altered the technical and difficult to understand wording of UCP500 into plain simple precise and concise language, The singuler achievement of UCP600 is its elimination of phrase like "reasonable care" "reasonable time" and "an it's face" from the rule. The introduction of separate articles 2 and 3 on "Definitions" and "Interpretation" which contain the concept of "honour" along with the inclusion of certain ISBP wording in UCP, should bring about far greater clarity and precision than in many of the contentions articles in UCP500. The definition of negotiation should help lay to rest the controversies surrounding the terms of negotiation. The removal of reasonable time and the replacement by five banking days should speed the process and make L/Cs more attractive in the market, nevertheless UCP600 have many problems in appling it in practical field. For example the definition of credit, negotiation and purchase it's accepted or undertaken payment draft by accepting bank or deferred payment bank, the second advising bark's position etc. so, I will introduce in this thesis the important revised articles of UCP600 and investigate the problems in applying it in practicle field with reference to the specialist's opinion of the practical field and ICC opinions of drafting Group.

• The Journal of Korean Physical Therapy
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• v.27 no.4
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• pp.175-182
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• 2015

Purpose: The purposes of this study were to develop the Korean version of the trunk impairment scale (K-TIS) and to examine reliability and responsiveness of the K-TIS in patients with stroke. Methods Subjects of the study were 51 stroke patients (mean age: 57.78 years) recruited from two stroke clinics. For the interrater and test-retest reliability, two raters measured the K-TIS two times using video clips with an interval of 2 weeks. For the responsiveness, intensive physical therapy training was provided to all participants 2 times a day for one month or three months depending on the onset of the stroke and the admission rules of the two clinics. Inter-rater reliability and test-retest reliability of the K-TIS three subscales (static sitting balance, dynamic sitting balance, and coordination) scores and total scores were examined using intra-correlation coefficient ($ICC_{3,1}$) and Pearson's correlation coefficient (r). To examine responsiveness, the minimally important difference (MID) was calculated with effect size. Results: Inter-rater reliability of the K-TIS subscales and total scores were all high (ICC3,1=0.920-0.983 and r=0.924-0.984). For the test-retest reliability, $ICC_{3,1}$=0.805-0.901 and r=0.806-0.903, and the MID for acute and post-acute as well as chronic stroke patients remained in the mean change range. Conclusion: It is suggested that the K-TIS might be used for clinical and research purposes as a standardized tool for stroke patients. In addition, it can also be useful in establishment of treatment goal(s) and planning treatment program(s) for patients with stroke.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.65
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• pp.1-20
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• 2015

International Commercial Terms, known as "Incoterms", are internationally accepted terms defining the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. The latest version of Incoterms rules were revised in 2010, so called Incoterms$^{(R)}$ 2010 which is the eighth set of pre-defined commercial terms published by the International Chamber of Commerce(ICC) in 1936. It has been already past 5 years since Incoterms$^{(R)}$ 2010 became effective January 1, 2011. At this point, we should examine the latest version of Incoterms whether the rules are not satisfied with the practical commerce because the customs and practices of commerce change constantly. The main purpose of this article is to seek a difference between the present commercial customs and practice and the rules of Incoterms$^{(R)}$ 2010. In addition, if there is any difference between them, an alternative resolution would be suggested. This article exercises the process of transition of the Incoterms rules, especially CIP, DDP, and CIF among 11 rules of Incoterms$^{(R)}$ 2010. Then this article provides some feasible alternatives to attempting to resolve some regulation problems of CIP, DDP, and CIF in the Incoterms$^{(R)}$ 2010. For examples, the practical meaning is different between "if customary or at the buyer's request" and "if agreed or customary" in CIF and CIP, especially a negotiable documentary being used. Furthermore, the interpretation of transfer of risks on the afloat goods in string sales in CIF term.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.54
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• pp.145-166
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• 2012

This article examines the limitations of the choice of law caused by Internationally Mandatory Rules in Entering into the Turn-Key Contracts. In June 2007, Clough Engineering, a corporation based in Western Australia, approached the Federal Court of Australia seeking injunctive relief and leave to commence proceedings against an entity located outside Australia, the Oil & Natural Gas Corp of India (ONGC). Clough had contracted with ONGC to provide a range of services in relation to the construction of gas and oil wells off the coast of India. The contract was governed by Indian law, and included a clause by which the parties agreed to submit their disputes to arbitration. Yet the Federal Court assumed jurisdiction over the dispute, principally because Clough had framed its claim as a plea for relief for contraventions of Australia's Trade Practices Act 1974. The result of this cases that it is possible for an arbitral tribunal to hear a claim made under the Trade Practices Act even if that claim arises "in connection with"a contract the proper law of which is not the law of Australia. However, in Transfield Philippines Inc v Pacific Hydro Ltd, the turnkey contract included a choice of law provision, selecting the law of the Philippines, and a clause providing that all disputes arising out of or in connection with the agreement were to be arbitrated under the ICC Rules, with the seat in Singapore. Hearings were in fact conducted in Melbourne, Australia, although all awards were published in Singapore. The result of this cases that it would not be appropriate for an Australian court to adjudicate claims for misrepresentation under Australian statutes dealing with misleading and deceptive conduct, once the arbitral tribunal had determined, applying appropriate choice of law rules, that such claims are governed by the law of the Philippines. To do so would lead to a multiplicity of proceedings, usurp the jurisdiction of the tribunal and deny the intention of the parties as expressed by them in the arbitration agreement. In short, the Internationally Mandatory Rules as an active part of public order create limitation of party autonomy in choice of law rules in a different way. The court is fully entitled to refuse to use those rules of law applicable on the contract which are in the contradiction to the internationally mandatory rules of law of the forum. And the court may give an effect to those Internationally Mandatory Rules that form a part of a law of foreign country when deciding about applicability of certain rules of applicable law.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.519-551
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• 1999

When an issuing bank issues a documentary credit, it must decide if the reimbursement will be a direct or simple or a bank-to-bank reimbursement. This decision is based on the bank that is nominated to pay, incur a deferred payment undertaking, accept drafts or negotiate. If an issuing bank decided bank-to-bank reimbursement, it must include the information in the credit instructing the nominated bank on how to obtain reimbursement. This instruction includes the name of the reimbursing bank, an indication that the reimbursement is subject to the Uniform Rules for Bank-to-Bank Reimbursements Under Documentary Credits ('URR'), ICC Publication 525 and any additional information that affects the nominated bank's ability to receive reimbursement. Until recently, reimbursements were the subject of outline regulation by Article 19 of the Uniform Customs and Practice for Documentary Credits ('UCP') and national law. Now, however, the International Chamber of Commerce has drafted URR, designed to emulate the harmonization of rules governing documentary credits achieved by the UCP. The URR are complementary to the UCP, which they are not intended to override or change. They became effective on July 1, 1996. The purpose of this study is to promote understanding on the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits. In this paper, I studied the following subjects:(1) Bank-to-Bank Reimbursements tranaction under Documentary Credits, (2) Meaning of the URR's promulgation, (3) Analysis on the URR's Article. (1) General provisions and definitions, (2) Liabilities and responsibilities, (3) Form and notification of authorisations, amendments and claims, (4) Miscellaneous provisions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.99-124
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• 2013

International commercial arbitration is a specially formed mechanism for the final and binding settlement of disputes arisen between contracting parties regarding procedures, structures or other contractual relationship agreed by them. It is a resolution system which is processed autonomously by arbitrators who are appointed by contracting parties without involving the national court. If the contracting parties want to settle their disputes by arbitration, there must be a valid agreement. With a valid agreement, the most important concern is which law(called as the substantive law) should be applied in order to determine the rights and obligations of both contracting parties in relation to the dispute. At this point, the substantive law is really important because it is applied to the dispute itself directly during proceedings as well as it plays an crucial role in scrutiny and enforcement of arbitral awards. This article discusses about the substantive law under international commercial arbitration, specially focusing on the regulations of the ICC rules of arbitration, which is the most widely used all over the world and UNCITRAL Model law, which most countries' rule and laws are based on. By discussing how these rules and regulations should be interpreted and applied, it is expected to provide practical help to practitioners when they agree on an arbitration agreement.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.83-103
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• 2000

Through the this paper, a conclusion could be derived from CISG PICC MISC made by UNIDROIT, UNCITRAL, ICC of representative system making out a draft for uniform law, convention, trade usages. (1) In short, like most int'l sales rules applicable to commercial contracts, these rules play a supporting role, supplying answers to problems arising from transaction between the parties. (2) Though every one has in its own way a special feature, use of MISC made on the basis of actual facts which the parties are faced with their daily transactions, CISG and Incoterms being now in force, is desirable. (3) In case of use of MISC similar to a system of Incoterms, as PICC, it is necessary for MISC to set forth definitions about important terminology which is possible to give concerned parties confusion. (4) In a sense, PICC has a character complementing problems which CISG can not solve, therefore, if int'l agreement is given, it is desirable to adopt revised PICC adding specials conditions (A) of MISC as appendix of PICC such as Llouyd's Form in an appendix to MIA, as int'l convention.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.18
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• pp.65-104
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• 2002

With the current evolution from paper to electronic records the documentary credit market has been looking to ICC to provide guidance in this transition. To allow bankers and traders to familiarize themselves with this trend, eUCP has come into force from April 1st 2002. The eUCP provides definitions to allow current UCP terminology to accommodate the presentation of the equivalent of paper documents electronically and to provide necessary rules to allow the UCP and eUCP to work together. It is important to understand that many of the Articles of the UCP are not impacted by the presentation of electronic equivalent of paper documents and do not require any changes to accommodate electronic presentation. When read together the UCP and the eUCP will be broad enough to allow for developing practice in this area. The eUCP is not a revision of the UCP. The UCP will continue to provide the industry with rules for paper letters of credit in conjunction with the eUCP. This study comments that some characteristics of the eUCP have unique properties, such as juncture, envelope, homotheticity functions, and some applicable interpretations including abstraction of letter of credit, notice of completeness, notice of discrepancies and corruption of electronic records.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.37
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• pp.133-158
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• 2008

The purpose of this article is to examine the "Annulment" of ICSID Arbitration Award. Most of the international conventions provide for arbitration as the preferred method of dispute settlement. In general they either provide for ad hoc arbitration under the UNCITRAL Rules or under the rules of an acceptable arbitration institution, e.g. ICC, AAA, LCIA and in particular ICSID. The most distinctive feature of ICSID arbitration is the self-contained and exhaustive nature of its review procedures. Unlike other arbitration regimes, control is exercised by internal procedures rather than by the courts. Remedies against the award are limited to those provided for in the Convention and do not include court involvement. Especially, the annulment of the ICSID award by an ad hoc committee must be considered as jeopardizing ICSID Arbitration because it clearly depart from the current trends of international commercial arbitration which limits any kinds of judicial review and excludes any kinds of review on the merits. I wish that the future decisions of the ad hoc committees will restore a narrow scope to the ICSID procedure of annulment in order not to endanger the ICSID Arbitration mechanism.

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