• 무역상무연구
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• 제18권
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• pp.105-134
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• 2002

In the Spring of 2000, the Banking Commission of the ICC decided to appoint a working group to draft a supplement to the UCP 500 to clarify the position regarding electronic presentation under a documentary credit. Provisions was drafted to supplement its existing rules for documentary credit, that is, UCP 500. These new provisions known as Supplement to UCP 500 for Electronic Presentation was approved by the ICC Banking Commission at the beginning of November 2001 and came in force as of 1 April 2002 The eUCP covers matters such as definitions of key terms such as electronic record, electronic signature, format, paper document, received. An eUCP Credit must specify the formats in which electronic records are to be presented and if not, electronic records may be presented in any format. Electronic records may be presented separately and need not be presented at the same time. The purpose of this paper is to understand the main substance of eUCP and to facilitate the introduction of electronic letter of credit by studying the problems and revision of eUCP and new electronic UCP. The main substances of eUCP are electronic address as place for presentation of electronic records, flexibility of the formats of electronic records to be presented, endowment of the notice of completeness of presentation to the beneficiary, one electronic record satisfying one or more originals or copies of an electronic record, the electronic records to be examined including the electronic record at the hyperlink to an external system or the referenced system, no remark as to the time period for the examination of documents. The Roles of eUCP are the Promotion of the Electronic Trade, the Supply of Basis on the Uniform Rules for Electronic Letter of Credit, the introduction of Electronic Trade Model. The characteristics of eUCP are a supplement to the UCP, no address of any issues relating to the issuance or advice of Credit electronically, independence of specific technologies and developing electronic commerce system, that is, Bolero Service. The Problems of eUCP are flexibility of format of electronic record, heavy burden on the side of banks, and the problems regrading the number of presentation, the notice of completeness of presentation, no provision in regard to the time to examine the electronic records, and representation of the electronic records. In the revision of eUCP to resolve the problems, the things to be taken into consideration are as follows; the designation of the format allowing the banks to examine electronically, prohibition of the paper documents, the development of the system receiving the electronic records, the addition of the reception notice on the side of the banks, the setting of the time to examine the electronic records, the construction of the backup system or the dual processing system.

• 무역상무연구
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• 제41권
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• pp.51-78
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• 2009

The ISP 98 is developed by the American Institute of International Banking Law & Practice in 1998. The ISP98 are also published as ICC Publication No. 590. A detailed commentary on the rules("The Official Commentary on the International Standby Practice") has been written by Professor James E. Byrnes. Presently there is no compelling reason to revise the rules themselves even if ten years is passed since the issuance of ISP98. Insteadthe American Institute of International Banking Law & Practice will provide Model Forms in the early 2009. Special features of the ISP 98 are as the following. Firstly, the ISP 98 is copyrighted by the Institute of International Banking Law and Practice, Inc., and published by the International Chamber of Commerce. Secondly, the ISP 98 differs from UCP in style and approach because it must receive acceptance not only from bankers and merchants, but also from a broader range of those actively involved in standby law and practice corporate treasurees and credit manager, rating agencies, government agencies and regulators, and indenture trustees as well as their counsel. Because standbys are often intended to be available in the event of disputes or applicant insovency, their texts are subject to a degree of scrutiny not encountered in the commercial letter of credit context. Thirdly, the ISP 98 supplement the UCP if the UCP dose not have the relative rule. Lastly, the ISP 98 has the official commentary. In addition, several provision of the ISP 98 would surprise the commercial parties and/or are rather peculiar, while some of them display a certain bias in favor of the banks.

• 한국중재학회지:중재연구
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• 제21권2호
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• pp.3-25
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• 2011

국제상사중재를 다루는 중재판정부의 중재인은 당사자들 간의 유효한 합의를 통하여 구속력 있는 중재판정을 행사할 권한을 가진다. 중재계약에 다른 정함이 없는 한 중재인의 판정권에 대한 결정은 중재인 자신이 내린다. 중재인은 중재합의에 의하여 그 권한이 부여된 사건에 대해서만 권한을 갖게 되나, 명시적으로 그 권한에 따라야 하는 사건 외에 당해 사건을 해결하기 위하여 처리하지 않으면 안 될 모든 문제, 즉 당해 사건과 절단될 수 없는 형태로 연계되어 있는 문제 또는 그 부차적인 조건의 문제를 해결하여야 하는 책임을 지게 된다. 중재판정부는 그 자율적인 권한범위를 규율하는 권한을 가지며, 그 권한 속에는 중재합의의 존부 또는 효력에 관한 것도 포함된다. 중재인의 판정권에 이의가 있는 당사자는 법원에 중재계약의 부존재 무효 확인을 청구할 수 있고, 중재판정이 이미 내려진 경우에는 중재판정취소의 소를 제기하거나, 집행판결에서 이의를 제기할 수 있다. 우리 중재법의 입장에서 국제중재판정의 판정기준에 대해 는 중재판정부는 당사자들이 지정한 법에 따라 중재판정을 내려야 하며, 특정 국가의 법 또는 법체계가 지정된 경우에 달리 명시되지 아니하는 한 그 국가의 국제사법이 아닌 분쟁의 실체법을 지정한 것으로 보고 있다. 국제중재의 법적 안정성, 예측가능성의 관점에서 실정법을 그 판단의 규준으로 삼는다. 한국의 국제중재의 특성은 국제성 중립성, 보편성을 보장받는 점이다. 중재인 구성원은 세계 각국의 국적을 가진 전문 중재인들이 참가하고 있다. 중재절차에 있어서도 중재인은 실체법이나 절차법, 또는 법률의 상충에 관계없이 어느 특정법률을 적용하도록 강요받지 않고 각각의 경우에 가장 적합한 법률에 따르며 중재판정부의 진행절차는 국제중재규칙에 의해 규율된다.

• 무역상무연구
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• 제35권
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• pp.71-98
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• 2007

UCP 600 approved at the Banking Commission Meeting of ICC at the end of October, 2006 comes into effect from July 1, 2007. The main revision of the UCP 600 concerning the sea transport document are as follows. First, if the bill of lading contains an on-board-notation, with the date of shipment, the date stated in the on-board-notation will be deemed the date of shipment. Secondly, phrases "on its face" and "otherwise authenticated" should be eliminated. Thirdly, when an agent signs for or signs on behalf of the master, there is no longer a need for the name of master to be quoted. Fourthly, the terminology "loading on-board or shipped on a named vessel" is changed to "shipped on-board a named vessel." Fifthly, phrases "the rejection of the documents transported only by sail" is removed. Finally, new rule in UCP is the signing of a charter party bill of lading by the charterer or a named agent on behalf of the charterer. My assessment of the revision in UCP 600 is as follows: Because a freight forwarder transport document is a weaker form than a liner bill of lading as collateral, banks may need a secure measure as to protect themselves from such a weak collateral effect. we recognize that Such a weak collateral effect stemmed from the elimination of rules in UCP 500 article 30, and the admission of transport documents issued by the freight forwarder as long as any one besides carrier, shipper, and charterer satisfies the requirements of transport document clauses in UCP 600. Finally, I hope the Commentary on UCP 600 will serve to explain the ambiguities remaining in the new rules.

• 무역상무연구
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• 제38권
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• pp.71-96
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• 2008

Letters of Credit are the most common method of payment for goods in the export trade, and banking practice relating to letters of credit is standardised by the Uniform Customs and Practice for Documentary Credits, which are a set of rules issued by the International Chamber of Commerce. The current version is UCP 600, which took effect on July 1, 2007. To assist the practitioners of Documentary Credits, the KCCI(Koea Chamber of Commerce and Industry) authorised a new publication-Official Commentary on UCP 600. This new publication added the word "official" in the title. In order to being an official commentary, the terms and expression should be correct and unified. But there is some problems in official commentary and legal phraseology. The problem was appeared that ICC UCP 600's were translated into Korean UCP 600 version. For example, "Issuing Bank", "Applicant", "Port of discharge", "A date of pick-up", "Shipper's load and count", "Courier Receipt", "Charter Party", "Bill of Lading", "Cover Note", "Exclusion Clause", "Insurance Certificate", "Declaration, Underwriter". If can be used 'Official Commentary on UCP 600', the above statements should be a compliment though take a wide professional opinions or held a public hearings. The Purpose of this paper is to point out the problems and substitute the term used and unify the expression in official commentary.

• 무역상무연구
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• 제57권
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• pp.79-108
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• 2013

International transactions of plant and construction project need to time to time for completing the contract. During the performing the contract there may arise many claims and disputes it should be settled rapidly for processing schedule of works. However, arbitration and litigation for settlement of dispute are inappropriate in time and expense under the specifications of plant and construction project. Dispute boards are one of the successful resolution method of dispute prior to litigation or arbitration. If the dispute board was failed, of course, it may be allowed to continue into litigation or arbitration. As the creative methods of parties agreement, dispute boards may be expected to avoid claims and dispute in long and medium international contract. The purpose of this paper is to explore the specification and limitations of dispute boards that may clear disputes under long and medium contract of construction and procurement. It needs to be understand to determine whether is the useful methods for resolving dispute in the international project. This paper considers the specific natures of dispute board and its rules, procedures and problems including ICC and FIDIC for the contract of long and medium transaction.

• 무역상무연구
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• 제48권
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• pp.3-23
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• 2010

In letter of credit arrangements, the issuing bank nominate a reimbursing bank which serves as a source of funds payment to the beneficiary. The reimbursing bank could be 3rd party bank or the issuing bank itself. In view of working capital requirements, most beneficiary want to get export proceeds in advance through nominated banks and therefore letter of credit usually permit the beneficiary to negotiate drafts, accompanied by required documents, to nominated bank. If the credit is available with the nominated bank, there must be a reimbursement instruction in the credit, because in this method of availability the issuing bank is obliged to reimburse the nominated bank if that bank acts on its nomination There are legal relationship among issuing bank, nominated bank and reimbursing bank with regard to reimbursement activities. Related rules are UCP and URR and UCC (in case of USA). Korean exporters and bankers do not appear to know well the role of reimbursement and usage. 3 cases (court case + ICC Opinion + bad practices) were employed to study the reimbursement mechanism and suggest better usages. The beneficiary is strongly recommended to know the benefit of reimbursement claim from independent reimbursing bank. The benefits include speed payment (thereby saving finance costs) and safe funds (in case of stop payment by the issuing bank right after the proceeds are reimbursed). And further the beneficiary banks (being nominated or claim banks) are also recommended to take advantage of the 3rd party reimbursement in view of the cases illustrated.

• 무역상무연구
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• 제13권
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• pp.43-68
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• 2000

Incoterms mean the ICC official rules for the interpretation of trade terms which facilitate the conduct of international trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree. Nevertheless, Incoterms has been revised successively to adapt them to contemporary commercial practice. In particularly, substantive changes in Incoterms 2000 have been made in two areas: (i) the customs clearance under FAS and DEQ; and (ii) the loading and unloading obligations under FCA. But it should be stressed that the scope of Incoterms is limited to the contract of sale and not apply to the contracts of carriage, insurance and financing. Moreover, merchants wishing to use Incoterms 2000 should clearly specify that their contract is governed by 'Incoterms 2000'. It is particularly important to note that Incoterms are not dealt with a great number of problems, such as transfer of property rights, breaches of contract and exemptions from liability. Therefore, the contracting parties should clearly agree to the applicable law related their contract of sale, like the 1980 United Nations Convention on Contracts for the International Sale of Goods.

• 무역상무연구
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• 제75권
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• pp.49-69
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• 2017

Making a international contract of sale is not a simple work. International Trade parties(seller and buyer) may choose trade terms such as FOB or CIF to simplify their contracts and avoid misunderstanding of international commercial practice. Incoterms is the international rules for the interpretation of the trade terms, and firstly regulated by the ICC in 1936. The latest version is Incoterms 2010. Incoterms 2010 governs certain responsibilities between the seller and the buyer under the international contract of sale. Moreover, Incoterms 2010 provides the standard of division of costs relating to contract of carriage. But we should note that Incoterms 2010 is not the part of contract of carriage. The writer points out that there is no consistence principle in distributing the special costs under the contract of carriage like unloading cost from the transport vehicle. To avoid the dispute between the parties, it is more safe for international traders to fully and completely understand on the customs and practice of carriage of goods. Incoterms 2010 provides more detailed method of delivery of goods than CISG and RAFTD. Concerning the method of delivery of goods, CISG and RAFTD simply provide that the seller shall place the goods at the discharge of buyers. The writer suggests the basic principles to allocate the special costs of delivery of goods according to the trade terms under Incoterms 2010.

• 통상정보연구
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• 제7권4호
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• pp.219-243
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• 2005

The Purpose of this Article is to analyze the examination criteria on the compliance of multimodal transport document in the ISBP. When the goods are taken in charge by the multimodal transport operator, he shall issue a multimodal transport document which, at the option of the consignor, shall be in either negotiable or non-negotiable form. The multimodal transport document shall be signed by the multimodal transport operator or by a person having authority from him. When the multimodal transport document is presented by the beneficiary to the bank in the letter of credit operations, the bank should examinate the bill of exchange and/or shipping documents, including multimodal transport document. There are two rules in connection with examination of the documents in the letter of credit operations. One is the "Uniform Customs and Practice for Documentary Credits(UCP 500)" approved by the Banking Commission in March 10, 1993, the other is the "International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credits(ISBP)" approved by the ICC Banking Commission in October 2002. Therefore, this Article has studied the multimodal transport document presented under documentary credits on the basis of the UCP 500 and the ISBP it reflects.