• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.699-704
• /
• 2005

Normally, monetary penalties for breach of agreement will be stipulated in the contract. The contractor parties, who fail to fulfill the agreement, are required to pay the other parties a certain amount or proportion of money as a fine. However, it is worth our study - whether or not the scope of monetary penalty implementation and bases for determination of a fine will cover the losses of social and administrative costs incurred by the interruption of the contract. This research is about the best timing for government to cancel the freeway repair work contracts. Under the goal of the maximum social welfare, the limitation of government spending for the social and administrative costs invoked by interruption of contracts will have to be considered to attain the best timing of contracts' suspension or deferment. According to the factors of social and administrative costs, the best time point is calculated to reduce the loss of the aforesaid costs, which can also be used as theoretical basis for the future road-widening construction at home.

• International conference on construction engineering and project management
• /
• 2015.10a
• /
• pp.97-100
• /
• 2015

Analysis of construction tender documents in overseas projects is a very important issue from a risk management point of view. Unfortunately, majority of construction firms are biased by winning contracts without in-depth analysis of tender documents. As a result, many contractors have incurred loss in overseas projects. Although a lot of risk analysis techniques have been introduced, most of them focus project's external unexpected risks such as country conditions and owner's financial standing. However, because those external risks are difficult to control and take preemptive action, we need to concentrate on project inherent risks. Based on this premise, this paper proposes a project-oriented risk mining approach which could detect and extract project risk factors automatically before they are materialized and assess them. This study presents a methodology regarding how to extract potential risks which exist in owner's project requirements and project tender documents using state of the art data analysis method such as text mining, data mining, and information visualization. The project-oriented risk mining approach is expected to effectively reflect project characteristics to the project risk management and could provide construction firms with valuable business intelligence.

• Journal of Korea Port Economic Association
• /
• v.29 no.4
• /
• pp.265-288
• /
• 2013

The purpose of the study aims to analyse the loss incurred by withdrawal of ship under time charter based on the English Law with the MT Kos case. In this case, it is agreed that if the charterers had begun to make arrangements for the discharge of their cargo as soon as they received the owner's notice of withdrawal, the vessel would have been detained at Angra doe Reis for one day. As it was, she was detained there for 2.64 days. The issue is whether the owners are entitled to be paid for the service of the vessel during that 2.62 days, and for bunkers consumed in the same period. Their claim is put forward on three bases: (1) under clause 13 of the charterparty ; (2) under an express or implied new contract made after the vessel was withdrawn, to pay for the time and bunkers; and (3) under the law of bailment. The judge held they were entitled to succeed on basis (3), but rejected every other basis which they put forward. The Court of Appeal rejected the claim on all three bases, except that they allowed the owners to recover the value of bunkers consumed in actually discharging the cargo.

• Journal of Arbitration Studies
• /
• v.27 no.2
• /
• pp.37-57
• /
• 2017

On 9 March 2017, a Tribunal constituted under the ICSID Convention issued its ruling in the case of Ansung Housing v. People's Republic of China, dismissing with prejudice all claims made by the Claimant, Ansung Housing Co., Ltd., in its Request for Arbitration, pursuant to ICSID Arbitration Rule 41(5). Ansung Housing v. PRC has drawn attention since it is the first case where an investor with Korean nationality initiated an ICSID arbitration on the basis of the Korea-China Bilateral Investment Treaty (BIT) as amended in 2007 between the Republic of Korea and the People's Republic of China. The Tribunal finds that its ruling is about a lack of jurisdiction of the ICSID and of its own competence as well as regarding manifest lack of legal merit due to a lack of temporal jurisdiction, since a Respondent's Rule 41(5) objection is concerned with the three-year limitation period in Article 9(7) of the Korea-China BIT. The Tribunal held that, under Article 9(7) of the Korea-China BIT, the limitation period begins with an investor's first knowledge of the fact that it has incurred loss or damage, not with the date on which it gains knowledge of the quantum of that loss or damage. Finally, the Tribunal held that Ansung submitted its dispute to ICSID and made its claim for purposes of Article 9(3) and (7) of the BIT after more than three years had elapsed from the date on which Ansung first acquired knowledge of loss or damage and that the claim is time-barred and, as such, is manifestly without legal merit. It remains to be seen whether the aggrieved Claimant initiates annulment proceedings before an ad hoc committee under the ICSID Convention. It is quite interesting to see whether the decisions by the Tribunal should be reversed on the basis of the Claimant's arguments as to the start date as well as the end date of the limitation period under the Korea-China BIT.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.62
• /
• pp.3-32
• /
• 2014

Article 77 sets forth the principle of prevention applied in several legal systems. Under this principle the party threatened by ooss as a consequence of a breach of contract by the other party is not permitted to await passively incurrence of the loss and then sue for damages. He is obliged to take adequate preventive measures to mitigate his loss. If the injured party abstains from taking such excessive measures he will not be considered to have failed to mitigate the loss under Article 77. The sanction provided in Article 77 against a party who fails to mitigate his loss only enables the other party to claim reduction in the damages. The reduction in damages under Article 77 is equal to the amount by which the loss should have been mitigated if the injured party had taken reasonable measures to avert or to lessen it. The aim of Article 77 is to encourage mitigation of the loss. The duty to mitigate the loss applies not only to a breach of contract in respect of an obligation whose performance is currently due. but also to an anticipatory breach of contract under Article 71. Article 85 contemplates that the buyer is in delay in fulfilling the latter obligation, or else that he fails to pay the price when payment is to be made concurrently with delivery of the goods by the seller. In both these situations of default, the seller who is either in possession of the goods or otherwise able to control their disposition must take measures, reasonable in the circumstances, to preserve them. The right of retention of the goods y the seller exists until he is reimbursed by the other party for the reasonable expenses incurred. Article 87 and Article 88 of the Convention grant different rights to the party obligated to take steps to preserve the goods; Article 87 allows him to deposit them in the warehouse of a third person, and Article 88 to sell them by whatever means appropriate. A difference exists between paragraph Article 88 (1) which grants the right to sell, and paragraph (2) which imposes the duty to take reasonable measures to sell the goods.

• The Korean Journal of Air & Space Law and Policy
• /
• v.31 no.1
• /
• pp.37-62
• /
• 2016

Two controversial issues exist in interpretation of "Force Majeure" set forth in the Article 931 (4) of the Korean Commercial Code. Firstly, its scope of application is ambiguous. Secondly, there is a concern that the "immunity" under paragraph 1 and "Force Majeure" may overlap each other. "Force Majeure" refers an event resulted from either natural disaster or 3rd-party. Meanwhile, the latter implies relatively extensive and comprehensive meaning and its interpretation may vary depends on law enforcement. In general, the aircraft accident hardly results in damage or loss to the 3rd-party. Additionally, it is worth to review newly enacted clause and to define its applicability. When the 3rd party is suffered from damage or loss incurred by any external act, it is necessary to explicit the concept of the non-contractual liabilities with respect to 3rd party. From the perspective of protecting aviation industries, the commercial aviation operator may be entitled to immunity in respect of claim for damage incurred by the event of Force Majeure. However, this approach is directly opposite to the victim's benefit and protection by the law. Therefore, the priority of the legal protection should be considered. Although the interest of the commercial aviation operator is not negligible, the protection of the law should be favorable to the 3rd party. Otherwise, the innocent party has no right to claim for damage incurred by aviation accident. Another issue is about the possibility of overlapping of the provision set forth in the paragraph 1 and 4. The former states that the liabilities shall be exempted on account of either the unsettled political or economic situation but this clause is inconsistent with the interpretation on Force Majeure under the latter. As argued above, this may include any event resulted from either political or economic account by the external influence of the 3rd party, thus these two provisions are overlapped. Consequently, in order to develop ordinances and guidelines and to ensure an equal protection to both parties, above two issues must remain open for further discussions.

• Journal of Digital Convergence
• /
• v.11 no.2
• /
• pp.159-165
• /
• 2013

This kind of case study suggests a way for future's accounting standards under the complicated situation of K-IFRS. A change of accounting standards causes a severely different performance between K-IFRS and K-GAAP. Further, the change affects the whole business of the financial companies. As the K-IFRS is not a rule based accounting standard but a principle based accounting standard, companies have to keep their internal system in detail. Likewise, companies can get their competitiveness in the field.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• v.3 no.4
• /
• pp.399-422
• /
• 2009

Although current wireless mesh network (WMN) applications experience a perceptually uninterrupted hand-off, their throughput after the hand-off event may be significantly degraded due to the low available bandwidth of the mobile client's new master. In this paper, we propose a novel mobility management scheme for 802.11-based WMNs that enables both seamless hand-off for transparent communications, and bandwidth awareness for stable application performance after the hand-off process. To facilitate this, we (i) present a new buffer moment in support of the fast Layer-2 hand-off mechanism to cut the packet loss incurred in the hand-off process to zero and (ii) design a dynamic admission control to grant joining accepts to mesh clients. We evaluate the benefits and drawbacks of the proposal for both UDP and TCP traffic, as well as the fairness of the proposal. Our results show that the new scheme can not only minimize hand-off latency, but also maintain the current application rates of roaming users by choosing an appropriate new master for joining.

• Journal of the Korean Institute of Telematics and Electronics S
• /
• v.34S no.5
• /
• pp.1-14
• /
• 1997

We consider transmission beamforming techniques for frequency-division-duplex (FDD) wireless communication systems using adaptive arrays to improve the signal quality of the array transmission link. We develop a simple effective transmission beamforming technique based on an approximated frequency tranlsation (AFT) to derive the tranmsiion beamforming weights from the uplink channel vector. This technique exploits the invariance of the short-time averaged fast fading statistics to small frequency translations. A simple approximate relationship that relates the transmission channel vector to the reception channel vector is derived. We have developed its practical alternative in which the frequency translation of the channel vector is performed at the principal angle of arrival (AOA) of the u;link synthestic angular spectrum instead of the mean AOA. To analyze the performance of the proposed methods, we consider the power loss incurred by applying the estimated channel vector instead of the true downlink channel vector. The performance is analyzed as a function of the mean AOA, the angular spread, the number of elements, frequncy difference between the uplink and the downlink, and the angle distribution. Their performance is also compared with that of the direct weight reuse method and the AOA based methods.

• Journal of Pharmaceutical Investigation
• /
• v.35 no.2
• /
• pp.71-74
• /
• 2005

The aim of this study was to analyze characteristics of the barrier function of excised porcine buccal mucosa to the test compounds, estradiol, propranolol HCI, melatonin, and mannitol with a wide range of partition coefficient values. The permeability of melatonin was measured through frozen, stored, and fresh porcine buccal mucosa to examine the impact of storage conditions on the permeability of porcine buccal mucosa. The results demonstrated that the ex vivo permeability of the porcine buccal mucosa was greater for more lipophilic solutes, which was consistent with a series of molecules transported by passive transepithelial diffusion. The melatonin permeation profiles through frozen, stored, and fresh mucosa illustrated that damage was incurred by the freezing process of the mucosal tissue, leading to loss of the barrier function and thereby an increased permeation coefficient. It can be observed that the influence of compound lipophilicity on the association of the compounds with buccal mucosa was clear. The relationship between permeation coefficient and Log P values for the four compounds investigated demonstrated a proportional relationship, further confirming the importance of the lipophilicity of a compound to permeate the buccal mucosa. These results showed that the ex vivo porcine buccal mucosa model is a suitable tool to screen oral mucosal permeability.