• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.3-28
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• 2007

A non-documentary conditions is a condition contained in the credit without reference to the presented document in compliance therewith, thereby causing many problems to all parties involved in letter of credit transactions. The purpose of this study is to examine the regulations on the non-documentary conditions under Uniform Customs and Practice for Documentary Credits: UCP, International Standby Practices: ISP98, United Nations Convention on Independent Guarantee and Stand-by Letters of Credit: CIGSLC and Uniform Commercial Code: UCC and also the opinions on the effect of non-documentary conditions through the analysis of several cases on the non-documentary conditions. The result of this study can be summarized as follows: First, UCP, ISP98, CIGSLC and UCC stipulate that banks will deem non-documentary conditions as not stated and will disregard them. Second, courts used to permit the effect of non-documentary conditions. Finally, all parties should not attempt to put in any non-documentary conditions in order to prevent disputes on the effect of non-documentary conditions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.76
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• pp.103-123
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• 2017

If additional condition in letter of credit is used in malicious way, it affects the international trade transaction in jeopardy. Therefore, it's significant to identify whether additional conditions are malicious or ordinary in the transaction with letter of credit. In normal cases, thanks to lots of useful features as an international payment method, such as security of payment, legal protection, and versatility, a letter of credit is widely used in international trade. However, even with these advantageous features, a letter of credit is complicate and costly to use, compared to other payment methods. Furthermore, due to its principle of independence from underlying contract, a use of letter of credit creates another type of concern for proper handling and needs significant caution upon field use. At some points, malicious additional conditions are used for buyer's advantage in deal making and fraud instance in worst situation. In addition, some countries request malicious conditions against sellers as a non-tariff barrier. Therefore it's extremely important to recognize whether malicious additional condition exists in letter of credit and, if so, how to deal with it. This study delivers the information to distinguish and categorize the malicious conditions in various cases and to figure out how to deal with them for safer trade with less risk.

• Journal of Arbitration Studies
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• v.16 no.2
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• pp.213-238
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• 2006

Deferred payment letter of credit is the L/C that makes the issuing bank to pay a beneficiary at maturity stipulated in the credit. In this deferred payment letter of credit transaction, is it possible that a confirming or nominating bank payor negotiate before maturity? and the confirming or nominating bank have legal protection when paid or negotiated before maturity? These problems are raised in argument. By the way, Korea, Switzerland, Germany, and Italy are positive on the above question, but France, United Kingdom, and Singapore are negative. Therefore, when using deferred payment letter of credit, it is required to keep in mind that the understanding of maturity stipulated in the credit is different among countries, legal principles of each nations, and researchers. And other problems are raised also as follows; the application of Fraud Rule and principle of independence and abstraction as nature of credit, when to pay credit amount to beneficiary, and refusal of payment due to poor quality. Finally, it is required to use deferred payment letter of credit, after full understanding of deferred payment letter of credit pointed out in this paper.

• Journal of Arbitration Studies
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• v.21 no.2
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• pp.133-156
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• 2011

This paper is to analyze the legality in which the fraud rule allow the issuer of L/C or a court to disrupt the payment to the beneficiary under the deferred payment credit when the nominated bank for deferred payment undertaking made prepayment or negotiation before the maturity date and fraud is identified to be involved. Since the function of commercial L/C is to provide absolute assurance of payment to a beneficiary, the fraud rule based on fraud exception has been known as the negative factor which lead to the disruption of "principle of independence & abstraction" under the commercial L/C transactions. As a result, the fraud rule is necessary to limit the activities of fraudsters, but its scope must be carefully circumscribed so as not to deny commercial utility to an instrument that exists to serve as an assurance of payment. But the fraud itself has not been firmly established because it is inherently pliable in its concept. There are numerous contents to describe the application of fraud to the L/C transactions as a standard such as egregious fraud, intentional fraud, L/C fraud(omitted here), flexible fraud, and constructive fraud. And so the standard applicable to the commercial transaction as the fraud rule would be high or low depending upon the various standards of fraud.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.53
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• pp.135-153
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• 2012

Incoterms is a standard transaction terms and conditions which is established to provide goods delivery, cost and risks between the seller and the buyer as a principle concerned. Incoterms is made of international rules about regular uses of transaction terms and condition. It removes uncertainty of misunderstanding and applying rules, commercial customs and etc, between nations. Incoterms does not have an enforcement like an unified rules or an agreements established between different nations. Therefore, it is just considered as a standard formal terms and conditions from International Chamber of Commerce. For those reasons, validity of Incoterms applies only when parties of contract come to an agreement not by officially adopted or applied by law in each nation. Incoterms 2010 contains specific and clear articles which is fixed version of incoterms 2000, it has insufficient points on insurance contract article. Though, insurance contract belongs to sales contract, it sustains independence itself. It is difficult to sustain perfection until establishment of insurance contract and expiration by fixing the articles. As a result, it is necessary for sellers and buyers take a full responsibility of making complete insurance contract. This paper is written for those reasons in this filed.

• Journal of Arbitration Studies
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• v.14 no.1
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• pp.29-60
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• 2004

Recently stand-by credits are using as surety devices in various global business transactions including sale of goods. Stand-by credits have lots of merits but simultaneously have high possibility of improper demand by the beneficiary due to the characteristics of the documents required. So so-called fraud rule has developed as a solution to the improper demand in letter of credit transactions. And the actual way of the fraud rule is the injunction by the competent court. The purpose of this article is to examine the applicability of the injunction in stand-by credit transactions by means of case studies. For this purpose, the author examined the concept of the injunction, necessity of the injunction in stand-by credit transactions and the cases of injunction granted and injunction denied. Firstly, the courts have legal standard of the application of injunction due to the legislation of the relative articles in the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit and the Uniform Commercial Code. Secondly, the courts have taken a negative attitude granting injunction in order to observe the independence principle. Thirdly, the courts have a tendency to grant injunction when the demand has no conceivable basis and the applicant will suffer irreparable injury without injunction. Finally, like the saying 'prevention is the best cure', the applicant always pays attention with reasonable care before improper demand by the beneficiary.

• Journal of Power Electronics
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• v.14 no.5
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• pp.815-826
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• 2014

An improved bridgeless interleaved boost power factor correction (PFC) rectifier to improve power efficiency and component utilization is proposed in this study. With combined conventional bridgeless PFC circuit and interleaved technology, the proposed rectifier consists of two interleaved and magnetic inter-coupling boost bridgeless converter cells. Each cell operates alternatively in the critical conduction mode, which can achieve the soft-switching characteristics of the switches and increase power capacity. Auxiliary blocking diodes are employed to eliminate undesired circulating loops and reduce current-sensing noise, which are among the serious drawbacks of a dual-boost PFC rectifier. Magnetic component utilization is improved by symmetrically coupling two inductors on a unique core, which can achieve independence from each other based on the auxiliary diodes. Through the interleaved approach, each switch can operate in the whole line cycle. A simple control scheme is employed in the circuit by using a conventional interleaved controller. The operation principle and theoretical analysis of the converter are presented. A 600 W experimental prototype is built to verify the theoretical analysis and feasibility of the proposed rectifier. System efficiency reaches 97.3% with low total harmonic distortion at full load.

• Smart Structures and Systems
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• v.2 no.2
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• pp.189-208
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• 2006

Monitoring large-scale civil engineering structures such as offshore platforms and high-large buildings requires a large number of sensors of different types. Innovative sensor data information technologies are very extremely important for data transmission, storage and retrieval of large volume sensor data generated from large sensor networks. How to obtain the optimal sensor set and placement is more and more concerned by researchers in vibration-based SHM. In this paper, a method of determining the sensor location which aims to extract the dynamic parameter effectively is presented. The method selects the number and place of sensor being installed on or in structure by through the tolerance domain statistical inference algorithm combined with second order sensitivity technology. The method proposal first finds and determines the sub-set sensors from the theoretic measure point derived from analytical model by the statistical tolerance domain procedure under the principle of modal effective independence. The second step is to judge whether the sorted out measured point set has sensitive to the dynamic change of structure by utilizing second order characteristic value sensitivity analysis. A 76-high-building benchmark mode and an offshore platform structure sensor optimal selection are demonstrated and result shows that the method is available and feasible.

• Journal of the Korean Society of Clothing and Textiles
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• v.46 no.5
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• pp.927-943
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• 2022

This study explores the organic form generation method, which reflects the evolving biomimetic approaches converging in fashion technology and considers the characteristics of the organic relationship between the body and the clothing to be represented in contemporary fashion. A literature review on biomimetic architecture and design-related theory and a case study on biomimetic fashion were both conducted. Images, articles, and data related to biomimicry fashion and clothing, including the increase in virtual fashion cases around 2020, were analyzed based on the literature review. Biomimicry was used to derive interdisciplinary similarities in the organic morphogenesis principle, and the result was categorized as a network system, folds and unfolds, pneumatic structures, auxetic growth, and membranes. The biomimetic fashion characteristics, including externalization of the body's interior, expansion of the body structure and silhouette, body protection, independence from the body, and post-human expression through virtualization, were analyzed. Morphogenetic processes performed through biomimetic vision are expected to aid in generating research on the possibility of mass production or popularization in the future through various experimental technical studies.

• (The)Study of the Eastern Classic
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• no.55
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• pp.59-84
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• 2014

This research is an attempt to newly interpret his academic evaluation and understand Seo Kye Bak Se-Dang's Sa Byeun Rok The Doctrine of the Mean. In academic world, his academic Characteristic was considered as anti-Neo-confucianism, out of Jung Ju Hak, out of Seong Ri Hak, and Sil Hak. His understanding of The Doctrine of the Mean was pretty critical, because he had unique academic characteristic to interpret Chinese classics rather than anti-Neo-confucianism, out of Jung Ju Hak, out of Seong Ri Hak, and Sil Hak. Especially, he took practical study with six Chinese classics as the central figure and it was a creative thing with philosophical method. He tried to find out original meaning which was essential thought of Confucianism, and pointed out disharmony for consistency about meaning of The Doctrine of the Mean when Jung Ja and Ju Ja interpreted The Doctrine of the Mean. It appeared as an effort of trying agreement between name and its duty, and role and function in things and act. In addition, he thought The Doctrine of the Mean as trying to follow nature, and it was the way of people to practice in bright side of mind. It is different from Ju Ja's thought which explains principle about people and things, and it has strong reality which is foundation of practice and allows dynamic energy of human life. Therefore, practice style of The Doctrine of the Mean develops filial duty as center of mass and appears manifestation of human's independence through how people pracice it. To sum up, he traced The Doctrine of the Mean as reality, practice, and physical science rather than ideal, theoretical, and metaphysical philosophy. It developed the spirit of study as understanding world as the center of human, thinking over the way of people, and studying the essence of Confucianism with practice of thought.