• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.38
• /
• pp.71-96
• /
• 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.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.34
• /
• pp.55-74
• /
• 2007

The documentary credit has been functioning as an indispensable tool for making international commercial transactions safer throughout the world since ICC adopted the second revision of the Uniform Customs and Practices for Commercial Documentary Credits in 1962. Letter of Credit transaction should be cleared by the principle of the trust and integrity and vile partners sometimes make a fraud on the L/C by the misinterpretation of the documents. As there is no rule but no exception, exception from application of these principles is allowed. The fraud exception nile constitutes contracting out an application of basic principles, this rule should apply restrictively and in many authorities a court does not apply this rule to nominated bank, confirming bank, and bona fide holder of draft even if fraud is involved in L/C transactions. If not, we lose a lot of benefits from the credit as valuable commercial device through reservation of these principles to take a few benefits. So, We need to recognize that the fraud exception rule should be applied restrictively. Therefore, this study reviewed condition of application and exception from application of fraud exception rule in view of Cardozo's opinion, the Sztejn court, and UCC Sections-114(2).

• Advances in materials Research
• /
• v.6 no.3
• /
• pp.279-301
• /
• 2017

Thermo-mechanical vibration characteristics of in homogeneousporous functionally graded (FG) micro/nanobeam subjected to various types of thermal loadings are investigated in the present paper based on modified couple stress theory with consideration of the exact position of neutral axis. The FG micro/nanobeam is modeled via a refined hyperbolic beam theory in which shear deformation effect is verified needless of shear correction factor. A modified power-law distribution which contains porosity volume fraction is used to describe the graded material properties of FG micro/nanobeam. Temperature field has uniform, linear and nonlinear distributions across the thickness. The governing equations and the related boundary conditions are derived by Extended Hamilton's principle and they are solved applying an analytical solution which satisfies various boundary conditions. A comparison study is performed to verify the present formulation with the known data in the literature and a good agreement is observed. The parametric study covered in this paper includes several parameters such as thermal loadings, porosity volume fraction, power-law exponents, slenderness ratio, scale parameter and various boundary conditions on natural frequencies of porous FG micro/nanobeams in detail.

• Korea Trade Review
• /
• v.44 no.2
• /
• pp.189-202
• /
• 2019

The Harmonized System comprises about 5,000 commodity groups; each identified by a six digit code, arranged in a legal and logical structure and is supported by well-defined rules to achieve uniform classification. This study reviews the appropriateness of Korea Customs Service and Tax Tribunal's customs classification decisions concerning the interpretation and application of the Harmonized System for certain ITA goods. Korea Customs Service had classified arbitrary and had not applied in dubio pro reo principle. This paper finds that 57% of Korea Customs Service's classification decisions have erred. Korea government need to take measures to secure uniform interpretation of the HS and its periodic updating in light of developments in technology and changes in trade patterns. This paper suggest to amend customs law and regulation concerning classification committee.

• International Journal of Control, Automation, and Systems
• /
• v.5 no.4
• /
• pp.379-387
• /
• 2007

In this paper, a nonlinear anti-sway controller for container cranes with load hoisting is investigated. The considered container crane involves a planar motion in conjunction with a hoisting motion. The control inputs are two (trolley and hoisting forces), whereas the variables to be controlled are three (trolley position, hoisting rope length, and sway angle). A novel feedback linearization control law provides a simultaneous trolley-position regulation, sway suppression, and load hoisting control. The performance of the closed loop system is shown to be satisfactory in the presence of disturbances at the payload and rope length variations. The advantage of the proposed control law lies in the full incorporation of the nonlinear dynamics by partial feedback linearization. The uniform asymptotic stability of the closed-loop system is assured irrespective of variations of the rope length. Simulation and experimental results are compared and discussed.

• International Commerce and Information Review
• /
• v.12 no.3
• /
• pp.79-98
• /
• 2010

The National Conference of Commissioners on Uniform State Laws promulgated the Uniform Computer Information Transactions Act (UCITA) in 1999. In 2000 and 2002, this Act was also Amended. UCITA provides a comprehensive set of rules for licensing computer information, whether computer software or other clearly identified forms of computer information. Computerized databases and computerized music are other examples of computer information that would be subject to UCITA. It would also govern access contracts to sites containing computer information, whether on or off the Internet. UCITA would not govern contracts, even though they may be licensing contracts, for the traditional distribution of movies, books, periodicals, newspapers, or the like. Part 8 of UCITA provides a remedy structure somewhat modeled on that of Article 2 but adapted in significant respects to the different context of a computer information transaction. For example, 808 of UCITA recognizes the focus in a license context for a licensor's remedy should properly be on recovery for benefit conferred or for lost profit, rather than on damage measurement by a substitute transaction, where the license is non-exclusive so additional transactions are permitted and there is very little cost in reproduction of the information and its redistribution. Section 816 of UCITA also contains very important limitations on the generally recognized common law right of self-help as applicable in the electronic context.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.33
• /
• pp.63-89
• /
• 2007

The UCP is an authoritative compilation of the customs and practice of letters of credit observed by most of the participants in the transaction. It remains the most successful set of private rules for trade ever developed. First issued in 1933, the UCP has been through five revisions, the latest being the present UCP 500, which came into force in 1994. Since 1994, new developments in transport, insurance, electronic commerce and banking industry have spurred the current revision of the rules. The ICC Banking Commission approved UCP 600 on October 25, 2006 by a unanimous vote of 91 to 0. The revision, which will come into effect on July 1, 2007, incorporates a number of changes from UCP 500 as follows : UCP 600 has a leaner set of rules, with 39 articles rather than 49 articles of UCP 500; New sections on "definitions" and "interpretations" have been added to clarify the meaning of ambiguous terms; The phrase "reasonable time" for acceptance or refusal of documents has been replaced by a firm period of five banking days; UCP 600 allows for the discounting of deferred payment credits. However, UCP 600 has two main problems such as the inconsistency with insurance industry and the banking community-oriented rules. We have some months before the commencement of UCP 600. From today to the commencement of UCP 600, we should study the full contents of UCP 600 and the influences on the trade industry.

• Advances in nano research
• /
• v.4 no.3
• /
• pp.197-228
• /
• 2016

In the present study, thermo-electro-mechanical vibration characteristics of functionally graded piezoelectric (FGP) Timoshenko nanobeams subjected to in-plane thermal loads and applied electric voltage are carried out by presenting a Navier type solution for the first time. Three kinds of thermal loading, namely, uniform, linear and non-linear temperature rises through the thickness direction are considered. Thermo-electro-mechanical properties of FGP nanobeam are supposed to vary smoothly and continuously throughout the thickness based on power-law model. Eringen's nonlocal elasticity theory is exploited to describe the size dependency of nanobeam. Using Hamilton's principle, the nonlocal equations of motion together with corresponding boundary conditions based on Timoshenko beam theory are obtained for the free vibration analysis of graded piezoelectric nanobeams including size effect and they are solved applying analytical solution. According to the numerical results, it is revealed that the proposed modeling can provide accurate frequency results of the FGP nanobeams as compared to some cases in the literature. In following a parametric study is accompanied to examine the effects of several parameters such as various temperature distributions, external electric voltage, power-law index, nonlocal parameter and mode number on the natural frequencies of the size-dependent FGP nanobeams in detail. It is found that the small scale effect and thermo-electrical loading have a significant effect on natural frequencies of FGP nanobeams.

• Advances in nano research
• /
• v.6 no.4
• /
• pp.377-397
• /
• 2018

In the present investigation, thermal buckling and free vibration characteristics of functionally graded (FG) Timoshenko nanobeams subjected to nonlinear thermal loading are carried out by presenting a Navier type solution. The thermal load is assumed to be nonlinear distribution through the thickness of FG nanobeam. Thermo-mechanical properties of FG nanobeam are supposed to vary smoothly and continuously throughout the thickness based on power-law model and the material properties are assumed to be temperature-dependent. Eringen's nonlocal elasticity theory is exploited to describe the size dependency of nanobeam. Using Hamilton's principle, the nonlocal equations of motion together with corresponding boundary conditions based on Timoshenko beam theory are obtained for the thermal buckling and vibration analysis of graded nanobeams including size effect. Moreover, in following a parametric study is accompanied to examine the effects of the several parameters such as nonlocal parameter, thermal effect, power law index and aspect ratio on the critical buckling temperatures and natural frequencies of the size-dependent FG nanobeams in detail. According to the numerical results, it is revealed that the proposed modeling can provide accurate frequency results of the FG nanobeams as compared some cases in the literature. Also, it is found that the small scale effects and nonlinear thermal loading have a significant effect on thermal stability and vibration characteristics of FG nanobeams.

• International Journal of Fluid Machinery and Systems
• /
• v.10 no.2
• /
• pp.138-145
• /
• 2017

The problem of non-uniform inflow exists in many practical engineering applications, such as the elbow suction pipe of waterjet pump and, the channel head of steam generator which is directly connect with reactor coolant pump. Generally, pumps are identical designs and are selected based on performance under uniform inflow with the straight pipe, but actually non-uniform suction flow is induced by upstream equipment. In this paper, CFD approach was employed to analyze unsteady hydrodynamic characteristics of reactor coolant pumps with different inflows. The Reynolds-averaged Naiver-Stokes equations with the $k-{\varepsilon}$ turbulence model were solved by the computational fluid dynamics software CFX to conduct the steady and unsteady numerical simulation. The numerical results of the straight pipe and channel head were validated with experimental data for the heads at different flow coefficients. In the nominal flow rate, the head of the pump with the channel head decreases by 1.19% when compared to the straight pipe. The complicated structure of channel head induces the inlet flow non-uniform. The non-uniformity of the inflow induces the difference of vorticity distribution at the outlet of the pump. The variation law of blade to blade velocity at different flow rate and the difference of blade to blade velocity with different inflow are researched. The effects of non-uniform inflow on radial forces are absolutely different from the uniform inflow. For the radial forces at the frequency $f_R$, the corresponding amplitude of channel head are higher than the straight pipe at $1.0{\Phi}_d$ and $1.2{\Phi}_d$ flow rates, and the corresponding amplitude of channel head are lower than the straight pipe at $0.8{\Phi}_d$ flow rates.