• Management Science and Financial Engineering
• /
• v.19 no.2
• /
• pp.1-11
• /
• 2013

An interesting puzzle in business practices is that although many researchers emphasize the benefits of a revenue-sharing contract, a wholesale contract has remained to be the most common contractual form. By introducing the concept of unobservable efforts, we examine the contractual efficiency of a wholesale contract and a revenue-sharing contract. The multi-task agency model and experimental design approach are used to analyze the relationship between the contractual efficiency and parameters. A major finding of our study is that a wholesale contract coordinates unobservable efforts, while it fails to coordinate the order quantity decision. Because unobservable efforts have mixed effects on the contractual efficiency, the superiority of contract type depends on parameters. This finding implies that a wholesale contract can be a competitive contract, especially when unobservable efforts are heavily involved. Our conclusion is that the current popularity of a wholesale contract is manager's rational response to complex supply chain environments rather than irrational behaviors.

• Journal of Arbitration Studies
• /
• v.24 no.3
• /
• pp.1-31
• /
• 2014

The foundation of the arbitration jurisdiction is the arbitration agreement entered into by the parties to a contract. Usually, only the signatory parties to a contract and the disputes arising from a contract that includes an arbitration clause or to which the arbitration clause relates are the ones that can be submitted to arbitration. This article discusses some of the arguments for extending the arbitration clause in complex arbitrations, that is, in those cases where there are more than two parties, more than two contracts or more than two parties and contracts. Particularly, this paper addresses multiple contract arbitration when the contracts are related. One of the arguments used by the arbitral tribunal for the extension of jurisdiction is the existence of a link between the contracts. Additional arguments include implied consent, participation in the negotiation and performance of a contract and good faith. The article also discusses some of the typical cases of linked contracts in many civil law countries, such as subcontracts, third party beneficiaries and standard terms of contracts, from which arbitral jurisdictions problems may arise. Finally, special attention is given to Article 14 of the 2008 Peruvian Arbitration Law as the first provision in an arbitration law in Latin America that extends the arbitration agreement to non-signatory parties using for this a mixed approach.

• The Transactions of the Korean Institute of Electrical Engineers A
• /
• v.52 no.10
• /
• pp.616-623
• /
• 2003

Competition among electric generation companies is a major goal of restructuring in the electricity industry, The trading system in an electricity market has been one of the most important issues in deregulated electricity market. This paper deals with comparisons of the major two types of the trading system: compulsory pool market and bilateral contract market. The two trading systems are compared quantitatively from the viewpoint of consumer's surplus and social welfare, This paper, also, proposes a unified model of Cournot and Bertrand for analyzing the mixed trading system of pool market and bilateral contract market. Nash equilibrium of the unified model is derived by criteria for participating in bilateral contract market. Numerical results from a sample case show that a mixed trading system of pool market and price-competitive bilateral market is beneficial to consumer from the view points of consumer's surplus.

• Journal of the Korean Institute of Navigation
• /
• v.18 no.2
• /
• pp.129-149
• /
• 1994

Sea casualties may happen in ship, cargo and the others concerned with sea transportation. : the shipo-wer, marine insurer and salvage company have been endeavored to compensate salvage award with some rule and regulation such as Marine Insurance Act, York Antwerp Rules and Average adjustment rules. Once sea casualties happened, the salvage contract is established between the owners, marine insurance and salvage company, the contract are divided into so many kinds of them. In this paper, we have an analysis on the character of the salvage contract whether the characteristic contents of them are in benefit to any party or not. In this connection with these positive or negative character of the contract, it is worthwhile to compare the actual salvage expenses contract with no cure no pay contract. LOF 1990 has been revised recently, which is based on no cure no pay, expecially, the special compensation, safety net clause of LOF 1990 could be understood in the view of the prevention of sea pollution and the preservation of sea circumstances in the world. Salvage has the complicated and quality, because the adjustment of almost salvage charges have been treated through the other sea casualties which is accompanied by and mixed with. Besides of the importance of salvage contracts, we are in need to understand that what the diversified character of salvage charges are. Furthermore the owners should carefully select the insured conditions on Hull Insurance according to the type of his company, operating ocean route, loading cargo and etc. In this paper, we would try to analyze the character of the salvage award such as General Average, Sue and Labour Charges and Particular charges. We would like to propose that the uniformed system of the salvage award. Compensation should be built up for the effective and efficient salvage operation and for reducing the claims and conflicts from the concerned parties. To this end, we could expect that the uniformed system for salvage award compensation will come to be the benefit of all owners, insurers, salvage company.

• Journal of Korea Trade
• /
• v.27 no.3
• /
• pp.43-64
• /
• 2023

Purpose - This paper studies whether CISG can be a suitable governing law for pure service contracts. When CISG was first drafted, there was little disagreement on the fact that contracts for the sale of goods and those for the provision of services were two different types of contract. Based on this understanding, CISG explicitly provides that the Convention will apply to contracts where the preponderant part of the contractual obligation is on the sale of goods, not services. However, as more sales transactions have come to include more elements of services, mainly due to the advancement of the IoT industry, the distinction between goods and services became more blurred. Based on the observation of recent changes, some scholars even argue that such a change supports the applicability and suitability of CISG to even pure service contracts. The purpose of this paper is to critically analyze and evaluate their argument. Design/methodology - This paper focuses on two separate but related issues: CISG's 'applicability' and 'suitability' to service contracts. For the first issue, this paper will examine the rules of interpretation of international treaties under the Vienna Convention on the Law of Treaties of 1969, and will apply its rules to find the proper answer. For the second issue, this paper will perform logical and empirical analyses on the reasoning employed by scholars claiming the suitability of CISG to service contracts. Findings - This paper concludes that CISG does not, and should not, apply to pure service contracts. The argument that CISG applies to pure service contracts directly contravenes Article 3(2) of the Convention, which expressly states that it does not apply to a contract wherein the preponderant part of its obligation is about services rather than sales. Similarly, CISG is not a suitable governing law for pure service contracts because it aims provide rules specifically tailored to the needs of transactions of sales of goods, not services. Servitization of sales of goods transaction does not change this conclusion. Originality/value - This paper presents different views from those offered by some eminent scholars on the issue of applicability and suitability of CISG to service contracts. By doing so, it is hoped that the confusion caused in discussions so far are clarified. Hopefully, this paper can also provide practical guidance to practitioners engaged in the fields of international sales, services, and IoT industries.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.39
• /
• pp.27-55
• /
• 2008

The concept of non-conformity is stipulated at Art. 35, CISG. According to the Art. 35, there is no directly stipulated concept of non-conformity. But Art. 35 said that the Seller must deliver goods which are of the quantity, quality and description required by the contract and which are contained or packaged in the manner required by the contract. Accordingly, the concept of non-conformity contains the conformity of quality, quantity, description, delivery of different goods and documents. Art. 39 does not specify the form of notice required. So parties can require a particular form by agreement. If there is no agreed form of notice, buyer' s notice must be sent by means appropriate in the circumstances. And Art. 39 states that the required notice of lack of conformity must be given to the seller. Notice of defects conveyed by the buyer to an independent third party is not found to have been given by means appropriate in the circumstances. And Art. 39 is subject to the parties' power under Art. 6 to derogate from or vary the effect of any provision of the Convention. When determining which requirement must be satisfied by the buyer is specifying the nature of any lack of conformity, a mixed objective-subjective standard should be applied, which has regard to the respective commercial situation of the buyer and the seller, to any cultural differences, but above all, to the nature of the goods. Also to determine the specificity requirement is to satisfy the purpose of notice of lack of conformity.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.487-495
• /
• 2021

As Islam supports fair trade, the Murabaha is the most popular and most common mode of Islamic financing. It is a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells them to the client at an agreed mark-up. While their characteristics and values are unique, they are also subject to conventional measurement of efficacies. This study investigates how the primary health predictors of conventional banks under the Basel III regime could provide a positive means to assess the Murabaha funding and subsequently secure long-term profitability. This study constructed a path analysis (from 120 databases) to assess whether Islamic banks' leverage and capital adequacy may alter the Murabaha funding and increase stock equity directly and indirectly. The research findings are mixed where leverage does not alter the Murabaha funding but only affects the profitability; besides, capital adequacy increases the outgoing funding significantly but does not increase stock equity. Murabaha funding is essential to Islamic bank equity. This study implies Murabaha funding are expensed, despite increasing debts in Islamic banks.

• Journal of Arbitration Studies
• /
• v.13 no.1
• /
• pp.207-244
• /
• 2003

There are many parties who connected with contracts like a contract for construction. Dispute arising from the two parties can be souled by themselves. but it grows the necessity of settlement at one effort. The meaning of multiparty arbitration is solution of mixed disputes without inconsistency through multiparty concerned. H the parses wish to settle the disputes by arbitration, they must come to an arbitration agreement. The arbitration agreement is necessary to resolve disputes autonomously, that may be in the form of a separate agreement or in the form of a clause in a contract. More ever it is resonable to view the arbitration agreement as a substantive contract in its legal nature enabling the authority for dispute resolution by the arbitrator. I had argument about who should appoint the arbitrator. That is to say, each party can appoint the arbitrator, otherwise the courts can appoint one. The basis of multiparty arbitration is focused on the factor that the courts may have the right to order the consolidation of arbitration proceedings without consent of the parties. The dispute can be settled by the arbitrators who are appointed. Appointing arbitrator is very important because it affects the party's equality. The right to appoint arbitrator shall be entitled each party in multiparty arbitration. Therefore they can appoint plural arbitrators by mutual agreement. for .reference to Rules of Arbitration of The International Chamber of Commerce, the Court shall appoint a sole arbitrator or three arbitrators in condition. The Arbitration Act of Korea dose not have the clause on multiparty arbitration including the arbitration rules. But if we have the clause enacted, it brings a situation in which both parties gain a benefit.

• Journal of Korean Tunnelling and Underground Space Association
• /
• v.23 no.5
• /
• pp.281-302
• /
• 2021

Railway projects have been consistently increasing in Korea. In relation to this trend, the mechanized tunneling using Tunnel Boring Machine (TBM) is preferably applied for mining urban areas and passing under rivers. The TBM tunneling under difficult grounds like mixed faces with high water pressure could require ground improvements for stable TBM advance or safe cutter head intervention (CHI). In this study, pre-grouting works for CHI in Daegok-Sosa railway project are presented in terms of the grouting zone design, the executions and the results, the lessons learned from the experience. It should be mentioned that the grouting from inside TBM was carried out several times and turned out to be inefficient in the project. Therefore, grouting experiences from the surface are highlighted in this study. Jet grouting was implemented on CHI points on land, while permeation grouting off shore in the Han River, which mostly allow to access the cutter head of TBM in free air with stable faces. The results of CHI works have been analyzed and the lesson learned are suggested.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.67 no.7
• /
• pp.833-839
• /
• 2018

This paper presents an analysis and the methodology of optimal operation strategy of the ESS(Energy Storage System) for reduce electricity charges. Electricity charges consist of a basic charge based on the contract capacity and energy charge according to the power usage. In order to use electrical energy at minimal charge, these two factors are required to be reduced at the same time. QP(Quadratic Programming) is appropriate for minimization of the basic charge and LP(Linear Programmin) is adequate to minimize the energy charge. However, the integer variable have to be introduced for modelling of different charge and discharge efficiency of ESS PCS(Power Conversion System), where MILP(Mixed Integer Linear Programming) can be used. In this case, the extent to which the peak load savings is accomplished should be assumed before the energy charge is minimized. So, to minimize the electricity charge exactly, optimization is sequentially performed in this paper, so-called the Two Stage Hybird optimization, where the extent to which the peak load savings is firstly accomplished through optimization of basic charge and then the optimization of energy charge is performed with different charge and discharge efficiency of ESS PCS. Finally, the proposed method is analyzed quantitatively with other optimization methods.