• The Journal of Fisheries Business Administration
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• v.51 no.3
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• pp.49-71
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• 2020

A fisher means any person employed to provide his/her labor in a fishing vessel in exchange for a wage. There is no concept of a fisher in Seafarers Act. This act shall not apply to seafarers who are in service on board a fishing vessel the gross tonnage of which is less than 20 tons. However, of the total 63,112 fishing vessels, only 2,829 fishing vessels have a total tonnage of more than 20 tons. Fishermen engaged in fishing vessels with a gross tonnage of which is less than 20 tons are not guaranteed to be paid arrears through the Wage Claim Guarantee Fund for Seafarer (Article 56). In addition, fishermen working on a fishing vessel are excluded from the Wage claim Guarantee Act. The Labor Standards Act shall apply to fishermen engaged in fishing vessels with a gross tonnage of which is less than 20 tons. Fishermen and seafarers are at a higher risk of living security than regular workers. Guaranteeing the payment of wages is essential for fishermen to improve the life and employment stability. In order to guarantee fisher wage claims, the concept of a fisher in the Seafarers Act must be realized by sources such as the Wage Claim Guarantee Fund of Ministry of Oceans and Fisheries, step by step expansion of members in the wage claim guarantee fund for seafarers and interest for delayed payment of wages, etc.

• Korea Trade Review
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• v.41 no.2
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• pp.231-250
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• 2016

The study attempts to consider L/G(Letter of Guarantee) in a different angle, which is internationally used as a way of commercial customs and practices in a case when the consignee wants to receive the goods without the original Bill of Lading, Thus, this study focuses more on verifying the usage of L/G in Mixed Payment System and the range of guarantee responsibility by an issuing bank through case analysis. This case uses a mixed payment method of L/C(Letter of Credit) and T/T(Telegraphic Transfer) in the transaction of goods. The issuing bank of L/C issues L/G with the amount of L/C which is the same as the amount as C/I(Commercial Invoice). However the carrier deliver all goods laden under both L/C and T/T payment with the production of L/G. In this case, because the buyer is unable to pay, the seller makes a claim for damages to the carrier that the carrier delivers the goods to the buyer against L/G. Finally, the judge gives a decision that the issuing bank of L/G should pay the whole amount of the goods. In this case, the main issue of the dispute is the range of guarantee responsibility by the issuing bank of L/G. As a result of the case analysis, the study suggests two counter strategies for smooth utilization in international trade environment. First, in the case of mixed payment system, a seller should issue a commercial invoice separately based on the amount of each settlement plan in order to clarify the liability of guarantee. Second, banks should establish a new form for L/G including a sentence for verifying liabilities of the bank's side in the current form of L/G.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.133-160
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• 2009

In International trade the buyer and seller are normally separated from on another not only by distance but also by differences in language and culture. It is rarely possible for the performance of obligations to be simultaneous and the performance of contracts therefore calls for trust in a situation in which the parties are unlikely to feel able to trust each other unless they have a longstanding and successful relationship. Thus the seller under an international contract of sale will not wish to surrender documents of title to goods to the buyer until he has at least an assurance of payment, and no buyer will wish to pay for goods until he has received them. A gap of distrust thus exists which is often bridged by the undertaking of an intermediary known and trusted by both parties who will undertake on his own liability to pay the seller the contract price in return for the documents of title and then pass the documents to the buyer in return for the reimbursement. This is a common explanation of the theory behind the documentary letter of credit in which the undertaking of a bank of international repute serves as a "guarantee" to each party that the other will perform his obligations. The independence principle, also referred to as the "autonomy principle", is at the core of letter of credit or bank guarantee law. This principle provides that the letter of credit or bank guarantee is independent of the underlying contractual commitment - that is, the transaction that the credit is intented to secure - between the applicant and the beneficiary ; the credit is also independent of the relationship between the bank and its customer, the applicant. The most important exception to the independence principle is the doctrine of fraud in the transaction. A strict interpretation of the rule that the guarantee is independent of the underlying transaction would lead to the conclusion that neither fraud nor manifest abuse of rights by the beneficiary would constitute an objection to payment. There is one major problem related to "Independent guarantees", namely abusive or unfair callings. The beneficiary may make an unfair calling under the guarantee. The countermeasure of beneficiary's unfair calling divided three cases. First, advance countermeasure namely by contract. In other words, when the formation of the contract, the parties must insert the Force Majeure Clause, Arbitration Clause to Contract, and clear statement to the condition for demand calling. Second, post countermeasure namely by court. Many countries, including the United States, authorize the courts to grant an order enjoining the issuer from paying or enjoining the beneficiary from receiving payment under the guaranty letter. Third, Export Insurance. For example, the Export Credit Guarantees Department is prepared, subject to certain conditions, to cover the risk of unfair calling. Of course, KEIC in Korea is cover the risk of the all things for guarantees. On international projects, contractor performance is usually guaranteed by either a standby letters of credit or Independent guarantee. These instruments will be care the parties.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.215-236
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• 2013

It is quite true that the more Korean contractors receive overseas contracts, the more they need guarantees. The top market for them is the Middle East countries, consisting of more than the half of the total amount awarded last year and the trend is increasing as well. The problem, however, is that employers in these countries are reluctant to use international rules for guarantee such as URDG or ISP98 and easily make unfair callings. However, Korean contractors(applicants), especially small and medium sized enterprises(SMEs) tend to hurriedly enter a contract without looking into its contents as well as guarantees. They do not realize the importance of the guarantees until they receive callings from the employers(beneficiaries). Being independent from the underlying contracts, guarantee is the equivalent to cash in that it usually does not require any proof of demand when calling and the guarantor should make a payment within usually 5 business days after the request. It is often observed these days that several Korean SMEs go bankrupt due to liquidity risks after receiving unfair callings from employers in the Middle East countries. In retrospect, some cases could be obviated if contractors were a little more careful in checking the contents of a guarantee at the time of concluding a contract. For example, there is one case where the underlying contract includes a reduction clause in the Advance Payment bond and the guarantee does not have that clause. In the end, the Korean contractor had to take the whole burden of the bond amount though it had finished 81% of the project. Nobody could argue that contractors should take a full responsibility if they fail in their obligations. However, the employer's wrongful callings need to be prevented in the first place, if possible. As there shouldn't be a case where one party is at a disadvantage against the other like the case mentioned above, useful insight is being sought to minimize unfair calling risks for the benefit of the applicant. First, the applicant should carefully look into every detail of the potential guarantee before signing a contract, heeding especially that there is a reduction clause in the AP bond. Second, the governing principles for guarantee should be the ones that are internally used such as URDG758 that is objective in terms of callings given that, for example, it specifies that the requirement for a supporting statement when making a demand is a default rule. It is also recommended that the form of guarantees be the standard demand guarantee. Third, parties involved in issuing guarantees are advised to understand international rules for guarantee like URDG758 and ISP98 and to play a key role in guiding SME contractors in Korea so that they can protect themselves from possible wrongful callings, particularly from employers in the Middle East countries. I hope this study would give a wake-up call for Korean SMEs wishing to do business in the Middle East countries and remind them of the importance of guarantee itself and its governing principles.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.39
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• pp.59-85
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• 2008

An independent bank guarantee(aka an independent guarantee) is provided as an security on a principal obligor's performance of his obligation, and a guarantor should pay the guaranteed amount only upon a beneficiary's written demand. A standby letter of credit has been used in the United States, since it was construed that a bank should not issue a guarantee. There was wide misunderstanding that a standby letter of credit differs from an independent bank guarantee. However, a standby letter of credit is the same security as an independent bank guarantee, and in international business a standby letter of credit is not differentiated from a independent bank guarantee. An independent bank guarantee are independent from the underlying contract, unconditional, and irrevocable. And a guarantor should pay upon written demand without proving a principal obligor breaches the underlying contract. These features of an independent bank guarantee has been abused in international transactions. Thus it has been proposed that some exceptions to the features of an independent bank guarantee should be allowed. United Nations Convention on Independent Guarantees and Standby Letter of Credit(1995) stipulates some exceptions to payment obligation. Export bond insurance, a part of export insurances, operated by the Korea Export Insurance Corporation under the Export Insurance Act, is used as a security for unfair calling by a beneficiary under an independent bank guarantee. Most of the export subsides by the government are prohibited under WTO's Agreement on Subsidies and Countervailing Measures. However, as export insurance is allowed under the WTO, it operates a significant role in enhancing the export. In the event that export bond insurance is provided for a guarantor, an obligor who is subject to recourse by a guarantor, can be exempt from the recourse in case of unfair calling. The Korea Export Insurance Corporation, an insurer, bears unfair calling risk by a beneficiary. Generally it is understood that a demand shall be made before the expiry of an independent bank guarantee. However this is not absolutely true, it shall be decided by URDG, ISP98, the governing law.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.17 no.5
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• pp.1471-1483
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• 2023

One of the fastest-growing mobile services accessible today is mobile payments. For the safety of this service, the Near Field Communication (NFC) technology is used. However, NFC standard protocol has prioritized transmission rate over authentication feature due to the proximity of communicated devices. Unfortunately, an adversary can exploit this vulnerability with an antenna that can eavesdrop or alter the exchanged messages between NFC-enabled devices. Many researchers have proposed authentication methods for NFC connections to mitigate this challenge. However, the security and privacy of payment transactions remain insufficient. We offer a privacy-preserving, anonymity-based, safe, and efficient authentication protocol to protect users from tracking and replay attacks to guarantee secure transactions. To improve transaction security and, more importantly, to make our protocol lightweight while ensuring privacy, the proposed protocol employs a secure offline session key generation mechanism. Formal security verification is performed to assess the proposed protocol's security strength. When comparing the performance of current protocols, the suggested protocol outperforms the others.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.54
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• pp.3-44
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• 2012

Shipbuilding industry is one of the most influential ones in Korea. As shipbuilding industry is labor-intensive, it contributes to enhancing both local economy and national economy. Shipbuilding industry has been downsizing since the end of 2008 due to global financial crisis caused by America's sub-prime mortgage and aggravated by European countries' fiscal deficit. As a large fund is required for a single normal shipbuilding contract, fund raising is one of the most important elements in shipbuilding contract. Shipbuilding contract, requires refund guarantee in order for a buyer to reimburse the progressive payment paid to a builder. The disputes under shipbuilding contracts are mostly settled by arbitration rather than by law suit. English laws and English courts have been preferred for the choice of law as well as for the choice of forum. Due to depreciation of the ship value since the end of 2008, a number of buyers are trying to cancel the contract by raising unjust claim under the contract. Once disputes occurs regarding shipbuilding contract, a large amount of loss is inevitable. In order to mitigate the disputes arising from the shipbuilding contract, careful caution is required in drafting a shipbuilding contract.

• 한국HCI학회:학술대회논문집
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• 2009.02a
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• pp.315-318
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• 2009

A payment system is required to buy various services and micropayment system is demanded for minimizing a frequent payment transaction cost in ubiquitous environment. It is not guarantee that devices are always online and payment system is required a robustness when some of them is offline. To solve this situation other systems use a centralized broker but the problem with most existing micropayment system is the heavy load on the broker. In this paper present a payment system a DHT based Peer-to-Peer micropayment system for ubiquitous environment can use even if payments need not be online and reduce broker's load.

• The Journal of Information Technology
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• v.7 no.2
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• pp.29-42
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• 2004

The growth in EC will continue, irrespective of the medium or the type of environments established by organizations. Global electronic trade has been increasingly spreading all over the world due to the rapid development of internet and IT. For expanding the use of electronic trade, electronic payment based on electronic trade payment system is essential. The importance of trust is based on the potential use of the technology to increase information sharing. Last, it is necessary that the payment and performance guarantee function are added to unified global authentication system. As for now, Indentrus system is the most appropriate model for it. Thus, the purpose of this study is to present on the international trade trust for improvement to Electronic Commerce.

• Journal of Digital Convergence
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• v.11 no.12
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• pp.61-67
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• 2013

The B2B e-commerce assurance system supports e-commerce purchases by Credit Guarantee Fund. This process seeks to replace a variety of current systems, including B2C, the credit card payment method on B2B, 2001 Credit Guarantee Fund and the Bank, logistics, e-MP (Market Place), and Business-to-business e-MP (business-to-business electronic payment settlement system). Over the past 10 years of its operation, the e-MP service (B2B e-commerce electronic payment systems) has contributed much to the growth of SMEs. The development of business-to-business e-commerce transactions systems and limits have provided a stable purchasing platform, improving corporate competitiveness. However. the project-based scale of credit guarantee institutions has limitations. To overcome these limitations, we propose a new model of direct or indirect government support for small business e-MP projects. This new model will support the B2B electronic commerce by allowing it to directly involve guarantee institutions directly in B2B online transactions. Therefore, this study urges government backing of the SME based B2B online business model with e-MP service.