• Journal of the Korea Institute of Building Construction
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• v.10 no.1
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• pp.111-120
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• 2010

The public construction industry in Korea involves a variety of stakeholders, encompassing multiple layers of contractual relationships that crisscross between the State as project client and the contractors, as well as subcontractors. In such a hierarchical landscape, managerial crises of contractors involving bankruptcy or insolvency can result in unexpected damages for both clients and subcontractors. Accordingly, the applicable legal framework requires project clients to act as patrons in relation to making payments to subcontractors, and stipulates provisions pertaining to direct payments to subcontractors in order to promote the balanced development of the national economy in terms of the public interest by protecting small and medium-sized businesses working as subcontractors for large businesses. However, the relevant legal documents provide for different payment criteria and procedures from document to document, and leave room for variations in the interpretation and construction of applicable provisions, which leads to disputes and discrepancies in court rulings. For this reason, it is necessary not only to compare and analyze statutory provisions pertaining to direct payment to subcontractors, but also to review issues of contention in actual cases. This study aims to analyze issues in cases involving payment to subcontractors from the perspective of the project client overseeing and supervising the construction business. The conclusions from such an analysis will help to effectively resolve subsequent cases of a similar nature by suggesting a strategy to improve the relevant statutory provisions pertaining to direct payment to subcontractors.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.36 no.6
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• pp.381-389
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• 2023

One of the crucial components in building information modeling (BIM) is data. To systematically manage these data, various research studies have focused on the creation of object breakdown structures and property sets. Specifically, crucial data for managing programs and payments involves work breakdown structures (WBSs) and cost breakdown structures (CBSs), which are indispensable for mapping BIM objects. Achieving this requires disassembling CBS quantities based on 3D objects and WBS. However, this task is highly tedious owing to the large volume of CBS and divergent coding practices employed by different organizations. Manual processes, such as those based on Excel, become nearly impossible for such extensive tasks. In response to the challenge of computing quantities that are difficult to derive from BIM objects, this study presents methods for disassembling length-based quantities, incorporating significant portions of the bill of quantities (BOQs). The proposed approach recommends suitable CBS by leveraging the accumulated history of WBS-CBS mapping databases. Additionally, it establishes a unified CBS code, facilitating the effective operation of CBS databases.

• Proceedings of the Korean Society of Postharvest Science and Technology of Agricultural Products Conference
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• 2002.08a
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• pp.99-108
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• 2002

Since the introduction of carbonated drinks in the 1950s, 'cola' and 'cider'along with orange juice, the dominator of the juice market, have been two main streams of the Korean beverage market. This market pattern has caused the following effects; a. Economical loss due to the import of foreign brands - royalty payments to x company. b. Loss of opportunity to develop a domestic beverage market. c. Inflow of an unfiltered foreign culture. This study shows a change in the Korean beverage market. In the 1980s. consumers' tastes started to change as a trend of developing beverages using traditional Korean ingredients started to begin. On the basis of this change, I would like to discuss the desirable path in developing beverages using traditional ingredients. 'Traditional ingredients'refers to the ingredients that the Korean people have enjoyed within the course of their life, whether it be via food or beverage. These ingredients have been chosen by our people as first rate for centuries. How to modernize and develop these work-in-progress products is the desirable direction for the development of drinks using traditional Korean ingredients. This study also shows various examples of how Korean traditional ingredients and the Western scientific civilization can fuse together to develop a modern and value-added product. One project in particular, created a method of producing a beverage using rice a simple traditional ingredient, marking it a hit product. Through this example, I present the desirable direction of how to develop a modernized drink using traditional ingredients that can change both the consumers' current value on the Korean beverage market as well as create a new pattern of consumer tastes.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.3-40
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• 2005

Many Korean construction companies have been performing a variety of overseas construction projects since the 1970s. It is unfortunate that in many cases they have had to suffer big losses caused by errors and defects in the design and construction of the projects. In the author's opinion, however, there were losses that could have been avoided if they had understood better the feature and content of the particular construction contract. Few lawyers and scholars in Korea have been interested in the research and study of international construction contracts. This is mainly because they do not have access to practical sources outside of Korea for them to research and study since the contracts undertaken have been dealt with by law firms in other jurisdictions to which the disputes apply. This article is aiming primarily at the introduction of the issues which the practitioners are likely to confront in the process of reviewing and performing the international construction contract. In some cases solutions are sought about these issues based upon the FIDIC standard terms and conditions, the actual experience of practice, and UNIDROIT Principles, etc. It is reasonable to say that all the issues related to the international construction contract cannot be covered in a short article like this. The author wishes this article could induce subsequent studies on international construction contracts for further research. It has to be noted that from time to time Korean construction practices have been compared to the international ones for better understanding. This article mostly includes cases where the Korean construction companies go overseas for their projects, while there are some cases where foreign developers and financial investors participated in domestic projects in which international construction contracts forms were adopted. A few precedent domestic writings about international construction contracts seems to lack emphasis on the points that there are several standard construction contract forms and that they are different. The differences are mainly in accordance with who bears the design responsibility, how the owner has to make progress payments to the contractor and who the funding source for the project is. This article tries to make it clear that there are significant differences between the standard contract forms, e.g. a simple construction form, a design-build form and an EPC/turnkey form of contract. Again, the author hopes that this article can arouse the interest in the international construction contracts from both academic and practical fields, so that many subsequent advanced articles can help our construction industry become much more competitive in the world through awareness of the methods of procurement and administration of the contracts.

• Journal of the Korea Society of Computer and Information
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• v.25 no.12
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• pp.279-291
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• 2020

It has already been a few years since the word Fintech in Korea started to attract attention. These days, they believed that Fintech was just a boom, but these days it is recognized as a catalyst for financial transformation. Large venture companies are also launching demonstration experiments by creating new organizations that can respond to Fintech. It feels like a big tide is coming to the cautious and conservative financial industry. Finance is made up of digital information. Fintech is an evolutionary process in which finance, expressed by digital information, is transformed into information technology (IT) and human economic activities are reorganized. It is FinTech. You won't be able to understand the real effects of Fintech by sticking to individual applications like remittance payments or household account book services. Fintech is an innovation that changes the structure of economic activity itself. In fact, it is from now on that a big impact will come. In other words, now is the time when we are thinking of a dream that we have not yet dreamed of. In this paper, I will examine how fintech originated, spread to Korea, and how it intends to change Korea's finance in the future. Financial institutions have used the fruits of information technology advances in the direction of pursuing stability and stability, without major changes in the way they work. However, the movement of Fintech that started in Silicon Valley in the United States shows that the fruit can be used in other directions. The fruit of technological progress is expected to expand year by year in the future. It is a request of the times to use it to improve user convenience and to pursue innovation that is beneficial to society. We expect the flow of Fintech to accelerate innovation in the Korean financial industry.