• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.75
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• pp.49-69
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• 2017

Making a international contract of sale is not a simple work. International Trade parties(seller and buyer) may choose trade terms such as FOB or CIF to simplify their contracts and avoid misunderstanding of international commercial practice. Incoterms is the international rules for the interpretation of the trade terms, and firstly regulated by the ICC in 1936. The latest version is Incoterms 2010. Incoterms 2010 governs certain responsibilities between the seller and the buyer under the international contract of sale. Moreover, Incoterms 2010 provides the standard of division of costs relating to contract of carriage. But we should note that Incoterms 2010 is not the part of contract of carriage. The writer points out that there is no consistence principle in distributing the special costs under the contract of carriage like unloading cost from the transport vehicle. To avoid the dispute between the parties, it is more safe for international traders to fully and completely understand on the customs and practice of carriage of goods. Incoterms 2010 provides more detailed method of delivery of goods than CISG and RAFTD. Concerning the method of delivery of goods, CISG and RAFTD simply provide that the seller shall place the goods at the discharge of buyers. The writer suggests the basic principles to allocate the special costs of delivery of goods according to the trade terms under Incoterms 2010.

• Journal of Construction Engineering and Project Management
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• v.3 no.4
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• pp.20-25
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• 2013

Variation in construction means modification of design, changes in quality, quantity of work including the alteration of standard of materials or goods to be used in the work and the removal from site any kind of material not in accordance in the contract. In Ghana, Variation order has become major issue in the construction industry. This had resulted in cost overruns, delay and in some contracts dispute, between parties. The aim of this paper was to identify the root causes of variation; effects of variations on projects in Ghana and the means of reducing the impact of variation order. The method of the study involved literature review, primary data collection, interview and closed - ended- questionnaires. Mean Scores Method was used to rank the identified factors causing variation. Analysis Of Variance Test was use to test for the significant difference between means among the professional groups. The study revealed that most causes of variation were change of design by client and inadequate working details. Establishment of oversight project management committee and flow of information were identified as means of controlling variations during project administration.

• 유체기계공업학회:학술대회논문집
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• 1999.12a
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• pp.90-96
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• 1999

In contracts for sales of natural gas between sellers and buyers, it is not suncient to only measure a volumetric quantity of gas in flowing conditions in metering station. Therefore the measured volumetric quantity must be converted to that of reference conditions. The density of the natural gas required in such a calculation can be measured directly or estimated from the equation of sate or any other experimental methods. The specific gravity meter is the apparatus used to measure the density of fluids under the reference conditions and it can be widely used in industrial areas, especially in massive flow rate natural gas industry. This study has been carried out in an attempt to improve measurement accuracy of natural gas flow rate calculation, providing the adequate installation and proper operation conditions of specific gravity meter. The test results are 1) the density measurement errors in case of using methane and standard gas as calibration gases are smaller than using methane and nitrogen gas, 2) the periodical calibration to maintain accurate density measurements is essential, and 3) the specific gravity meter is sensitive to changes of environmental conditions, especially environmental temperature surrounding the specific gravity meter.

• Journal of the Korea Safety Management & Science
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• v.14 no.4
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• pp.271-279
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• 2012

Although digital contents markets grow very rapidly and are known as a higher value added industry, there is also potential risk in producing digital contents. Thus, many firms have begun to produce a firm's digital contents by outsourcing from other companies in order to catch-up new technologies and to make stable profits. However, since contracts are decided mostly based on bidding price and also standard contract are not available, there is a limit on the benefit from the contents outsourcing. Thus, this study argues that if both contract factors such as contract concreteness and flexibility are well managed, the on-line digital contents will increase the performance of a firm. This study deals with the influence on the firm's performance by the outsourcing in contract factors based on the empirical analysis. Using regression analysis with these two dependent variables, the findings showed that the contract concreteness had positive effects on both cost improvement performance and efficiency improvement performance, but the contract feasibility only had positive effect on efficiency improvement performance. In addition, the result of the study showed that the contract performance of outsourcing the digital contents have a positive impact on the partnership intention.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.277-286
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• 2021

This paper examines the readiness of Jordanian insurance companies to apply the International Financial Reporting Standards (IFRS 17), and the challenges of its application. The study developed a questionnaire based on prior related studies, and in the light of IFRS 17, the study used different statistical methods and techniques such as means, standard deviation, and t-test to achieve its goals. The results indicate that Jordanian insurance companies are not ready to apply IFRS 17, for several reasons. Most importantly, insurance companies have a low level of ability to define the scope of IFRS 17, study the impact of IFRS 17 application to financial reports, and develop new internal monitoring methods to apply IFRS 17. As for the challenges for applying IFRS 17, the biggest is the data challenge, followed by the challenges of first-time implementation, systems, and results and presentation. Finally, this paper advocates that it has become important for Jordanian insurance companies and supervisory bodies to enhance their readiness to apply IFRS 17 within a scheduled time framework and by taking several preparatory steps: performing simulations consisting of procedures to deal with IFRS 17 requirements and the impact on financial reports, and helping human resources with familiarization and application of IFRS 17.

• Korea Trade Review
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• v.44 no.6
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• pp.285-302
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• 2019

Good faith is difficult to define due to the facts that there is not an objective and concrete concept of good faith, and good faith in contracts for the international sale of goods is a principle that parties to the contract must act with sincerity as members of a social community. The Korean Supreme Court shall pay attention to setting the applicable standards that can be universally applied to good faith based on the self-established criteria. Through such effort, it is possible not only to realize the value of concrete validity pursued by the general clause of good faith but also to realize the value of legal stability by assuring the predictability of results when applying good faith. In the modern sense, it can be said that the arbitrary application of general rules rather than the escape and general clauses is a problematic situation in the application of good faith, but this problem can be solved by setting a reasonable standard of good faith. This paper studies good faith in the view of Korean law, international laws, and related cases in contract law. The purpose of this paper is to find the problems and solutions of the practical application of good faith by analyzing the Korean case (2009Da86000), which undermined the legal stability of good faith in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.13-28
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• 2022

The growth of the Islamic finance sector has been well-documented. One of the most booming sectors has been Sukuk. According to several past studies, non-Islamic investors' interest in Sukuk is due, at least in part, to the diversification benefits that Sukuk provides in the context of a fixed-income portfolio. This paper compares a pair between Sukuk and Bonds in the Malaysian market issued by the same issuer to have an unbiased comparison. Using unconditional correlation methodology provides an initial examination of the relationship between the matched pairs. In addition, this paper adopts the standard GARCH-DCC approach of Engle (2002). This is a generalization of the Bollserslev (1990) GARCH model, allowing for the conditional correlation matrices to be time-varying. The findings reveal that the correlation between bonds and Sukuk is similar to that of bonds, making Sukuk a less appealing type of bond from a diversification standpoint. There are no significant differences between Sukuk and bonds. These finding questions the previously considered differences among different types of Sukuk and supports the argument that some Sukuk might not be compliant with Islamic rules and their structure, as contracts have the same risks for Sukuk holders regardless of the type of Sukuk.

• Korea Trade Review
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• v.42 no.2
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• pp.345-367
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• 2017

A bank payment obligation(BPO) has been introduced as a new alternative instrument for trade payments based on a technology and data-driven mechanisms aimed at facilitating an electronic trading in international trade transactions. The BPO is governed by URBPO which was in effect as of July 1, 2013. The URBPO only applies to inter-bank relationships because the BPO is bank-to-bank payment obligation, not a bank-to-customer obligation. The URBPO does not cover the interaction between a bank and their customer. For this reason, the standard bank-customer guidelines on BPO agreements were required to prepare the agreements between the banks and their customers. Accordingly, the International Chamber of Commerce established "ICC Guidelines for the creation of BPO Customer Agreements" for the settlement and development of the BPO by supporting banks in creating contracts or agreements with their customers. So, This study is to review its establishment purpose and to present the implications by analyzing the ICC guidelines. This study was based on documentary research focusing mainly on the ICC Guidelines and the appendix.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.340-349
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• 2011

During the negotiation and resolution of delay and disruption disputes on construction projects, the use and misappropriation of float, and the question of float ownership, are considered to be a major concern to those involved. Most practitioners and authors are of the opinion that it is an issue that should be clearly defined and addressed within the provisions of the contract. However, the terms "float" or "ownership of float" are rarely mentioned (if at all) in most of the standard forms of Australian construction contracts, giving little guidance to those involved as to how this issue should be addressed. In October 2002 the United Kingdoms Society of Construction Law (SCL) published a Delay and Disruption Protocol (the Protocol) that contains a suggested approach to the issue. The aim of this research was to obtain an Australian opinion of the suitability of the SCL's Delay and Disruption Protocols suggested approach to the issue of float and ownership of float for use by the Australian construction industry. Qualitative interviews were carried out with Australian construction industry experts experienced in the administration, negotiation, and resolution of delay and disruption disputes to obtain their opinions of the suitability of the SCL's proposed approach. Results indicate general confusion and uncertainty as to how the issue of float and float ownership should be addressed in general, with the SCL's approach adding further to that confusion.

• Korean Journal of Labor Studies
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• v.24 no.2
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• pp.29-59
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• 2018

This paper examines the achievements and limitations of the Moon Jae-In administration's first-year policies on non-standard employment in the public sector of Korea. The most remarkable achievement was that the transition rate of non-standard to standard positions reached the highest historical level of 42.1 percent, mainly by including for the first time temporary agency workers as a target of those policies. There also have been many steps taken to relax the qualification for transition, reduce the number of exception clauses, and expand union participation. In contrast, policy measures to address problems of low wages and inequality were very limited and not significantly different from those of previous administrations. As a result, the success of the policy paradigm shift pursued by Moon's administration will be determined by how aggressive measures are being taken in the next policy steps to improve such problems of low wages and inequality.