• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.3-25
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• 2011

The purpose of this paper is to examine the use of LD Clause against the seller's breach of contract in connection with delivering the goods in the international sales contract, and international guarantee system using standby L/C or demand guarantee. For this purpose, the author, first, considered the outline of the buyer's remedies in cases that the seller had not performed his obligations in contract and the difficulties in the buyer's remedies. As alternatives for overcoming the difficulties, this author recommended the LD Clauses (Liquidated Damage Clauses) based on ICC Model International Sales Contract, and explained each Model Clause. To enhance the feasibility of LD Clause, this author suggested the guarantee system, like the standby L/C or demand guarantee. But these guarantee systems have several limitations in practical use. Thus, these guarantee systems would greatly contribute to Korean exportation in the future. The reason is that the Korean export structure would be more complex and the period of sales contract would be longer and longer, which result to in long-terms supply contracts. These changes would require the guarantee much urgently.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.179-213
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• 2013

While a performance type guarantee is required as a security for non-performance risk by a seller, a payment guarantee is used as a security for non-payment risk by a buyer(or a borrower in a loan agreement). A payment guarantee is a type of independent bank guarantee, bank guarantee, bond, demand guarantee, or standby letter of credit. A guarantor accepts a credit risk of a principal which is normally a buyer in a contract for sale of goods. A payment guarantee is independent of the underlying relationship between the applicant and the beneficiary. The guarantor is only empowered to examine the beneficiary's demand and determine the payment on its face to the terms of the guarantee. A payment guarantee is thus different from a suretyship. The principle of independence carries a significant advantages for a guarantor as well as for a beneficiary. While a documentary credit requires B/L, commercial invoice, packing list, inspection certificate, etc., a typical payment guarantee does not require any evidence for a seller's performance of the underlying contract other than written demand. In this respect payment guarnatee can be a more secured facility than a documentary credit. A payment guarantee normally comes into force from the issuing date and shall remain in effect until all sums guaranteed shall be paid in full by a buyer(or a borrower) or by a guarantor. Although a guarantor shall pay a demand made in accordance with the terms and conditions of the payment guarantee, a payment demand may be denied when it is determined to be abusive or unfair.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.5
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• pp.67-73
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• 2016

Recently, wireless power transmission has attracted much interest and is the subject of much research in industry and academia. As its name implies, it is a technology which involves transferring power without wires. This paper presents the design of an ICT-based wireless power transmission system. The proposed system consists of a wireless transceiver unit and high-efficiency coil unit, which can increase both the transmission efficiency and the effective power distance. In particular, the wireless transceiver unit was designed to work with the ICT technique to enable real-time remote monitoring. Also, studies were done relating to the effect of reducing the standby power. The optimal frequency of IGBT devices used in industrial wireless power systems of 20[KHz] was utilized. The values of $23.9[{\mu}H]$ and $2.64[{\mu}F]$ were selected for L and C, respectively, through many field experiments designed to optimize the system design. In addition, an output current controlling algorithm was developed for the purpose of reducing the standby power. The results presented in this paper represent a 75[%] to 85[%] higher power transmission efficiency with a 10[%] increase in the effective power transmission distance compared with the existing systems. As a result, the proposed system exhibits a lower standby power and maintenance costs. Also, the designed wireless transceiver unit facilitates fault detection by means of user acquired data with the development of the ICT applied program.

• Journal of Arbitration Studies
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• v.8 no.1
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• pp.323-352
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• 1998

Documentary letters of credit including standby letters of credit are governed by the independence or abstraction rule and the doctrine of strict compliance. Since the former rule requires the issuing bank to honor the drafts regardless of the defective performance of the underlying contract, the applicant(the customer) will be without a remedy if he is unable to make himself whole by litigation on the underlying contract. Therefore, the applicant is exposed to a risk much higher than in the commercial letters of credit. The Uniform Customs and Practice for Documentary Credit(UCP) has no provisions allowing legal relief for the applicant on the abuse of L/C by unscrupulous beneficiary, but UCC ${\S}5-114$ has provision allowing injunctive relief for the applicant. In this paper, I attempted to clarify certain standards of injunctive relief available for the customer in the credit. When there is fraud in the L/C transaction by any of the parties concerned, we must weigh the principle of independence or abstraction and the fraud rules. According to banking practice and judicial precedence, we need not keep the principle of independence and abstaction even in fraudulent transaction and the bona fide sufferer must be protected. The purpose of this paper is to review the studies of Fraud rule and the Injunction and to suggest the applicable standards for the Injunction therory under letters of credit. Specially this paper analysed the following ; (1) the guideline for the fraud (exception) rule to the autonomy principle, (2) the appilcable standards of the Injunction, and (3) the implications on parties concerned in letters of credit transaction. Conclusively, the Injunction should be granted if (1) there is clear proof of fraud (2) the fraud constitutes fraudulent abuse if the independent purpose of L/C (3) irreparble injury might follow if injunction is not granted or the recovery of damages would be seriously endangered.

• Journal of Power Electronics
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• v.18 no.5
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• pp.1479-1488
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• 2018

Power packet (PP) distribution system distributes power to different loads that share the same distribution cable in a packetized form. When compared with conventional power systems, a PP distribution system (PPDS) can reduce standby power, eliminate Point-of-Load (PoL) power conversion, and intelligently control the load demand from the source side. Due to the absence of PoL conversion, when multiple power sources at different voltage levels and conditioning requirements jointly send power to various loads at different voltage ratings, the generated voltage has an irregular shape. A large filter at each of the load sides is required to reduce such a large voltage ripple. In this paper, a single-inductor, multiple-input-single-output converter structure based multiple-energy-source mixer is proposed. It combines PP generation, maximum power point tracking (MPPT) of renewable energy sources (RESs) and filtering at the source side. To demonstrate the possible renewable energy integration, a PV panel is used as a power source together with other constant voltage sources. The PV power is approximately tracked using the constant voltage method and it is used for each of the PP generations. The proposed PP distribution system is experimentally verified and it is shown that a conventional PI controller is sufficient for stable system operation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.3-33
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• 2013

The purpose of this paper is to examine the problems in exercising buyer's right to claim damages for the breach of contract by the seller in international sales contract and to suggest reasonable counter-measures. The main contents are as follows: First, this author analyzed the principles of the seller's liability for damages in detail and examined the methods for the calculation of damages on the basis of Arts.74~77. As these articles are found to be insufficient in practical application, this author further examined the UNIDROIT Principles(2004) to confirm whether these Principles can fill the gaps of CISG or not, which turned out their gap-filling functions. Second, this author tried to find any expected problems when the buyer resorts to the right to claim damages in case of the seller's breach of contract including the estimation of damages, the burden of proof, causation, the proof of appropriateness for avoidance, the proof of buyer's obligation to mitigate the loss and so on. The reason is that these problems may cause a lot of difficulties in real business. As result, many buyers have given up their reasonable rights to claim damages so far. Finally, from the buyer's perspective, this author would like to suggest a liquidated damage clause(LD Clause) which gives the buyer to received a specified sum in case of seller's non-performance and/or a demand guarantee(or standby L/C) which guarantees buyer to secure unconditional payment independent of the underlying contract. For these purposes, the buyer should try to insert the LD Clause and/or Guarantee Clause in the contract when the buyer and the seller negotiate the sales contract. Also there are a lot of considerations and limitations in using the LD Clause and the Guarantee Clause in their real business, mainly dependent up bargain power between the seller and the buyer, for which this author promise to examine in detail in the future.