• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.107-126
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• 2016

The parties in International Sale of Goods including Korean Firms Should note ; The buyer must pay the price for the goods and take delivery of them as required by the contract and CISG. The obligations mentioned in Article 53 are primary obligations which are to be fulfilled in the normal performance of the contract. The buyer has to take delivery at the respective place within a reasonable period after this communication since he cannot be required to take delivery immediately. Refusing to take delivery in case of delay not constituting a ground for avoiding the contract makes no sense, since this would lead to even later delivery. The buyer's obligation to pay the price includes taking such steps and complying with such formalities as may be required under the contract or any laws and regulations to enable payment to be made. International sales contracts frequently prescribe that the buyer has to act in advance, that is before the seller starts the process of delivery. Such acts may be either advance payments or the procurement of securities for payment as letters of credit guarantees. On the other hand, The seller deliver the goods hand over any documents relating to them and transfer the property in the goods, as required by the contract and CISG. 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. Except where the parties have agreed otherwise, the goods do not conform with the contract unless they are fit for the purposes for which goods of the same description would ordinarily be used are fit for any particular purpose expressly or impliedly made known to the seller at the time of the conclusion of the contract, except where the circumstances show that the buyer did not rely, or that it was unreasonable for him to rely, on the seller's skill and judgement. The buyer may declare the contract avoided if the failure by the seller to perform any of his obligations under the contract or CISG amounts to a fundamental breach of contract. The seller may declare the contract avoided if the failure by the buyer to perform any of his obligations under the contract or CISG amounts to a fundamental breach of contract.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.26
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• pp.87-111
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• 2005

The buyer must pay the price under the contract and must take delivery of the goods of contract. The buyer's obligation to pay the price includes taking such steps and such formalities under the contract. The remedial system of the rights of the seller is easier than that of the buyer, for the obligations of the former are less complicated. The seller has the right to avoid a contract provided two conditions are fulfilled : (a) the buyer must have committed a fundamental breach of contract, or (b) the additional period for performance set by the seller in the case of non-performance must have expired. A decision is more difficult to take in the case of a delay where there is no fixed-term contract, to clarify the situation the seller may set a Nachfrist. It is essential that the contracting parties in Korea should understand the provisions of CISG.

• 한국무역상무학회:학술대회논문집
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• 2004.12a
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• pp.79-104
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• 2004

The buyer must pay the price under the contract and must take delivery of the goods of contract. The buyer's obligation to pay the price includes taking such steps and such formalities under the contract. The remedial system of the rights of the seller is easier than that of the buyer, for the obligations of the former are less complicated. The seller has the right to avoid a contract provided two conditions are fulfilled : (a) the buyer must have committed a fundamental breach of contract, or (b) the additional period for performance set by the seller in the case of non-performance must have expired. A decision is more difficult to take in the case of a delay where there is no fixed-term contract, to clarify the situation the seller may set a Nachfrist. It is essential that the contracting parties in Korea should understand the provisions of CISG.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.53 no.8
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• pp.484-489
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• 2004

When the energy resource available to a particular plant (be it coal, oil, gas, water, or nuclear fuel) is a limiting factor in the operation of the plant, the entire economic dispatch calculation must be done differently. Each economic dispatch calculation must account for what happened before and what will happen in the future. This paper presents a formulation and a solution method for the optimization problem with a fuel constraint in a competitive electricity market. Take-or- Pay (TOP) contract for an energy resource is the typical constraint as a limiting factor. Two approaches are proposed in this paper for modeling the dispatch calculation in a market mechanism. The approaches differ in the subject who considers and inserts the fuel-constraint into its optimization problem. Market operator and each power producer having a TOP contract are assumed as such subjects. The two approaches are compared from the viewpoint of profits. surplus. and social welfare on the basis of Nash Equilibrium.

• Proceedings of the KIEE Conference
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• summer
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• pp.716-718
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• 2004

This paper presents a formulation and a solution method for the optimization problem with a fuel constraint in a competitive electricity market. Take-or-Pay (TOP) contract for an energy resource is the typical constraint as a limiting factor. Two approaches are proposed in this paper for modeling the dispatch calculation in a market mechanism. The approaches differ in the subject who considers and inserts the fuel-constraint into its optimization problem. Market operator and each power producer having a TOP contract are assumed as such subjects.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.67-85
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• 2009

In English Law it seems that it is essential to apply the principle of equilibrium in the contract, however, it does not seemed to apply as the general rule of the principle of contract. Especially it seems that English Court didn't pay attention to the principle of equilibrium in 18th century. If one of the party do not appeal the equilibrium of the contract, it does not make any difference even today. However the Court may cancel or withdraw the construction of contract between the parties where the principle of equilibrium is damaged by fundamental problems like just-price. In French Law it seems that they have more wide definition of the principle of equilibrium. The French Court may consider that the application of good faith is the performance of condition of the contract between the parties and has no power to relieve of one party of his expressed obligations or warranty. In German Law, it seems that the principle of good faith is fundamental to take into account interest of the parties. They may agree to supply information or not to interfere with a commercial agent regarding performance and maintenance of the contract.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.54
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• pp.99-122
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• 2012

According to the United Nations Convention on the International Sale of Goods, the Seller must deliver the goods, hand over any documents relating to the them and transfer the property the to the goods as required by the contract, and buyer must pay the price for the goods and take delivery of them as required by the contract. In particular, the seller provides the documents is important. If the documents are discrepancies in credit, the beneficiary may not receive the payment. So It is important to study on conditions of documents in international trade. Documents provided by the seller shall be determined by express terms. If there is no agreement on the express terms, it shall be determined by the implied terms or governing law terms. In practice Seller shall provide the documents are as follows, For example, transport documents, commercial invoice, certificate of origin, insurance policy, packing list, inspection certificate etc. As stated above if it can not be determined by express terms, it is determined by the implied terms. In international trade, leading to the implied terms is incoterms(R) 2010 and UCP 600. Incoterms(R) 2010 define the seller must provide the goods and the commercial in conformity with the sales contract and any other evidence of conformity that may be required by the contract and UCP 600 are rules that apply to documentary credit. This paper, the practical utility between Incoterms(R) 2010 and UCP 600 is studied.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.62
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• pp.3-32
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• 2014

Article 77 sets forth the principle of prevention applied in several legal systems. Under this principle the party threatened by ooss as a consequence of a breach of contract by the other party is not permitted to await passively incurrence of the loss and then sue for damages. He is obliged to take adequate preventive measures to mitigate his loss. If the injured party abstains from taking such excessive measures he will not be considered to have failed to mitigate the loss under Article 77. The sanction provided in Article 77 against a party who fails to mitigate his loss only enables the other party to claim reduction in the damages. The reduction in damages under Article 77 is equal to the amount by which the loss should have been mitigated if the injured party had taken reasonable measures to avert or to lessen it. The aim of Article 77 is to encourage mitigation of the loss. The duty to mitigate the loss applies not only to a breach of contract in respect of an obligation whose performance is currently due. but also to an anticipatory breach of contract under Article 71. Article 85 contemplates that the buyer is in delay in fulfilling the latter obligation, or else that he fails to pay the price when payment is to be made concurrently with delivery of the goods by the seller. In both these situations of default, the seller who is either in possession of the goods or otherwise able to control their disposition must take measures, reasonable in the circumstances, to preserve them. The right of retention of the goods y the seller exists until he is reimbursed by the other party for the reasonable expenses incurred. Article 87 and Article 88 of the Convention grant different rights to the party obligated to take steps to preserve the goods; Article 87 allows him to deposit them in the warehouse of a third person, and Article 88 to sell them by whatever means appropriate. A difference exists between paragraph Article 88 (1) which grants the right to sell, and paragraph (2) which imposes the duty to take reasonable measures to sell the goods.

• International Commerce and Information Review
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• v.15 no.3
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• pp.199-224
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• 2013

Section I of Chapter III ('Obligations of the Buyer') in Part III ('Sale of Goods') of the CISG consists of six articles addressing one of the fundamental buyer obligations described in article 53 of the CISG: the obligation to pay the price. Although the amount of the price that the buyer must pay is usually specified in the contract, two articles in Section I contain rules governing the amount of the price in particular special circumstances: article 55 specifies a price when one is not fixed or provided for in the contract, and article 56 specifies the way to determine the price when it is 'fixed according to the weight of the goods'. The remaining four provisions in Section I relate to the manner of paying the price: they include rules on the buyer's obligation to take steps preparatory to and to comply with formalities required for paying the price (article 54); provisions on the place of payment (article 57) and the time for payment (article 58); and an article dispensing with the need for a formal demand for payment by the seller (article 59). Especially article 53 states the principal obligations of the buyer, and serves as an introduction to the provisions of Chapter III. As the CISG does not define what constitutes a 'sale of goods', article 53, in combination with article 30, also sheds light on this matter. The principal obligations of the buyer are to pay the price for and take delivery of the goods 'as required by the contract and this CISG'. From this phrase, as well as from article six of the CISG, it follows that, where the contract provides for the performance to take place in a manner that differs from that set forth in the CISG, the parties' agreement prevails.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.63
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• pp.111-132
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• 2014

This paper analyzed the obligations of the parties entering into an international leasing agreements, focusing on the Draft Common Frame of Reference (DCFR) Book IV, Part B. The lessor's obligations are as follows. i) The lessor must deliver goods to the lessee by the due date of delivery so that the lessee can use the goods on the starting date of the lease agreement. ii) The lessor must conform with the contract so that the goods meet the purpose of the contract at the start of the lease agreement and throughout the period of the lease agreement. iii) If the lessee returns the goods upon the termination of the lease agreement, the lessor must cooperate with the lessee. The lessee's obligations are as follows. i) The lessee must pay rent, which is the most critical obligation of the lessee. ii) The lessee must cooperate with the lessor so that the lessor can perform the obligation to deliver the goods and accept the goods of which the lessee shall take control. iii) The lessee shall perform fiduciary duties while it uses and makes profits from the goods, and when the lessor cannot take any measure to protect the object, the lessee must prevent damage. Further, if the lessor pays expenses that are not considered necessary expenses, the lessor may not be reimbursed and must accept the goods after delivery to preserve them. iv) The lessee must give notice to the lessor if there is a possibility that a third party can claim rights to goods or infringe upon the lessor's ownership while using the goods. v) At the end of the lease period, the lessee must return the goods to the lessor.