• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.17
• /
• pp.7-35
• /
• 2002

In many international financing transactions Korean companies are required to issue a guarantee. Thus far, however, legal issues on international guarantees have not been fully discussed in Korea. This is partly because most of the international guarantees are governed by a foreign law such as English law or the laws of the State of New York. In this articles the author examines major concepts or terms and conditions of a typical international guarantee, e.g., language on consideration, primary obligor, joint and several guarantee, unconditional and irrevocable guarantee, continuing guarantee, right of subrogation, representations and warranties, covenant or undertaking, currency indemnity, assignment, participation, governing law and jurisdiction clause, etc. For reference, standard forms of a guarantee and a standby letter of credit are attached to the article. In examining the terms and conditions, the author compares them with similar or equivalent concepts under Korean law. The author further discusses some Korean law issues that may arise under international guarantees governed by a foreign law. These issues include the application of the ultra vires doctrine under Article 34 of the Civil Code of Korea, the validity of an international guarantee which a Korean company has issued in violation of the guarantee ceiling set under Article 10 of the Law on Monopoly Regulation and Fair Trade of Korea and the validity of an international guarantee which a Korean party has issued in violation of the Foreign Exchange Transaction Law. In addition, the author discusses some issues under a so-called independent guarantee and a standby letter of credit. In this regard, reference is made to the Uniform Rules for Demand Guarantee (URDG), International Standby Practices (ISP98) and the Convention on Independent Guarantees and Stand-by Letters of Credit adopted by the United Nations in 1995. Finally, the author examines major terms and conditions of typical comfort letters and discusses some legal issues, such as the binding force of the comfort letter. In dealing with the issues the author underscores that to the extent the issues are not properly dealt with by an international norm such as Uniform Customs and Practice for Documentary Credits or ISP 98, the issues must be analyzed by reference to the governing law of the relevant instrument.

• Journal of Navigation and Port Research
• /
• v.38 no.6
• /
• pp.607-614
• /
• 2014

This article aims to explore and discuss research trends in global cruise industry using keyword network analysis. We visualize keyword networks in each of four groups of 1982-1999, 2000-2004, 2005-2009, 2010-2014 based on the top 20 keyword nodes' degree centrality and betweenness centrality which are selected among four centrality measurements, comparing them with frequency order. The article shows that keyword frequency collected from 240 articles published in international journals is subject to Zipf's law and nodes degree distribution also exhibits power law. We try to find out research trends in global cruise industry to change some important keywords diachronically, visualizing several networks focusing on the top two keywords, cruise and tourism, belonging to all the four year groups, with high degree and betweenness centrality values. Interestingly enough, a new node, China, connecting the top most keywords, appears in the most recent period of 2010-2014 when China has emerged as one of the rapid development countries in global cruise industry. Therefore keyword network analysis used in this article will be useful to understand research trends in global cruise industry because of increase and decrease of numbers of network types in different year groups and the visual connection between important nodes in giant components.

• Journal of Arbitration Studies
• /
• v.12 no.2
• /
• pp.303-336
• /
• 2003

Incorporation of an arbitration clause by reference to other documents occurs in many international business transactions. The reference is either to another document that contains arbitration clause or to trading rules which contain the arbitration clause, without the main contract mentioning that arbitration has been agreed upon. In fact, incorporation by reference in to a contract of an arbitration clause set forth in another agreement is deemed valid in any number of circumstances, even when the parties to the two contractual instruments are not the same. Difficulties arise when, instead of an express arbitration provision, a contract contains a clause which refers to the trading rules of a certain trade association, so-called external arbitration clause. The U.S. courts which will presume that the parties intended to arbitrate under a particular set of rules when they expressly mentioned arbitration in their agreement, have sometimes refused to enforce contract clauses that do no more than refer to particular trading rules, even if these rules contain provisions binding the parties to arbitrate their disputes. The courts in such cases tend to be careful in determinig whether intent to arbitrate is present. In maritime contracts, the arbitration clause in a charter party is often referred to in the bill of lading. Such reference usually is held binding upon the parties to the contract of carriage, their knowledge of such practice being presumed. A nonsignatory may compell arbitration against a party to an arbitration agreement when that party has entered into a separate contractual relationship with the nonsignatory which incorporates the existing arbitration clause. If a party's arbitration clause is expressly incorporated into a bill of lading, nonsignatories … who are linked to that bill … may be bound to the arbitration agreement of others. An arbitration clause in a charterparty will be incorporated into a bill of lading if either - (a) there are specific words of incorporation in the bill, and the arbitration clause is so worded as to make sense in the context of the bill, and the clause dose not conflict with the express terms of the bill; or (b) there are general words of incorporation in the bill, and the arbitration clause or some other provision in the charter makes it clear that the clause is to govern disputes under the bill as well as under the charter. In all other cases, the arbitration clause is not incorporated into the bill.

• The Korean Journal of Air & Space Law and Policy
• /
• v.32 no.2
• /
• pp.3-31
• /
• 2017

On 12 October 2017, the English Royal Courts of Justice delivered its decision about air carrier's compensation liability for the flight delay. In the cases the passengers suffered delays at a connecting point and, consequently, on arrival at their final destination. They claimed compensation under Regulation 261/2004 (the "Regulation"), as applied by the Court of Justice of the European Union (the "CJEU") in Sturgeon v. Condor [2009]. The principal issues were whether delays suffered by the passengers during the second leg of their respective journeys were compensable under the Regulation, whether there was jurisdiction under the Regulation and whether the right to compensation under the Regulation is, insofar as non-Community air carriers are concerned, excluded by virtue of the exclusive liability regime established under the Montreal Convention 1999. The passengers, the plaintiff, argued that the relevant delay was not that on flight 1 but that suffered at the "final destination". They maintained that there was no exercise by the EU of extraterritorial jurisdiction as the delay on flight 2 was merely relevant to the calculation of the amount of compensation due under the Regulation. The air carrier, the defendant, however argued that the only relevant flights for the purpose of calculating any delay were the first flights (flights 1) out of EU airspace, as only these flights fell within the scope of the Regulation; the connecting flights (flights 2) were not relevant since they were performed entirely outside of the EU by a non-Community carrier. Regarding the issue of what counts as a delay under the Regulation, the CJEU held previously on another precedents that the operating carrier's liability to pay compensation depends on the passenger's delay in arriving at the "final destination". It held that where the air carrier provides a passenger with more than one directly connecting flight to enable him to arrive at their destination, the flights should be taken together for the purpose of assessing whether there has been three hours' or more delay on arrival; and that in case of directly connecting flights, the final destination is the place at which the passenger is scheduled to arrive at the end of the last component flight. In addition, the Court confirmed that the Regulation applied to flights operated by non-Community carriers out of EU airspace even if flight 1 or flight 2 lands outside the EU, since the Regulation does not require that a flight must land in the EU. Accordingly, the passengers' appeal from the lower Court was allowed, while that of air carrier was dismissed. The Court has come down firmly on the side of the passengers in this legal debate. However, this result is not a great surprise considering the recent trends of EU member states' court decisions in the fields of air transport and consumer protection. The main goal of this article is to review the Court's decision and to search historical trend of air consumer protection especially in EU area.

• Journal of the Daesoon Academy of Sciences
• /
• v.46
• /
• pp.123-152
• /
• 2023

This paper will examine how the Avalokitesvara faith of India was restructured into the doctrines and practices related to the Sinicized version of the deity as Guanyin (觀音) Bodhisattva. Particular focus will be given to the Hangzhou area of China, when the Guanyin faith was still in the process of gaining establishment in China. In the Hangzhou area, Buddhist Orders grew significantly due to the wealth accumulated from commerce using canals and maritime trade, and the Chan (禪 typically known as Zen in English) Orders were particularly active during the Song Dynasty. Zhiyi (智顗), a prominent master from the Tiantai Order (天台宗), based his activities out of Hangzhou. He composed the text known as the Commentary on the Guanyin Petitioning Sutra (Qingguanyinjing-shu 請觀音經疏) based on a reinterpretation of a scripture related to Guanyin, and he systematized the Guanyin Repentance Ritual (Guanyin-chanfa 觀音懺法) by combining the Doctrines of Tiantai with the Guanyin faith. In addition, Ciyin Zunshi (慈雲遵式) reformulated that Guanyin Repentance Ritual into the Guanyin Petitioning Repentance Ritual (qing-guanyin-chan 請觀音懺) to make it into a common ritual that was more accessible to everyday people. The book, Records Regarding the Personal Conduct of the Chan Master Zhijue (zhijue-chanshi-zixing-lu 智覺禪師自行錄), which is written by Yongming Yanshou (永明延壽), a figure from the Fayan Order (法眼宗), one of the Chan Buddhist orders in the Hangzhou area during the Northern Song Dynasty, reveals the acceptance of the Guanyin faith as a daily practice within the 108 daily rituals (108事). In Chinese Buddhism, there were historical examples of monks being worshipped as incarnations of Guanyin Bodhisattva. An example of this includes iconography depicting Baozhi (寶誌), a figure from Jiliang (濟涼) who lived during the Southern Dynasties, as Ekādaśamukha (十一面觀音, Eleven-faced Guanyin Bodhisattva) in keeping with the belief that he was an incarnation of that deity. Monks of the Tiantai and Chan orders operating in the Hangzhou area actively utilized the transmission of Buddhist tales about Guanyin Bodhisattva as related to monks that exhibited miraculous powers (神異僧). This can be understood as a phenomenon demonstrating how Song Buddhism tried to attract more believers through the popularity of the Guanyin Faith.