• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.14
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• pp.257-287
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• 2000

Many problems and complaints have been caused by applying the UCP to the standby credit. To solve the problem, International Standby Practices were established. ISP and UCP are similar in that both of them generally regulate the transaction of credit. However, when the ISP is compared with the UCP, the following features are found : 1. In the UCP, when Force Majeure such as acts of God or strikes cause temporary work stoppage, the expiration date cannot be extended. In the ISP, the expiration date can be extended to 30 days afte the place for presentation re-opens for business in the same situation. 2. The UCP does not specify who the issuer of a document must be because there can be many issuers of documents. In the ISP, it is specified that all required documents are to be issued by the beneficiary. 3. In the UCP, compliance between presented documents is required. In the ISP, a discrepancy between presented documents is allowed. 4. In the UCP, if drawings and/or shipments are required by a credit to be made in instalments, and a required drawing/instalment is not made, the credit ceases to be available for any subsequent instalment. In ISP, there is no loss of effect and no influence on the right of beneficiaries, even in the same situation. 5. In the UCP, multiple transfers are not permitted, but partial transfers are. ISP states just the opposite. Multiple transfers are permitted, but partial transfers are not. 6 The UCP obligate each bank (issuer, confirming and nominated bank) to complete their review within a 'reasonable time' but not more than seven banking days. In the ISP, less than three business days is deemed to be not unreasonable and more than seven days is deemed to be unreasonable. 7. ISP, unlike UCP, recognizes that issuers and confirmers may spread their risk through syndication and participation of standby credits. However, the thing to remember is that the ISP should be reviewed carefully before application. If necessary, a partial addition or modifications can be made. Usually, the best advantage of the ISP is given to the issuers. A positive use of the ISP can be made by issuers but, applicants should consider using the UCP to the their rights and duties.

• International Commerce and Information Review
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• v.15 no.4
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• pp.241-265
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• 2013

The purpose of this paper is to examine the Banks's Examination of Documents in the L/C Transactions. Most of all, this article deals with one of most important aspects of the law on documentary credits, namely, the compliance of documents presented with the terms and conditions of a letter of credit. In addition, the general principles of strict compliance will be considered and in the next, the requirements of specific documents such as invoices, transport documents and insurance policies. This area of letter of credit law is shaped not only by judge-made decisions but also the articles of Uniform Customs and Practice for Documentary Credits, the International Standard Banking Practice(ISBP Publication No.745) prepared by the Banking Committee of the International Chamber of Commerce as well as the position papers and opinions of the latter. Whether a document complies with the terms of a letter of credit is essentially a matter of examination and construction of the document in question against the terms of the letter of credit under which it is presented, articles of the UCP, ISBP as well as the opinions and statements of the Banking Committee. Most of all this article was focused on provisions of UCP600. Comparison with provisions of UCP500 have been drawn where appropriate.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.99-119
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• 2005

Recently, the export claims related to the compliance of the commercial invoice are increasing. This paper aims to review the basic requirements of the invoice, and two theories on the document compliance, i.e., the strict compliance and the substantial compliance, and to analyse the substantial compliance of the invoice through some recent cases under the UCP 500, ICC's opinions and the International Standard Banking Practice (ISBP). As regards the compliance of the invoice, a majority of the cases has held that it must comply strictly with the credit terms ("strict compliance rule"). However, a minority of courts and credit industry standards such as the UCP and ISBP published by ICC take a different approach, infusing the credit law notions such as equity, "substantial compliance rule", etc. The extent of the substantial compliance of the invoice is particularly explained in the above-mentioned invoice paragraphs of the ISBP and supported by a large number of ICC's official opinions. Especially, the parties and descriptions in the invoice must correspond with those in the credit, being not inconsistent with the other documents. Other issues related to invoices such as a tolerance of the quantity, the amount, and the number of originals or copies, etc. must comply with the credit terms substantially.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.15
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• pp.89-116
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• 2001

Throughout the history of UCP, the longest lasting operational rules have been those derived from internationally acceptable best practices. I would propose that the effort to establish best practices be undertaken using four tools the SBPED, ISP98, the Opinions of the Banking Commission, and decisional law by respected courts in jurisdictions that influence letter of credit case law in the various regions. The SBPED and the ISP98 should be used; not only as a model for the drafting of future operational rules, but also as a questionnaire on best practices directed to all the national committees. The Opinions of the Banking Commission and the leading cases should be used to verify the soundness and enforceability of proposed rules. For this reason, I would suggest that the revision wait until the dust settles sometime in 2003 (10 years after the enactment of UCP 500) and we know if it is a good idea to attempt the drafting of new operational rules and whether to merge with closely related sets of rules. To do otherwise may entail a revision of the revision while it is still going on, or worse, discarding it before the ink dries or the electronic message reaches its intended recipient.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.563-579
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• 2000

Until July 1, 1996, no international rules, other than the simple practices contained in the UCP 500 have existed for the processing of bank-to-bank reimbursements. At last, ICC Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits(Pub. No. 525) have been published on July 1, 1996. Our country have adopted the URR 525 on August 1996. But in view of the present number of countries adopted the URR 525, I think our country is very impetuous. In order to comprehend the URR 525 correctly, this study is carrying out to clarify the legal principles on reimbursements among issuing banks, nominated banks, unauthorized banks. Secondly, this study is carrying out indicate the background of establishing, the main contents, the approval and the criticism of URR 525. Finally, this study is carrying out to point out the matters that demand special attention about the operation of URR 525

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.317-341
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• 2003

The publication International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credit (ISBP) is the product by a task force of the ICC Banking Commission. The ISBP is a practical complement to UCP 500, ICC’s universally used rules on documentary credits. The ISBP does not amend the UCP. It explains, in explicit detail, how the rules are to be applied on a day-to-day basis. It fills a needed gap between the general principles announced in the rules and the daily work of the documentary credit practitioner. By using the ISBP, document checkers can bring their practices in line with those followed by their colleagues worldwide. The result should be a significant reduction in the number of documents refused for discrepancies on first presentation.

• Journal of Acupuncture Research
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• v.22 no.3
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• pp.77-92
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• 2005

Objective : The aim of the study was to investigate the effect of Acanthopanax senticocus(AS) herbal acupuncture on the metabolic syndrome in high-fat diet fed mice. Methods : ICR mice were fed with high-fat diet to induce the metabolic syndrome. During the inducement of the metabolic syndrome, the groups were treated with AS herbal acupuncture with different concentrations(125mg/kg, 250mg/kg and 500mg/kg) to the point of Sinsu(BL23) everyday for 5 weeks. Thereafter, body weight, feed efficiency ratio, blood pressure, blood glucose, insulin level, insulin resistance, oral glucose tolerance test(OGTT), lipid profile(TG, TC, HDL-C, LDL-C, NEFA), mass of liver, histology of white adipose tissue(WAT) and brown adipose tissue(BAT), and expression of GLUT-4 and UCP-1 mRNA were measured. Results : The risk factors of metabolic syndrome such as obesity, non-insulin dependent diabetes mellitus(NIDDM), insulin resistance, hypertension, dyslipidemia were aggravated by high-fat diet for 5-weeks. AS herbal acupuncture inhibited the development of weight gain, hyperglycemia, hyperinsulinemia, insulin resistance, hypertension, dylipidemia and expression of GLUT-4 in WAT and UCP-1 mRNA in BAT, and also improved oral glucose intolerance and distribution of adipose tissue.

• The Korea Journal of Herbology
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• v.33 no.3
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• pp.63-70
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• 2018

Objective : Previous studies showed that water extract of Plantago asiatica (Plantaginis asiaticae Folium, PAF) significantly controlled in body weights, adipose tissue weights and blood lipid profiles in obese C57BL/6 mice. To investigate the mechanism of anti-obesity action of PAF, expressions of obesity-related proteins were identified such as p-AMPK and p-ACC in hypothalamus, UCP-1 in brown adipose tissue, p-AMPK, p-ACC, SREBP-1c, $PPAR{\gamma}$, HMGCR and CPT-1 in liver. Method : Five-weeks old male C57BL/6 mice were divided into 5 groups; ND (normal diet + 0.9% saline), HFD (high-fat diet + 0.9% saline), PC (high-fat diet+Garcinia cambogia 500 mg/kg), PAF 100 and 300 (high-fat diet + PAF 100 or 300 mg/kg). PAF was treated orally for 6 weeks. The protein expression of AMPK, p-AMPK, ACC, p-ACC, $PPAR{\gamma}$, SREBP-1c, HMGCR, CPT-1 and UCP-1 were identified by expression levels of proteins through western blot analysis. Result : The results showed that protein expressions on hypothalamic p-AMPK and p-ACC did not differ between the HFD and PAF groups. In addition, PAF did not affect the increase of UCP-1 in brown adipose tissue. The protein expression levels of hepatic p-AMPK, p-ACC and CPT-1 increased in PAF groups compared to HFD group. And those of $PPAR{\gamma}$, SREBP-1c and HMG-CoA decreased in PAF groups compared to HFD group. Conclusion : These results suggest that the PAF administration induce weight loss via inhibition of lipid metabolism-related protein expressions in hepatic tissues. Therefore, PAF could be used as a potent material of anti-obesity products for prevention and treatment of obesity.

• Journal of Distribution Science
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• v.15 no.1
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• pp.43-49
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• 2017

Purpose - This study is to integrate organizational factors into UCD process. For this research purpose, we investigated the organizational factors which influence people behaviors in the context of user-centred design practice(UCP). And this study presents organizational culture, organizational learning and change management as the organizational factors. Especially, this study is to investigate how change management influences the relationship between the organizational culture/learning and UCD performance. Research design, data, and methodology - Using the survey methodology with a questionnaire, this study distributed the questionnaire to the experienced 112 practitioners of user-centred design practice in 52 Korean small and medium companies. The organizations differed in range and size from medium-scale, which is under 100 of employees, and to small-scale, which is from 100 to 500. Results - Organizational culture and organizational learning have positive effects on user-centred design practice performance as expected. And change management strengthens the positive relationship between organizational learning and user-centred design practice performance but has no effect on the relationship between organizational culture and user-centred design practice performance. Conclusions - This is the first empirical study of investigating and demonstrating some key organizational factors' relationships and UCD performance of an organization, which will support to institutionalize UCD within an organization, providing theoretical foundations.

• The Journal of Society for e-Business Studies
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• v.7 no.1
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• pp.187-206
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• 2002

The purpose of this study is to review the process for the trade settlement system between all parties involved in the commercial transaction under SURF System. SURF application is the latest value added service from bolero.net and a fully automated documentary settlement system. It extends bolero.net's capability to enable trade transactions by providing a delivery versus payment system. It has been designed as a standard, shared, infrastructure component for handling trade settlement within an electronic environment to keep step with the operation of electronic Bolero bill of Lading. It exploits the services provided by the Bolero Core Messaging Platform - secure, guaranteed transactions based on boleroXML standards to provide document compliance services with optional bank guarantees. So, SURF system can automatically check all commonly used trade documents such as commercial invoices, bills of lading and certificates of weight and analysis, etc and supports a full range of settlement options including Open Account, Documentary Collections, Documentary Credit. 58 have key features as follows, ① automatic document compliance checking, ② integrated with the Title Registry, ③ supports various forms of vender financing, ④ governed by a set of legally binding rules, ⑤ fully prepared for Straight-Through-Processing, ⑥ Enabled compliance with UCP 500.