• Journal of Arbitration Studies
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• v.14 no.2
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• pp.107-133
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• 2004

In these days, arbitration helps alleviate some of the burden of a heavy caseload from the judiciary and is a viable method to resolve disputes in a relatively quick and efficient manner. An award of punitive damages is often the most significant and detrimental part of an award arising from a judicial or arbitral proceeding. In 1995, the United States Supreme Court resolved a circuit split. upholding an arbitral panel's authority to award punitive damages under a securities arbitration agreement. This decision was monumental in establishing arbitral power. However, it left several questions unanswered. For example, which, if any, standards should be applied to such awards？ The decision in Sawtelle, adopting a separate ground for review of punitive damages awards, is one that signals a significant change in the field of arbitration. This article addresses the reviewability of punitive damages awards arising out of a securities arbitration hearing. It would be necessary to introduce securities arbitration system to our disputes resolution system. Compared to American practices, there could be many differences in recognition on arbitration and legal structure in our country. Thus it will be a future assignment to consider seriously and carefully what kind of securities arbitration system will be proper for us. This article analyzed predispute arbitration agreements and agreements to arbitrate after a dispute has already arisen.

• The Journal of Fisheries Business Administration
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• v.45 no.3
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• pp.111-129
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• 2014

The main purpose of this study is to analyze the disputes concerning the 1982 moratorium on commercial whaling and the standing rights of other natural objects. Basically, the debates has arisen from the very nature of whales and other natural resources, that is to say, a mixed good of consumptive and non-use value. The debates between pro- and anti-moratorium states regarding whaling may not find out a peaceful solution without compromise or negotiation since any international institution for official settlements does not exist. If the pro-states could provide anti-states with a certain type of economic incentive which is side payments, anti-states might offer self-restraint not to whale. Here, it would be considered to apply Kaldor-Hicks compensation principles to this problem. Since 1965, some countries such as the United States and Japan began to recognize the standing right of natural objects. Even though rejected, the newt case in Korea was brought to the Supreme Court. If a standard of living increases significantly to a higher level(i.e. more than per capita income US$30,000), there would be a tendency of valuing natural objects and their beauty more and more highly.

• Journal of Arbitration Studies
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• v.28 no.2
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• pp.91-110
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• 2018

Consumers repeatedly make small sum purchases through business-to-consumer contracts, usually without incident. Consumer areas have been increasing; therefore, consumer disputes have been occurring frequently as well. In international consumer transactions, it is not easy to solve consumer disputes by applying the laws of different countries. Resolving disputes by using the consumer arbitration system can be a measure to protect consumers. In the U.S., a class arbitration is being operated as a mixed dispute resolution system of class action and arbitration. Consumer Arbitration has long been a controversial issue in the U.S. It is therefore a lesson for us to examine related cases. A recent U.S. Supreme Court decision, DIRECTV v. Imburgia, was looked into and after a summary of the facts, issues, and opinions and opposing opinions that had a tight controversy, a close analysis was done. The analysis through this judgment is as follows: first, the contraction of consumer protection; second, the expansion of the Federal Arbitration Act scope; third, the class arbitration's restriction; and fourth, the submission of the arbitration fairness act.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.32
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• pp.59-91
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• 2006

The Arbitration Act of Korea was promulgated in 1966. Since the promulgation of Arbitration Act of Korea, consecutive amendments took place in 1973, 1993, 1997, 1999, 2001 and 2002. Among the various set of amendments, those of 1999 were designed to accommodate the UNCITRAL Model Law on international Commercial Arbitration of 1985. Korea has acceded to special international conventions on dispute settlement such as the New York Convention of 1958 and the Washington Convention of 1965. The Korean Commercial Arbitration Board(KCAB) administers the arbitration proceedings in accordance with its Arbitration Rules approved by the Korean Supreme Court. Since the establishment of the first Arbitration Rules in 1966. consecutive amendments took place in 1973, 1981, 1989, 1993, 1996, 2000 and 2004. The KCAB plans to enact the International Arbitration Rules, which will be available to disputing parties in addition to the KCAB Arbitration Rules. In 2005, arbitration applications received at KCAB recorded a historic high at 213 cases, an increase of 22% from 175 cases in 2000. But in 2005, the total amount involved in the arbitration cases decreases to US$ 129 million, a decline of 63% from US$ 346 million in 2000. The KCAB should take the following measures for activating the commercial arbitration system: the globalization of KCAB, the advertisement of arbitration system, the security of qualified arbitrators, and the enhancement of the secretariat service. In conclusion, the KCAB should make efforts for the development of the arbitration system and for the upgrade of customer satisfaction. Moreover the KCAB should make further efforts to grow into a global arbitration institution as well as strengthening relations with international arbitration institutions.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.2
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• pp.3-35
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• 2016

The United States Constitution gives power to the federal district courts to hear admiralty cases. 28 U.S.C. §.133, which states that "The district courts shall have original jurisdiction, exclusive of the Courts of the States, of any civil case of admiralty or maritime jurisdiction." However, the determination of whether a case is about admiralty or maritime so that triggers admiralty jurisdiction was not a simple question. Through numerous legal precedents, the courts have drawn a line to clarify the boundary of admiralty cases. This unique jurisdiction is not determined by the mere involvement of a vessel in the case or even by the occurrence of an event on a waterway. As a general rule, a case is within admiralty jurisdiction if it arises from an accident on the navigable waters of the United States (locus test) and involves some aspect of maritime commerce (nexus test). With regarding to the maritime nexus requirement, the US Supreme Court case, Executive Jet Aviation, Inc. v. City of Cleveland, held that federal courts lacked admiralty jurisdiction over an aviation tort claim where a plane during a flight wholly within the US crashed in Lake Erie. Although maritime locus was present, the Court excluded admiralty jurisdiction because the incident was "only fortuitously and incidentally connected to navigable waters" and bore "no relationship to traditional maritime activity." However, this historical case left a milestone question: whether an aircraft disaster occurred on navigable water triggers the admiralty jurisdiction, only for the reason that it was for international transportation? This article is to explore the meaning of admiralty jurisdiction over aviation accidents at US courts. Given that the aircraft engaged in transportation of passenger and goods as the vessels did in the past, the aviation has been linked closely with the traditional maritime activities. From this view, this article reviews a decision delivered by the Seventh Circuit regarding the aviation accident occurred on July 6, 2013 at San Francisco International Airport.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.31
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• pp.27-56
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• 2006

Today's financial institutions usually take environmental issues seriously into consideration as they could not evade lender liability in an increasing number of cases. On the international scene, a brand-new concept of the "Equator Principles" in the New Millenium has driven more and more international banks to adopt these Principles in project financing. Sustainable development has been a key word in understanding new trends of the governments, financial institutions, corporations and civic groups in the 21st century. The Equator Principles are a set of voluntary environmental and social guidelines for sustainable finance. These Principles commit bank officers to avoid financial support to projects that fail to meet these guidelines. The Principles were conceived in 2002 on an initiative of the International Finance Corporation(IFC), and launched in June 2003. Since then, dozens of major banks, accounting for up to 80 percent of project loan market, have adopted the Principles. Accordingly, the Principles have become the de facto standard for all banks and investors on how to deal with potential social and environmental issues of projects to be financed. Compliance with the Equator Principles facilitates for endorsing banks to participate in the syndicated loan and help them to manage the risks associated with large-scale projects. The Equator Principles call for financial institutions to provide loans to projects under the following circumstances: - The risk of the project is categorized in accordance with internal guidelines based upon the environmental and social screening criteria of the IFC. - For Category A and B projects, borrowers or sponsors are required to conduct a Social and Environmental Assessment, the preparation of which must meet certain requirements and satisfactorily address key social and environmental issues. - The Social and Environmental Assessment report should address baseline social and environmental conditions, requirements under host country laws and regulations, sustainable development, and, as appropriate, IFC's Environmental, Health and Safety Guidelines, etc. - Based on the Social and Environmental Assessment, Equator banks then make agreements with borrowers on how they mitigate, monitor and manage the risks through a Social and Environmental Management System. Compliance with the plan is included in the covenant clause of loan agreements. If the borrower doesn't comply with the agreed terms, the bank will take corrective actions. The Equator Principles are not a mere declaration of cautious banks but a full commitment of lenders. A violation of the Principles in the process of project financing, which led to an unexpected damage to the affected community, would not give rise to any specific legal remedies other than ordinary lawsuits. So it is more effective for banks to ensure consistent implementation of the Principles and to have them take responsible measures to solve social and environmental issues. Public interests have recently mounted up with respect to environmental issues on the occasion of the Supreme Court's decision (2006Du330) on the fiercely debated reclamation project at Saemangeum. The majority Justices said that the expected environmental damages like probable pollution of water and soil were not believed so serious and that the Administration should continue to implement the project seeking ways to make it more environment friendly. In this case, though the Category A Saemangeum Project was carried out by a government agency, the Supreme Court behaved itself as a signal giver to approve or stop the environment-related project like an Equator bank in project financing. At present, there is no Equator bank in Korea in contrast to three big banks in Japan. Also Korean contractors, which are aggressively bidding for Category A-type projects in South East Asia and Mideast, might find themselves in a disadvantageous position because they are generally ignorant of the environmental assessment associated with project financing. In this regard, Korean banks and overseas project contractors should care for the revised Equator Principles and the latest developments in project financing more seriously. It's because its scope has expanded to the capital cost of US$10 million or more across all industry sectors regardless of developing countries or not. It should be noted that, for a Korean bank, being an Equator bank is more or less burdensome in a short-term period, but it must be conducive to minimizing risks and building up good reputation in the long run.

• 한국과학기술학회:학술대회논문집
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• 2015.12a
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• pp.247-278
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• 2015

Recently, as DNR prevails more and more in Korea, discussions regarding meaningless medical life-sustaining-treatment (LST) intensified. Some of the Supreme Court decisions are even discussed in mass media, causing public debates. These cases tell us that, as life-sustaining medical technologies are highly developed, more sociological and policy-related analyses are needed on them. Firstly, this study will review 40 previous studies that analyze recent discussions in Korea about LST. Secondly, this study also shows that in bioethical and policy-related perspectives, governance about LST calls for a new implications regarding thanatoethics and thanatopolitics. In this new theoretical framework, death with dignity (DwD) can be understood as a process of giving back the thanatopower to the subject who chooses his way of ending based on his sound and free will. Thirdly, some of the new LST or resuscitation technologies such as automated external defibrillators (AED) are developed in RRI framework. However, if subjects themselves choose not to apply those technologies on them, as in the case of DNR (do not resuscitate) vows, meaning of developing such technologies are to be questioned. But currently such questions regarding the limitations of RRI are seldom asked. I argue that in order to properly apply RRI framework on existing technology, we also need to consider these points.

• Korean Journal of Legislative Studies
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• v.23 no.1
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• pp.37-79
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• 2017

The major purpose of this paper is to analyze the evolution of the presidential system in South Korea during the past three decades ever since the country's democratization in 1987 from the comparative institutional perspective. As imperial presidentialism during the so-called three Kim's era(1987-2003) disappeared right after the political retirement of the three Kims in 2003, then president-centered presidentialism emerged during the post-three Kim's era, since the country's recent three presidents possessed their relatively low-level of partisan power in terms of their control of National Assemblies and their respective presidents' parties during their presidencies. South Korea has now a strong possibility to transform the current president-centered presidentialism into the American-style separatist presidential system in the near future, since the country's National Assembly has continuously been making its efforts to function as an effective governing body being compatible with the American Congress. In addition, the country's judiciary branch has effectively been playing a political role like the US supreme court ever since the country's democratization in 1987. It is also emphasized that South Korea's civic society is currently playing as a guardian of democracy through its effective and responsive political participations in many public sectors for promoting civic liberties, public welfare, and other democratic values. South Korea now needs to carry out constitutional revisions, political reforms of legislative system, party system, and electoral system as well as correct some contradictory political understandings and habits in a way to transform the current president-centered presidentialism into American-style separatist presidential system in the near future.

• Journal of the Korea Society of Computer and Information
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• v.29 no.7
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• pp.169-179
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• 2024

Currently, information technologies such as blockchain and metaverse are being innovatively developed in Korea and around the world. The government has defined the innovation of these cyber-related technologies as the fourth industrial revolution and presented the Digital New Deal as an important policy of the Korean version of the New Deal, and is implementing various policies and systems related to it. This situation is expected to affect the development of the real estate registration system in Korea. Moreover, as the Supreme Court is currently promoting the transition to a future registration system, it is necessary to examine whether blockchain technology, which allows parties to exchange value without a third party guaranteeing the transaction, can be used in the real estate registration system. In order to secure the credibility of the real estate registration as electronic information under the registration system that introduces electronic registration and blockchain system, the transparency of transaction identification and real estate registration details should also be recorded using the blockchain system as a way to prevent such crimes and legal disputes. As a solution, it is worth considering how to improve the reliability of transaction identification, recognize the actual examination rights of the registrar in the foundation system of the real estate register, and increase public trust by going through the notarization stage when recording rights such as real rights, and consider how to introduce a blockchain system at this stage to ensure integrity and reliability. In the stage before the current real estate registration and study system is converted to a blockchain system, the clarity, transparency, and consistency of the real estate registration entries with the actual real estate must be established so that the real estate study can finally be recognized as authoritative, thereby ensuring the trust of the transaction parties to the real estate study system that has adopted the blockchain system in the future, and bringing us closer to the goal of real estate transactions in the form of smart contracts between the parties who have trusted it based on transparency and integrity of real estate study in the real estate transaction market.

• Journal of the Korean Institute of Landscape Architecture
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• v.39 no.1
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• pp.46-55
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• 2011

The importance of forests and plants are appreciated by all of us, but it is often overlooked because we are surrounded by it. The arboretum is one of facilities which provide users with education on the environment, knowledge about plants, and recreation, playing a role as a nature school by exhibiting and collecting plants of various ecosystems. Anyone can enjoy fresh air, a pleasant environment, and knowledge about a wide variety of plants on the condition that they aactually visit it and pay the entrance fee. However, it has not been measured whether the expense which users pay to enjoy an arboretum is a true value of arboretums. The environment that arboretums offer is extra-market goods, or public goods. A variety of ideas and methods to measure the value of public goods have been researched among economists, statisticians, and mathematicians. The Contingent Valuation Method(CVM) is most widely used a s an assessment method on environment goods and adopted as an estimation method for compensation for restoration of the environment by the American Supreme Court. The purpose of this study is to suggest a current monetary value correspondingent to the value of arboretums by applying the CVM. The survey suggested that when an arboretum provides a high educational value and when the respondents have a higher income, it is more likely that they would be willing to pay for entrance into the arboretum. The quantified value in monetary terms for the environmental value of Gyeongnam Arboretum is WTP mean \15,648; WTP median \13,648; and WTP truncated \15,449 per visitor. In annual terms, the amounts are calculated at WTP mean \8,408,265,024; WTP median \7,333,589,024; and WTP truncated \8,301,334,762. These quantified amounts can be thought to represent the value of conservation of arboretums and awaken users to the precious value of nature. Also, they are helpful to let the general public have proper knowledge about and recognize the value of arboretums and forests.