L/C provides the exporter and the importer with safe assurance in the exchange of goods for payment in international trade. It involves a number of parties. Although the parties may have confidence in their client, bad faith or ignorance of international banking practice by any of these parties could cause the failure of transaction, which makes international trade a risky business. Most of the risks are found in transport document, which can cause disputes. There are many factors in the risk of transport documents under L/C transaction. One most common risk factor for the beneficiary in all transport documents is even if there is no discrepancy in document, the issuing bank or the applicant refuses to pay or delay payment insisting there is a discrepancy. In some very rare cases, the beneficiary may not get paid due to unfair injunction of the local court of the applicant. For the applicant, most common risk factors are fake bill and fraud. Risks classified according to the sorts of transport documents are as follows. 1. In B/L, payment can be refused because it is regarded as charter party B/L, although there is no real charter party contract. And the applicant can bear the potential risk of the loss or deterioration of cargo through transhipment of the cargo loaded on board in container if transhipment is prohibited without excluding of UCP 600 article 20 (c). 2. In charter party B/L, the applicant may take delivery without paying when charter party B/L is signed by charterer, which can result in a big loss for the beneficiary and the negotiating bank. And risks may arise when cargo is seized because the charterer does not pay the hire. The applicant and the issuing bank are also vulnerable to a risk - Against whom should they file a suit when cargo gets damaged during transportation? 3. In multimodal transport document, which is subject to a conflict because there is a big difference in viewpoints between transport industry and banks, conflicts may also arise when L/C requires ocean B/L and accepts multimodal transport document at the same time, but does not specify the details. 4. In air waybill, where the consignee is not the issuing bank but the applicant, risks may take place to the beneficiary when the applicant takes delivery but refuses to pay asserting minor discrepancies in document. The applicant may also bear the risk when cargo may not be loaded because air waybill is a received bill. Another risk may arise when although the applicant prohibits transhipment without excluding UCP 600 article 23 (c), the cargo may be transhipped, provided that the entire carriage is covered by one and the same air waybill.
The purpose of this study is put on the evaluation of public support for media with the case of Special Act on Supporting Local Press whose main purpose can be said to help local press in crisis intending the improvement of news quality. However, it was controversial whether public support on specific media under the governmental leadership, which is related to the disputes on its abrogation with the change of the regime. Therefore, this study tries to evaluate its achievement focused on its effect on the diversity of public opinion especially with the eyes of audience. In-depth interviews were executed to find out whether it had helped local press to improve public interest for the last three years of public support. The interviewees, the readers as well as monitors of local press, answered that there had been some improvement in news quality and diversity of local press in general. However, they thought that fund support for news gathering cost was problematic and would be negative in the long-term perspective. In conclusion, the interviewees regarded Special Act on Supporting Local Press as necessary one to help local press in crisis but pointed out also that the act might not enough to change local press because the situation they were facing is so complex. Hence, this study argues that the evaluation of Special Act on supporting Local Press should be approached Abstracts 683 not on the basis of political logics but of the public interest and democracy.
The arbitration parties may disagree with the arbitrator's award about whether they are eligible for the dispute case. While lots of disputes cases relating to subrogation are arising, it is not easy to find subrogation arbitration system to handle them clearly. The main issue is an availability of subrogation arbitration in case of the dispute which the insurer requests the arbitration against the carrier according to the arbitration clause of Bill of Lading. The direct parties of arbitration clause of the B/L are the carrier and the holder of the B/L. Could the insurer get the position of the arbitration party in stead of the holder of the B/L after compensation if there was an accident of insurance on the way of carriage? Even though there are a few arbitral awards of subrogation, the reason of the eligibility of subrogation arbitration is not enough. This paper scrutinized precedent research papers, arbitration awards, judicial precedents, and the Automobile Subrogation Arbitration System. Vague dispute resolution system which burden corporations with so many costs must be not good for business. In the view of economic efficiency, blank of contract, reciprocality, and Coase Theorem, it is recommended that subrogation arbitration system for the international trade would be better focus on the hypothesis of "Firm Offer Character of Arbitration Clause."
KSCE Journal of Civil and Environmental Engineering Research
/
v.38
no.5
/
pp.741-749
/
2018
The purpose of this study is to propose a rational and scientific damage calculation model in relation to damages caused by bid rigging in construction projects. Previous studies and precedents in relation to calculating damages from bid rigging suggest that the main issue was the lack of consideration in standards for deciding successful bids, selection of inadequate standard comparative markets, insufficiency in analyzing the appropriateness of competitive bid price influence factors, and absence of calculation model verification. In order to improve on these issues, a damage calculation method on alternative tenders for construction projects was proposed. For this calculation model, first, a standard market adequate to the successful bid selection standards was determined, second, an appropriate factor was selected by analyzing the correlation between competitive bid price influence factors, and third, a regression analysis was conducted on the selected factor. Lastly, this was demonstrated through verification of appropriateness, significance & normality of the proposed model and application of actual bid rigging cases. Through the proposed calculation model, this study seeks to serve as a base to prevent opportunity damages for parties involved in related court cases by early resolution of disputes and relief from issues of unfair damage burdens on a particular party.
Journal of the Korea Institute of Building Construction
/
v.10
no.1
/
pp.111-120
/
2010
The public construction industry in Korea involves a variety of stakeholders, encompassing multiple layers of contractual relationships that crisscross between the State as project client and the contractors, as well as subcontractors. In such a hierarchical landscape, managerial crises of contractors involving bankruptcy or insolvency can result in unexpected damages for both clients and subcontractors. Accordingly, the applicable legal framework requires project clients to act as patrons in relation to making payments to subcontractors, and stipulates provisions pertaining to direct payments to subcontractors in order to promote the balanced development of the national economy in terms of the public interest by protecting small and medium-sized businesses working as subcontractors for large businesses. However, the relevant legal documents provide for different payment criteria and procedures from document to document, and leave room for variations in the interpretation and construction of applicable provisions, which leads to disputes and discrepancies in court rulings. For this reason, it is necessary not only to compare and analyze statutory provisions pertaining to direct payment to subcontractors, but also to review issues of contention in actual cases. This study aims to analyze issues in cases involving payment to subcontractors from the perspective of the project client overseeing and supervising the construction business. The conclusions from such an analysis will help to effectively resolve subsequent cases of a similar nature by suggesting a strategy to improve the relevant statutory provisions pertaining to direct payment to subcontractors.
Internet shopping mall business has taken its place as a major form of e-commerce and is evolving constantly. At the same time, disputes of various kinds are also arising in proportion to the evolution. A typical example is when a consumer purchased a product from an internet shopping mall and the seller wants to cancel or withdraw the sales contract saying that he miswrote the price or other important information when posting the product on the internet. It's about the error on the seller's part. Civil Law Chapter 109, legal principles on errors, appears to assume the case of natural declaration of intention. It was observed that legal principles on errors defined by the Civil Law are also applied in internet shopping malls, where declaration of intention is made electronically. In transactions involving internet shopping malls, where the seller's indication and advertisement constitutes an inducement to offer, the seller may cancel a contract concluded by the consumer's offer and the seller's acceptance if the seller finds errors on his part, and adequacy of the cancellation should be judged depending on specific cases. That is, the judgment of the important ground that comprises prerequisites for cancellation and presence of negligence may depend on how much difference there is between the normal price and the posted price on a specific case. Also, considering the cases where negligence was not perceived on the seller's miswriting of the price, the seller may cancel the transaction in a similar situation.
In the Northeast Asian region fisheries agreements of the past regarding high seas as an agreement area were transformed or new agreements were introduced in order to conform to the EEZ regime. However, the existing joint regulatory zone which “open” status is somewhat similar to the high sea not only disappear, but also two new systems were established. To begin with, parties of the agreement claimed their EEZs to be from the territorial sea baselines to the extent set forth, problem of the fishery access of the other party under the agreement is to be solved on the principle of reciprocity and on recognizing of the catch results achieved in the past. In regards to the overlapping zones like neutral zone of the East Sea of Korea(Sea of Japan) and neutral zone to the south of the Cheju Island, provisional measures zones in the Yellow Sea and in the East China Sea, and transitional zone of the Yellow Sea special fisheries management systems reflecting the legal character of the zone involved are applied. Moreover, as fisheries agreements defining open sea as an agreement zone are not able to conform to the EEZ regime, so new fisheries agreements must be taken out from old systems and conceptions, and must be understood and enforced from the new point view. Therefore, countermeasures needed to do so should be developed, and their basic structure is as follows. Firstly, the basic concept of the EEZ regime requires that the coastal states have sovereign rights on their sea zones' natural resources and bear responsibilities appropriate to their allowed jurisdiction. Each Northeast Asian state should adjust the structure of fishing industries and employ advanced fisheries management system, and should make efforts toward such issues of the state policy as increasing fishery resources and preserving ocean environment. Secondly, measures should be developed to solve the international fisheries disputes which are to occur under enforcement of the new fisheries agreements system. In regards to the acts of violation the fisheries laws in the foreign EEZ the principle of jail sentence prohibition is established by the UN Convention on the Law of the Sea, and every fisheries agreement reflects this principle. Therefore, the present question is to consider concrete measures to enable the easy release of the seamen, who violated fisheries laws slightly and well-intently, through establishment and management of the guarantee fund needed to make collateral reasonable. Thirdly, Korean-Russian and Russian-Japanese fisheries relations were formed on the basis of the EEZ regime, since 1992 and 1977 respectively, and are expected to maintain mutually beneficial cooperative character. As for Korean-Chinese-Japanese fisheries relations, the operational problems of overlapping zones, and problem of the permits for EEZ mutual access should be solved on the basis of the principle of reciprocity and equity rather than unilaterally from any side.
With the recent overcrowding of metropolitan cities and people's increasing interest in housing environment, there are frequent disputes occurring over the right to daylight. In order to determine whether daylight has been encroached accurately. we need to consider the daylight change by the effect of the geographical features of the surrounding areas but most of the previous relevant studies overlooked this consideration. Thus, in order to determine the encroachment of daylight accurately, this study analyzed the change in the duration of daylight according to geographical features by applying the Hemispherical Viewshed Algorithm to Busan Metropolitan City. According to the results of the analysis, the minimum and average duration of daylight decreased with an increase of altitude by 50m. Second, according to the time bound designated by law, up to 78.6% of the area was influenced by the duration of daylight. Third, the geographical features of the surrounding areas had a significant effect on the duration of daylight. Accordingly, in order to analyze the right to daylight accurately, it is essential to consider the geographical features of the surrounding areas. Furthermore, the Hemispherical Viewshed Algorithm used in this study and the visible area of the sky obtained from the algorithm are considered helpful to analyze the influence of the geographical features of surrounding areas on the legal duration of daylight before analyzing the practical right to daylight.
Since the declaration made by UN Convention on the Law of the Sea on EEZs, The open seas of Northeast Asia, considerd as a convention area, needed new agreements in conformity with the changes brought by the introduction of the Exclusive Economic Zone(EEZ) system. The Contracting Parties of these agreements set up their own EEZs, which extend certain ranges from their baselines, Fishing in the other party's EEZ is done based on mutual agreements, which take into account traditional fishing activity in the zones. Seperate fishries management systems, in accordance with the relevant legal status of the waters, are applied to individual overlapping areas: Middle Zone in the Bast Sea and the waters south of jeju Island, Interim Measure Zone in the Yellow Sea and East China Sea, and the Transitional Zone in the Yellow Sea. They decided to conclude fisheries agreements as the provisional agreement under Article 74(3) of the UN Convention before the delimitations of the EEZs to avoid the territorial disputes. China and Japan concluded the Fishries Agreement in the November 1997, allowing each coastal State 52 mile EEZ. it was followed by Korea and Japan in September 1998, reaching a final compromise. And also Korea and China came to a satisfactary settlement in November 1998. Fisheries agreements have been established between the three North-east Asian States, the agreement are all bilateral. That implies inefficient resource management on the overlapping waters of the three states, especially on the East China Sea. The Korea-Japan Fisheries Agreement and the China-Japan Fishery Agreement worked as governing rules in the North-east Asian seas before the establishment of EEZs (Exclusive Economic Zones). However the conclusion of the bilateral fishery agreements, Korea China and Japan have developed EEZs, and these three countries have competed for the exploitation of fisheries resources. Therefore, the issue of fisheries resource management was no longer a single countries' problem and emerged as a common issue facing these three countries. In recognition of the above-mentioned problem, it is needed for the construction of cooperative System fishery management in the North-east Asian seas. Therefore, cooperative measures should be establishied. The final goal of the construction of fisheries management cooperative system is to establish sustainable fisheries in the North-east Asian seas. However, there is a big difference in fisheries management tools, fishing gear, exploitation rate of species, etc. This implies that a careful approach should be taken in order to achieve the cooperative fisheries management among Korea, China and Japan. conclusionly, the Governments of Korea, China and Japan should complement three bilateral agreemens, and which they prepares to 'Fisheries Resource Restore Program' Between Korea, China and Japan in the adjacent waters south of Jeju Island.
This article deals with the nature of ISDS along with the admissibility thereof, for the settlement of investment disputes between states and nationals of other states. ICSID as an organization of World Bank Group, has been established in 1966 and as of May in 2011, 157 nations ratified its convention. As for the Republic of Korea(ROK) it has been involved in the problematic situation with regard to ISDS of the KORUS FTA in negotiation with the United States. The ruling Grand National Party is pushing the FTA for ratification including ISDS. However, the opposition party, the Unified Democratic Party rejected the ISDS with a view to a toxin infringing on its judiciary sovereignty. The ROK has invested in the US 3.5 times more than the US did in Korea up to now. As a result, it seems that the ROK is more concerned about ISDS than the US is, considering that exhausting local remedy through the US local courts, applying even a municipal ordinance in their decisions which will be unsatisfactory toward the ROK side. The ROK is now struggling with the ISDS as a political issue between the ruling party and the opposition party mostly based on sovereignty with a reference on AUSFTA which excluded the ISDS. Australian model about ISDS has been impacted by the experience from the NAFTA which allowes direct claims against each other(the US against Canada and Canada against the US). It seems not to be much sympathy for developed countries because it has long been held to standards for pressing on developing countries. Australia is also struggling with ISDS from the political point of view likewise the ROK. And the ISDS is destined to the political situations established within the domestic countries among the political parties in relation with the acceptance or rejection of thereof.
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