• 무역학회지
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• 제47권1호
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• pp.131-144
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• 2022

This study primarily concerns the Model Contract for International Sale of Manufactured Goods recently published by International Chamber of Commerce in 2020. To this end, this study examines the importance of the ICC model contract and its main characteristics, and considers in what form the contract is composed of and the scope of its application by classifying it according to the object of the contract, the subject and type of the transaction. In addition, this study divides the main contents of the ICC model contract into special conditions and general conditions, and attempts to scrutinize details of each condition in connection with the United Nations Convention on Contracts for International Sale of Goods(1980) as a governing law taken by the ICC model contract. Furthermore, this study puts forward, on the basis of the detailed examination of main conditions of ICC Model Contract, practical implications on what the parties to the contract should be aware of when using the ICC model contract.

• 대한전기학회논문지:전력기술부문A
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• 제53권7호
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• pp.414-419
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• 2004

In TWBP new uncertainty will be increased. Risk management is risen to a important problem. Vesting contract makes market Players trade at fixed price in TWBP early stages. In the case of advanced country, market players manage risk with a future contract. When a risk management method moves from vesting contract to future contract, it may have to use together two contracts for schedule period. In this paper, risk management strategy that use vesting contract and forward contract at the same time is proposed.

• Journal of Welding and Joining
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• 제27권6호
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• pp.55-61
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• 2009

This study aims for determination of cutting work envelope of an articular robot for H-beam cutting. The robot has its own work envelope. The cutting of piece with groove requires the specific position of the torch which contracts the work envelope. This study suggested the new method to determine the cutting work envelope for this case. The method simplified the problem by use of the combination of inverse kinematics and forward kinematics. The method was used for cutting the H-beam with groove. The cutting work envelope was determined easily. The result was verified by 3D simulation system which implements the articular robot with 6 axes and the H-beam in the virtual shop.

• 자원ㆍ환경경제연구
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• 제15권2호
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• pp.319-353
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• 2006

본 논문은 날씨파생상품이 전기도매시장에서의 가격 및 수량 위험의 헤지수단으로서 활용될 수 있다는 것을 보여주고 있다. 또한 일별 수준의 가격과 물량이 아니라 여름기간 동안의 전기도매시장에서의 전기구입 비용 혹은 전기판매 수입을 대상으로 하여 날씨관련 계약형태의 위험헤지효과를 살펴보았다. 날씨관련 계약들이 전기도매시장의 시장신호를 더 잘 보전하고 있으며, 도매전기 구입관련 금융위험을 더 잘 헤지함을 발견하였다. 전기도매시장에서 선물계약과 날씨파생상품을 결합하였을 경우, 더운 날의 경우 높은 전기생산비용이 가격에 반영되며, 전기판매 수입 혹은 전기구입 비용의 변동성이 현저히 낮아진다는 것을 발견하였다.

• Journal of Korea Trade
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• 제25권5호
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• pp.39-57
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• 2021

Purpose - This research uses ocean marine insurance (OMI) statistics, international emails, focus-group interviews, and surveys to fill the gap between the theory of behavioral insurance, particularly status quo bias (SQB), and the practice of OMI in Korea. The contractual forms of OMI, the oldest and most globalized form of commercial insurance, were developed in the UK as the Institute Cargo Clauses in 1906 and revised in 1963, 1982, and 2009. SQB has been academically explored, mostly in health insurance and the financial services sector, but never in OMI. Thanks to the availability of OMI statistics in Korea, we can conduct SQB research here for the first time in this field. Design/methodology - We show the existence of SQB in the OMI of Korea through Korean statistics between 2009 and 2018, email correspondence with experts in the UK, Germany, and Japan, focus-group interviews with Korean OMI underwriters, an in-depth interview with one underwriter, and a survey of 15 OMI insureds (company representatives). Findings - We find that Korean foreign traders rely on the old-type OMI contracts developed in 1963, whereas other industrialized countries use the newest type of OMI contract developed in 2009. With a simple loss ratio analysis during 2009-2018, we show that the behavior of insurers has little to do with rational profit maximization and is instead driven by irrational bias, as they forgo the more profitable contracts provided by the new clauses by keeping the old clauses. The consistent addiction to old types of contracts in the OMI market suggests strong SQB among Korean exporters, importers, bankers, or insurers, which we confirmed in our interviews and survey. Originality/value - This research has significant originality and academic value because it reports new findings with crucial implications for the development of efficient trade practices and policy. First, this research is based on actual statistics that have not been used in previous Korean research on OMI. Second, this research shows that all-risk OMI policies provide more value to insureds, in terms of coverage given premium, than partial coverage policies, which differs from arguments previously made in Korea. Third, this research reveals strong SQB in Korea, where foreign trade plays a pivotal role in economic growth. That bias could be attributable to uninformed traders, informed but idle insurers, or conservative bankers. Fourth, to further develop foreign trade, policy initiatives are needed to review the current practices of OMI contracts and move forward with the new contract forms. All of these findings and arguments are both new and important.

• 유통과학연구
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• 제13권2호
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• Journal of Construction Engineering and Project Management
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• 제7권3호
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• pp.15-25
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• 2017

The existence of material price volatility in construction projects puts forward substantial risks for all parties involved. Depending on the parties involved in the project, type of contracts, and state of the market various risk management strategies are practiced by contracting parties to manage project risks related to price volatility. Unfortunately, in many cases companies fail to select an adequate approach to better manage volatilities of material prices due to the lack of a decision support system to aid in the selection of an appropriate strategy based on the project characteristics. The aim of this study is to identify critical project factors and align them to documented strategies to manage price volatility based on an extensive literature review and industry interviews. This study found Integrated Project Delivery (IPD) as the ideal strategy with respect to project duration; quantitative risk management methods with respect to the cost; and Price Adjustment Clauses (PAC) with respect to the risk allocation, as the top price volatility management strategies.

• 한국유통학회지:유통연구
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• 제16권5호
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• pp.1-18
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• 2011

농산물 산지유통인들은 판로제공, 선도거래로 농가 위험의 전가, 금융제공, 영농활동, 노동력 공급, 물류, 정보 제공 등의 중요한 산지유통 기능을 수행하고 있으나, 거래 방식이 포전거래 등 비공식적인 절차에 의해 이루어지고 있어 투명성과 생산자 보호 장치가 미흡하다. 산지유통인의 투명성을 높이고 정부 정책의 실효성을 높이기 위해서는 산지유통인의 법인화 등 제도권 편입방안이 필요하다. 앞으로 정부 정책 사업은 개인 산지유통인보다는 법인 위주로 추진하고, 단계적으로 법인화를 추진하는 것이 바람직하다. 산지유통인의 법인화 방안으로는 먼저 산지유통인의 의식 전환 및 교육 확대가 선행되어야 하고, 우수 산지유통인 중심으로 농업법인 결성, 법인의 규모 확대, 품목농협으로 발전, 산지유통법인 계열화, 품목 전국조직 결성 및 자조금사업 추진, 산지유통인 법인화에 따른 정부지원이 필요하다. 특히 정부는 현재 지원되고 있는 다양한 산지유통조직육성 프로그램 등을 통해 산지유통법인을 육성할 필요가 있다. 산지유통인의 법인화와 더불어 포전거래 제도화 등 투명성 제고 방안도 적극적으로 모색되어야 한다. 포전거래의 투명성을 높이기 위해서는 거래의 공정성과 명확성을 높인 표준계약서사용을 확대하고, 포전거래 불공정해위 신고센터 등을 운영하여 포전거래 분쟁조정 기능을 강화시킬 필요가 있다. 또한 포전거래 증서 거래소를 설립하여 운영하며, 장기적으로는 엽채류의 선물시장 상장 방안이 모색되어야 한다. 결국 무, 배추와 같은 엽근채류 유통을 대부분 담당하고 있는 산지유통인을 법인화시키고 포전거래의 투명성을 높임으로써 산지유통인의 불공정거래로부터 생산자를 보호하고 농산물 수급안정화 정책의 실효성을 높여야 할 것이다.

• 무역상무연구
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• 제50권
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• pp.27-59
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• 2011

This article attempts to describe and analyze the rules on the service provider's duty to provide his service in conformity with the contract under the Draft Common Frame of Reference (here-in-after DCFR), which are applied to construction, storage, design and factual information contracts. It categorizes such rules in accordance with the requirements of conformity with the contract, the time when the service provided must be in conformity with the contract, and the exemptions of the service provider's duty. On the basis of such categorization, it examines the rules on the service provider's duty in each type of service contract under the DCFR. By doing so, it seeks to figure out how the members of EU compromised on the various issues of the service provider's duty under the DCFR which is regarded as the first uniformed legislation in the area of the service contract. This may provide some guidance to the legislators of domestic law for their amendment or interpretation of their laws. In addition to them, this article also seeks to point out problems in terms of their interpretations and gaps in their rules to cover various aspects of non-conformity and put forward some solutions for such problems and gaps.

• KIEE International Transactions on Power Engineering
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• 제3A권1호
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• pp.53-60
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• 2003

At present the electric power industry in Korea is going through a major restructuring process. The restructuring is motivated by a desire to reduce electricity supply costs, to attract new in-vestment in modern generation, transmission and distribution facilities, and to stimulate innovation in the wholesale production and the retail supply of electricity. The experience to date shows that restructuring of electric power industry in the US, however, is marred with a number of problematic market performances including unreasonably high prices at wholesale. This paper investigates the important role of Power Exchange for stabilizing electric power industry in transition by offering various financial products. These financial products are used for risk hedging by the market participants. The paper focuses on the risk hedging by an individual supplier and derives an explicit decision rule that incorporates the attitude towards the risks. In addition to providing the financial products for risk hedging by market participants, the Power Exchange plays another very important role of financial safeguard system. Because of its unique characteristics, the Power Exchange is well suited for financial surveillance where it performs the early detection of unsound financial (and to a large extent operational) practices on the part of any system users and protect the system integrity and the market participants from the consequences of a default in the clearing structure.