• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.17
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• pp.251-293
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• 2002

The study is a comparative and analytical study which comprises of the analysis of the rules of the buyer's right to withhold performance where the seller delivers defective goods or documents of three legal systems; the CISG, English law and Korean law. The purposes underlying this study are twofold. The first is to clarify the current position as to the right of withholding performance in the event of the seller's tender of defective goods or documents in Korean law, CISG and English law so that it may assist the parties in drafting the buyer's right to withhold performance in their own contract. The second is to compare the rules of one jurisdiction with those of other jurisdictions and to evaluate the rules in light of the practical functions and benefits of the right to withhold performance and the discipline of comparative law the basic question of which is whether a solution from one jurisdiction may facilitate the systematic development and reform of another jurisdiction. It shows that each jurisdiction does not have any provision or case law specifically dealing with the buyer's right to withhold performance where the seller delivers the goods which are defective in terms of quality or quantity. The absence of such provision or case in each jurisdiction has resulted in either disputes or uncertainty. However, the study executed in light of the primary functions and benefits of the right in practice and the discipline of comparative law reveals that, first, the view in English law which is against recognizing the right may not be justified when one considers the practical importance of having the right and the position taken by the CISG as a well developed and modernized law, second, the view in Korean law which argues that the principle of specific goods dogma on which it is based is extended even to substitutable or repairable goods cannot be also justified on the ground of one's ordinary expectation and the position under the CISG and English law which imposes a contractual duty to deliver non-defective goods on the seller insofar as the buyer's payment is deemed to be made in exchange for the seller's delivery of non-defective goods and they are substitutable or repairable. Regarding the right to withhold performance in the event of the seller's tender of defective documents, the study shows that the relatively detailed rules in English law may be utilized as a guideline to fill the gap in the CISG and Korean law in terms of the practicability and appropriateness to govern documentary sales. Furthermore, it is found that the position in English law which confers on the buyer the right to withhold performance for a trivial defect in documents may be unreasonable in terms of one's need to enable justice to be done in individual cases.

• International Commerce and Information Review
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• v.15 no.4
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• pp.287-311
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• 2013

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."

• The Korean Journal of Air & Space Law and Policy
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• v.21 no.1
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• pp.169-189
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• 2006

In 2007, KSLV(Korea Small Launching Vehicle) that we made at Goheung National Space Center is going to launch and promotes of our space exploration systematically and 'Space Exploration Promotion Act' was enter into force. 'Space Exploration Promotion Act' article 3, section 1, as is prescribing "Korean government keeps the space treaties contracted with other countries and international organizations and pursues after peaceful uses of outer space." The representative international treaties are Outer Space Treaty (1967) and Liability Convention (1972) etc. In Liability convention article 2, "A launching State shall be absolutely liable to pay compensation for damage caused by its space object on the surface of the earth or to aircraft in flight. The important content of the art. 2 is the responsible entity is the 'State' not the 'Company'. According by Korean Space Exploration Act art. 14, person who launches space objects according to art. 8 and art. 11 must bear the liability for damages owing to space accidents of the space objects. Could Korean government apply the Products Liability Act which is enter into force from July 1, 2002 to space launching person? And what is the contact type between Korea Aerospace Research Institute(KARl) and Russia manufacturer. Is that a Co-Development contract or Licence Product contract? And there is no exemption clause to waive the Russia manufacturer's liability which we could find it from other similar contract condition. If there is no exemption clause to the Russia manufacturer, could we apply the Korean Products Liability Act to Russia one? The most important legal point is whether we could apply the Korean Products Liability Act to the main component company. According by the art. 17 of the contract between KARl and the company, KARl already apply the Products Liability Act to the main component company. For reference, we need to examine the Appalachian Insurance co. v. McDonnell Douglas case, this case is that long distance electricity communication satellite of Western Union Telegraph company possessions fails on track entry. In Western Union's insurance company supplied to Western Union with insurance of $ 105 millions, which has the satellite regard as entirely damage. Five insurance companies -Appalachian insurance company, Commonwealth insurance company, Industrial Indemnity, Mutual Marine Office, Northbrook Excess & Surplus insurance company- went to court against McDonnell Douglases, Morton Thiokol and Hitco company to inquire for fault and strict liability of product. By the Appalachian Insurance co. v. McDonnell Douglas case, KARl should waiver the main component's product liability burden. And we could study the possibility of the adapt 'Government Contractor Defense' theory to the main component company.

• The Journal of Fisheries Business Administration
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• v.15 no.1
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• pp.131-153
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• 1984

Fishery resources are still abundant compared with other resources and the possibility of exploitation is probably great. The Korean fishery industry has grown remarkably since 1957, and Korea is ranked as one of the major fishery countries. Its of fishery products reached the 9th in the world and the value of exports was 5th in 1982. But recently a growth rate has slowed down, due to the enlargement of territorial seas by the declaration of the 200 mile, Exclusive Economic Zone, the tendency to develop fishery resources strate-gically in international bargaining, the change in function of the international organizations, the expansion of regulated waters, the illegal arrest of our fishing boats, the rapid rise in oil prices, and the fall in fish prices, the development of fishery resources as a symbol of nationalism, the fishing boats decreptitude, the rise of crew wages, regulations on fishing methods, fish species, fishing season, size of fish, and mesh size, fishing quotas and the demand of excessive fishing royalties. Besides the the obligation of coastal countries, employing crews of their host countries is also an example of the change in the international environment which causes the aggravation of foreign profit of fishing firms. To ameliorate the situation, our Korean fishery firms must prepare efficient plans and study systematically to internationalize themselves because such existing methods as conventional fishing entry and licence fishing entry are likely to be unable to cope with international environmental change. Thus, after the systematic analysis of the problem, some new combined alternatives might be proposed. These are some of the new schemes to support this plan showing the orientation of our national policy: 1. Most of the coastal states, to cope with rapid international environmental change and to survive in the new era of ocean order, have rationalized their higher governmental structure concerning the fishery industries. And the coastal countries which are the objectives of our expecting entry, demand excessive economic and technical aid, limit the number of fishing boats’entry and the use of our foreign fishing bases, and regulate the membership of the international fishery commissions. Especially, most of the coastal or island countries are recently independent states, which are poorer in national budget, depend largely on fishing royalties and licence entry fees as their main resources of national finance. 2. Alternatives to our entry to deep sea fishing, as internationalization strategies, are by direct foreign investment method. About 30 firms have already invested approximately US $ 8 million in 9 coastal countries. Areas of investment comprise the southern part of the Atlantic Ocean, the Moroccan sea and five other sea areas. Trawling, tuna purse seining and five other fields are covered by the investment. Joint-venture is the most prominent method of this direct investment. If we consider the number of entry firms, the host countries, the number of seas available and the size of investment, this method of cooperation is perhaps insufficient so far. Our fishery firms suffer from a weakness in international competitive ability, an insufficiency of information, of short funds, incompetency in the market, the unfriendliness of host coastal countries, the incapability of partners in joint-ventures and the political instability of the host countries. To enlarge our foreign fishing grounds, we are to actively adopt the direct investment entry method and to diversity our collaboraboration with partner countries. Consequently, besides proper fishing, we might utilize forward integration strategies, including the processing fied. a. The enterprise emigration method is likely to be successful in Argentina. It includes the development of Argentinian fishing grounds which are still not exploited in spite of abundant resources. Besides, Arentina could also be developed as a base for the exploitation of the krill resources and for further entries into collaboration with other Latin American countries. b. The co-business contract fishing method works in American territorial seas where American fishermen sell their fishery products to our factory ships at sea. This method contributes greatly to obtaining more fishing quotas and in innovation bottom fishing operation. Therefore we may apply this method to other countres to diffuse our foreign fishing entry. c. The new fishing ground development method was begun in 1957 by tuna long-line experimental fishing in the Indian Ocean. It has five fields, trawling, skipjack pole fishing and shrimp trawling, and so on. Recently, Korean fisheries were successful in the development of the Antarctic Ocean krill and tuna purse seining. 3. The acceleration of the internationalization of deep sea fishing; a. Intense information exchange activities and commission participation are likely to be continues as our contributions to the international fishery organizations. We should try to enter international fishery commissions in which we are not so far participating. And we have to reform adequately to meet the changes of the function of the international commissions. With our partner countries, we ought to conclude bilateral fishery agreements, thus enlarging our collaboration. b. Our government should offer economic and technical aids to host countries to facilitate our firms’fishery entry and activities. c. To accelerate technical innovation, our fishery firms must invest greater amount in technical innovation, at the same time be more discriminatory in importing exogeneous fishery technologies. As for fishing methods; expanded use of multi-purpose fishing boats and introduction of automation should be encuraged to prevent seasonal fluctuations in fishery outputs. d. The government should increases financial and tax aid to Korean firms in order to elevate already weak financial structure of Korean fishery firms. e. Finally, the government ought to revise foreign exchange regulations being applied to deep sea fishery firms. Furthermore, dutes levied on foreign purchaed equipments and supplies used by our deep sea fishing boats thould be reduced or exempted. when the fish caught by Korean partner of joint-venture firms is sold at the home port, pusan, import duty should be exempted.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.77-85
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• 2018

Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.

• The Korean Journal of Air & Space Law and Policy
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• v.30 no.2
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• pp.155-176
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• 2015

Leasing is one of the main methods for Chinese airlines to introduce aircraft from overseas manufactures, and this method has been used for more than 30 years by Chinese airlines. Aircraft leasing in essence is a kind of financial transaction, through which lessors provide finance to lessees by means of the delivery of possession of the leased aircraft. At the time when China started to introduce aircraft through leasing some 30 years ago, the Chinese domestic laws were very insufficient to regulate these activities. Therefore, a construction process for the law of aircraft leasing was triggered then, and some fruit has been gained. By far, there are rules to adjust the aircraft activities in the aspects of contract, real right, default and bankruptcy remedies. However, as the improvement of any system must undergo a process of exploration, the law of aircraft leasing in China is still faced up with many challenges. Especially with the emergence and prosperous of domestic leasing industry, new transaction structures and models of aircraft leasing have emerged, which leaves new challenges to current legal system. On the basis of introducing the history and main contents of Chinese legal regime of aircraft leasing, this paper offers an analysis of achievements and challenges on present Chinese laws in the aspects of contract, real right and remedies.

• Management & Information Systems Review
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• v.29 no.3
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• pp.71-96
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• 2010

This article firstly reviewed Permanent Established(PE) concept of OECD and UN model tax treaty and compared it with that of Korean Corporate Income Tax Law(CITL). The various factors regarding profit like ways of deciding the local source profit, scope and calculation method which will be imputed to PE were also reviewed. Based on above, standard PE judgement basis and calculation method of local source profit were also studied by using actual cases in foreign corporation which performs plant construction & sales in Korea. Accordingly to properly solve the conflict regarding international tax and to protect the tax authority against the foreign corporation in Korea, by standing on equality, I now propose followings for the better concept of PE in Korea. Firstly, the article that a building site or construction or installation project constitutes a PE only if it lasts more than 6 months should be modified to reflect OECD model convention's criteria of 12 months. Second, the scope of 'subordinate attorney' which is regarded as PE under CITL is now including 'holding-delivery attorney', 'order attorney', and 'assurance attorney' as well as 'contract attorney'. This is overly limit the activities of foreign corporation. It had better be loosened only to include 'contract attorney' as OECD provisions. Third, the CITL limits the cases of preparatory and/or auxiliary place which is not regarded as PE, thus limit the foreign corporations' business by expanding the concept of PE. This had better be eased. Fourth, in deciding the amount of local source profits, the CITL stipulates to split the profits by the relevant contribution of transaction parties through 'profit split method'. To solve the conflict, the ways of profit split must be better clarified through providing object and detailed standard and basis.

• Journal of Korea Trade
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• v.25 no.5
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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.

• Journal of Science and Technology Studies
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• v.18 no.3
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• pp.1-45
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• 2018

South Korea has recently emerged as one of the leading countries conducting clinical trials. Seoul, for instance, is now ranked at the top of the list among the cities in the world. This paper examines the rapid growth of research involving human subjects in Korea, not just from the economic perspective (e.g., the growth of global pharmaceutical markets and the subsequent increase in the demand for clinical trials), but from the policy perspective (e.g., the government?s drive to support and promote this field as a new industry). The industrialization of clinical trials in Korea has manifested itself in the rise of international Contract Research Organizations (CRO) doing their business in Korea. They are, figuratively speaking, invited to Korea by the government. This paper intends to uncover and discuss the bioethical issues concerning research on human subjects, the issues that tend to be set aside merely as procedural ones like ??workable documents??. To this end, it investigates the practice of clinical trials by collecting hitherto unherad voices from patient-volunteers, physician-researchers, CRO employees, and government officials. This paper also explores the themes of ??ethical variability?? and ??biocapital?? in order to compare and constrast the case in Korea with those in other countries.

• Journal of Korea Water Resources Association
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• v.56 no.1
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• pp.11-21
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• 2023

This study suggests the drought resilience index as S-day as a means of preparing for the recent extreme drought, allowing for the actual operational identification of each drought countermeasure's priority as well as the vulnerability of water resource facilities to drought. Although each dam's drought measures are unique in this case, the representative examples include adjusting the water supply, linking the functioning of various facilities, and considering emergency capacity. Here, 15 multipurpose dams and water supply dams in Korea were inspected. Under the return period of 20-year drought, most of dams showed stable by adjusting the water supply overall. The measures, however, did not seem to be able to resist a multi-year drought lasting more than two years. Besides, Hoengseong and Anodong-Imha Dam only lasted a year under the 100-year drought return period with other measures. Without the deployment of drought mitigation strategies, it is expected that the Hoengseong Dam, Andong-Imha Dam, Gunwi Dam, Unmun Dam, Daecheong Dam, and Juam Dam would not be able to meet the all water demand for a year under the 20-year drought condition. The ideal capacity for each drought measure was then suggested. Additionally, by increasing or decreasing the current supply contract by 10% in order to account for demand changes resulting from socio-economic instability, the drought response capacity of all 15 dams was re-evaluated. By lowering the supply contract amount by 10%, it was possible to endure a severe drought.