• Korea Trade Review
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• v.46 no.2
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• pp.19-38
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• 2021

This study aims to analyze the foreign asset leverage effect on Korean oil & gas companies' foreign profits and to maintain the appropriate foreign asset volume for reducing exchange risk. For a long time, large Korean companies, including oil companies, overheld foreign currency liabilities. For this reason, most large companies have been burdened to hedge exchange risk and this excess limit holding deteriorated total profit and reduced foreign currency asset management efficiency. Our paper proceeds in presenting a three-stage analysis considering diversified exchange risk factors through estimation on transformation of foreign transactions a/c including annual trends of foreign asset and industry specifics. We also supplement incomplete the estimation method through a practical hedging case investigation. Our research parts are differentiated on the analyzing four periods considering period-specifics The FER value of the oil firms ranged from -0.3 to +2.3 over the entire period. The results of the FER Value are volatile and irregular; those results do not represent the industry standard comparative index. The Korean oil firms are over the credit limit without accurate prediction and finance high interest rate funds from foreign-owned banks on the basis on a biased relationship. Since the IMF crisis, liabilities of global firms have decreased. Above all, oil firms need to finance a minimum limit without opportunity losses on the demand forecast and prepare for uncertainty in the market. To reduce exchange risk from the over-the-limit position, we must consider factors that affect the corporate exchange risk on the entire business process, including the contract phase.

• The Journal of the Convergence on Culture Technology
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• v.9 no.6
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• pp.1017-1029
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• 2023

A large amount of transactions are taking place through Blockchain. Among them, the proportion of transactions through smart contracts is increasing. Accordingly, problems such as vulnerability attacks on smart contracts and fraud using smart contracts are increasing. Through security audits of smart contracts, developers can discover and resolve vulnerabilities, and users can distinguish whether smart contracts are fraudulent. However, there are currently no regulations and standards for security auditing of smart contracts, so services that perform security auditing are uneven. In this paper, we analyze security audit trends for smart contracts and identify what services are being provided. We investigate what elements are analyzed from smart contracts, focusing on security audit reports. Also, investigate what vulnerabilities can be detected. Finally, we investigate quality indicators for smart contracts and visualization elements of design extraction. Through this, we hope to be able to find visualization elements specialized for smart contracts.

• Korean Journal of Construction Engineering and Management
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• v.17 no.3
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• pp.61-70
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• 2016

Construction enterprises have performed various projects such as buildings, infrastructure and plant projects in the international market. Among these, the plant project's amount of orders accounted for about 68.9% of all. However, because of the enterprises won a contract with a low-budget for plant project in the last 10 years, the profit has dropped dramatically. And it is forecasted that there are extreme competition for bid award of plant projects because of the current falling oil prices and raising interest rates. In this circumstance, the comprehending of enterprises strength and weakness must be a priority to get a sustainable competitive advantage. Therefore this research suggests the enterprises's capability assessment framework and it is in order to diagnose the korean construction enterprises capabilities. The framework is based on the VRIO model that is on the basis of resource based theory. First, the capability assessment indices and their importance and priority that based on the life-cycle of plant project is deducted by literature review and survey. Second, the 5 point likert score applied VRIO survey is conducted to diagnose the enterprises and quantified the survey result using the fuzzy theory. Lastly, the competitvie implication and capability assessment are deducted.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.133-158
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• 2010

Independent guarantee is a creation of the need from the both sides, i.e. the applicant (principal debtor) and the beneficiary (creditor). The former used to have to deposit cash in favor of the beneficiary in case of his default, which laid a burden on his liquidity while the latter still wanted to have the equivalent to cash. Independent guarantee satisfied the both parties by freeing the applicant of a deposit and maintaining the beneficiary's right at the same time. The fact that independent guarantee has three payment mechanisms is not widely known to the public. They are (i) payment on first demand, (ii) payment upon submission of third-party documents, (iii) payment upon submission of an arbitral or court decision. From the applicant's point of view, the order in his favor is (iii), followed by (ii) and (i). As there shouldn't be a case where one party is at a disadvantage against the other, useful insight is being sought for the benefit of the applicant. First, the applicant can offer his intention to provide a payment mechanism (ii) or (iii) rather than (i) if he must deliver it. Second, if the beneficiary still wants to have (i) and the applicant is in a position not to reject it, the latter should thoroughly check any provisions that may work against him later. Third, the applicant could use counterbalancing provisions in underlying contract to cope with protective clauses in the guarantees. Forth, the applicant should review the beneficiary's sincerity to prevent unfair calling risks. The applicant may use an ECA(Export Credit Agency) in his country to which he can transfer not only unfair calling risks, but also political risks. On the other hand, a bank needs to keep the following advice in mind. The foremost important thing for the bank not to forget is that it provides a guarantee as a service provider, not as a responsible party for the feasibility of the project, etc. Credit risk of the applicant should require the greatest attention when issuing a guarantee: the bank should look into the possibility that it can procure immediate reimbursement from its customers after payment to the beneficiary. Second, the applicant's ability to complete the project should be reviewed by checking its track records, techniques and reputation, etc. Third, the bank may also use an ECA to cover the beneficiary's unfair calling risks as well as political risks. In the case of Korea, as Korea Export Insurance Corporation(KEIC) can cover all the risks mentioned above, the bank could use its service called 'Export Bond Insurance.' What's better for the bank is that ECA cover can enhance the bank's asset quality by putting it zero on its risk weighted asset.

• International Commerce and Information Review
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• v.16 no.3
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• pp.431-463
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• 2014

This paper analyzed the effect of the alliance capabilities needed for each stage of alliance lifecycle(search & negociation, contract, operation, evaluation/termination) according to the alliance life cycle of SMEs consulting firms on the performance, and the moderating effect of the partnership & entrepreneurship between the process capabilities and performance using the multi-group analysis The result shows that searching & operational capabilities have a positive impact on the customer & learning performance, not contracting and termination capabilities, and the partnership & entrepreneurship moderated between the process capabilities and alliance performance. This study shows that the operation stage in the alliance life cycle is the most important, in this process alliance partners show the higher partnership & entrepreneurship than any other stages.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.387-421
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• 2003

On the above, a comparison between preliminary draft conventions and comments by the Int'l Chamber of Commerce, contents of preliminary draft convention, problems and alternative are discussed. The conclusions are as follows thereof : The laws of MLEC and MLES made preparation for electronic era of CISG. But electronic circumstances are more changed than the time of regulation of them. Therefore the business world needs a stand-alone convention dealing broadly with the issues of contract formation in electronic commerce. At last, preliminary draft convention delivered a second round. But the base of the instrument was also MLEC and MLES. The revised preliminary draft convention is much amended beyond preliminary draft convention. At its forty-one sessions, the working group reviewed articles 1-11 of the revised preliminary draft convention presented by the secretariat. The remainder was pending until the time of its forty-two sessions. Therefore, on the base of deliberations and decisions of that sessions and them of thirty-six sessions of UNCITRAL, which will be held on comming november, the draft convention which will be prepared by the secretariate, be re-revised preliminary draft convention. According to review of working group on them, preliminary draft convention will officially be draft convention or revise by secretariate. Under these situations, my points of view on draft convention are as follows : As though e-UCP is used carring out side by side with UCP, after e-CISG making in order to adjust CISG to "on" transaction, it is very easy and prompt for business worked to use CISG with e-CISG. This will facilitate ratification of the CISG. For this case, I already presented contents of e-CISG. It is very important for the preliminary draft convention to deal specially with issues related to electronic contracting or to electronic transaction, because according to which way, its contents and scope of application will be different. But the revised draft convention is regretably compromising both them. Consequently, its contents are very confusing and we could not expect its success. If e-CISG will regulate, it is desirable that, if possible, working group has to make the general rule, and the making of useful, practical, affordable rule for electronic commerce, for example Uniform Customs and Practices for Electronic Commerce(e-UEC) in order to solve the specific practical problems, if any, which business currently faces regarding electronic contracting, has to entrust ICC. If working group want to make e-CISG, it is important not to hesitate and take a significant amount of time.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.129-150
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• 2003

Software license agreements, to be useful in the mass market, could not be individually negotiated, and had to be standardized and concise. The software license agreement needs to be presented to the licensee-users in a fashion that would allow for mass distribution of software, also for it to enforceable, that would draw the users' attention to the terms and conditions under which the publisher allowed the use of the software. These needs have been accomplished, with or without fail, through so called the "shrink-wrap licenses" Shrink-wrap licenses purpose to transfer computer softwares to their users by defining the terms and conditions of use of the software without implicating the "first sale doctrine" of the Copyright Act. These shrink-wrap licenses have become essential to the software industry. However, in USA, the law applicable to these licenses has been unclear and unsettled. Courts have struggled to develop a coherent framework governing their enforceability. Meanwhile, the National Conference of Commissioners on Uniform State Laws ("NCCUSL") in USA promulgated the Uniform Computer Information Transaction Act ("UCITA") governing contracts for computer information transaction on July 29, 1999. One clear objective of UCITA was to settle the law governing the enforceability of shrink-wrap licenses. In these respects, this paper first introduces the various forms that shrink-wrap licenses take(at Part II. Section 1.), and explains the main advantages of them(at Part II. Section 2.) Here it shows how shrink-wrap licenses value themselves for both software publishers and users, including that shrink-wrap licenses are a valuable contracting tool because they provide vital information and rights to software users and because they permit the contracting flexibility that is essential for today's software products. Next, this paper describes the current legal framework applicable to shrink-wrap licenses in USA(at Part III). Here it shows that in USA the development of case law governing shrink-wrap licenses occurred in two distinct stages. At first stage, judicial hostility toward shrink-wrap licenses marked such that they were not enforced pursuant to Article 2 of the Uniform Commercial Code. At second stage, courts began to recognize the pervasiveness of shrink-wrap licenses, their indispensability to the rapidly expanding information technology industry, and the urgent need to enforce such licenses in order to maintain low prices for consumers of computer hardware or software, resulting in the recognition of shrink-wrap licenses. Finally, in view of the importance of UCITA, this paper examines how it will affect the enforceability of shrink-wrap licenses(at Part IV). The drafters of UCITA, as well as the scholars and practitioners who have criticized it, agree that it validates shrink-wrap licenses, provided certain procedural protections are afforded to purchasers. These procedural protections include the licensee end-user must (i) manifest his assent to the shrink-wrap license, (ii) have an opportunity to review the shrink-wrap license, (iii) have a right to return the product without costs.

• Korean Journal of Construction Engineering and Management
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• v.21 no.4
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• pp.3-11
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• 2020

Problems related to construction contracts arise if they are not reflected in the design phase from the planning phase of the construction project, or if they are not properly dealt with despite various changes in the construction phase. So far, there have been a number of discussions in Korea regarding the improvement of the procedures for resolving construction disputes, and the problems related to the procedures for solving construction disputes have been raised steadily, but the problems related to the procedures for solving construction disputes are still unresolved. Therefore, in this study, the followings were proposed to strengthen the international competitiveness of the construction industry. First, the so-called Construction Dispute Mediation Act should be enacted to prepare the basis for the establishment of a tentatively named Construction Dispute Mediation and Arbitration Agency(CDMA). Second, the work of the CDMA should be limited to the work of supporting the DRB, mediation and Arbitration the private and public sectors. Third, it is required to choose between adjustment and arbitration when obtaining a contract and to operate the DRB during construction phase. Fourth, CDMA should be established as standing bodies, and branches should be operated in various parts of the country. Fifth, construction experts from various areas should be included as members so that disputes over construction contracts can be dealt with quickly. And finally, relevant laws that specify the procedures for dealing with construction disputes should be amended together.

• Journal of the East Asian Society of Dietary Life
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• v.22 no.6
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• pp.744-757
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• 2012

This study was designed to obtain basic data for the globalization of Korean food and the expansion of food exports through contract foodservices. A survey of dietary habits and attitudes toward school foodservices was given to students in three American international schools served by a domestic contract foodservice management company located in Seoul and Gyeonggi area. The results showed an average of three meals taken daily 3.39 times for male students and 2.95 times for female students and the time required for a meal was about 24~26 minutes. The average breakfast frequency was 5.10 times(4.59 times for male students and 5.35 times for female students) and many students reported skipping breakfast due to a lack of time. The average weekly frequency of dining out was 1.78 times(2.15 times for male students and 1.60 times for female students). In all schools, irrespective of gender and grade, students responded that a desire for snacking was 'why they want to have cookies', and snacking hours were frequently listed as 'between noon and evening'. Many also responded that an unbalanced diet is the reason some snacks are 'not to their taste'. Overall, students were highly satisfied with the foodservice menu, although there was a significant difference in what was considered proper food temperature, proper food seasoning, suitable amounts of food, and freshness of food. Male and female students were specifically highly satisfied with the 'freshness of food materials' and 'variety of menu' respectively. Overall, all students were highly satisfied with the foodservice, including the 'cleanliness of tables and trays'.

• Journal of Arbitration Studies
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• v.30 no.2
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• pp.91-120
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• 2020

The Scope of Application of North Korea's Foreign Economic Arbitration Act and Foreign Investment Act This article examines whether the Foreign Economic Arbitration Act and the Foreign Investment Act of North Korea apply to South Korean parties or companies. This article analyzes laws and agreements related to economic cooperation between South Korea and North Korea. Furthermore, this article compares and evaluates laws related to foreign investment and enacted in North Korea. Now, North Korea's door is closed due to economic sanctions against it, but it will be opened soon. Thus, this article prepares for the future opening of North Korea's markets. Is there a rule of laws in North Korea or just a ruler? Are there laws in North Korea? North Korea has enacted a number of legislation to attract foreign investors, referring to those Chinese laws. For example, North Korea enacted the Foreigner Investment Act, the Foreigner Company Act, the Foreign Investment Bank Act, the Foreign Economic Arbitration Act, the Foreign Economic Contract Act, the International Trade Act, and the Free Economy and Trade Zone Act, among others. Article 2 (2) of the Foreign Investment Law of North Korea states, "Foreign investors are corporations and individuals from other countries investing in our country." It is interpreted that South Korea is not included in the "other countries" of this definition. According to many mutual agreements signed by South Korea and North Korea, the relationship between the two Koreas is a special relation inside the Korean ethnic group. An arbitration between a South Korean party and a North Korean party has the characteristics of both domestic arbitrations and international arbitrations. If the South Korea and North Korea Commercial Arbitration Commission or the Kaesong Industrial Complex Arbitration Commission is not established, the possibility of arbitration by the Chosun International Trade Arbitration Commission, established under North Korea's Foreign Economic Arbitration Act, should be examined. There have been no cases where the Foreign Economic Arbitration Act is applied to disputes between parties of South Korea and North Korea. It might be possible to apply the Foreign Economic Arbitration Act by recognizing the "foreign factor" of a dispute between the South Korean party and North Korean party. It is necessary to raise legislative clarifications by revising the North Korea's Foreign Economic Arbitration Act as to whether Korean parties or companies are included in the scope of this Act's application. Even if it is interpreted that South Korean parties or companies are not included in the scope of North Korea's Foreign Economic Arbitration Act, disputes between South Korean companies and North Korean companies can be resolved by foreign arbitration institutes such as CIETAC in China, HKIAC in Hong Kong, or SIAC in Singapore. Such arbitration awards could be enforced in North Korea pursuant to Article 64 of North Korea's Foreign Economic Arbitration Act. This is because the arbitration awards of foreign arbitration institutes are included in the scope of North Korea's Foreign Economic Arbitration Act. The matter is how to enforce the North Korean laws when a North Korean party or North Korean government does not abide by the laws or their contracts. It is essential for North Korea to join the New York Convention (Convention on the Recognition and Enforcement of Foreign Arbitral Awards) and the ICSID Convention (Convention on the Settlement of Investment Disputes Between States and Nationals of Other States).