• International Commerce and Information Review
• /
• v.9 no.4
• /
• pp.141-158
• /
• 2007

The purpose of this paper is to examine the validity or effectiveness of the Arbitration Clause such as Model Clause I, and to confirm how other issues such as arbitrable "investment", appointment of arbitrators and law governing the agreement be reflected in the agreement. However, the parties should be sure that the arbitration clause is valid if they have checked whether, for their particular situation, the ICSID Centre has jurisdiction. For the validity of the Arbitration Clause, first the host country and the country which the investor belong to must be "contracting states" to the ICSID Convention. Second, the specific consent to arbitrate must be expressed in writing in the investment contract or in a national investment law or in an investment protection treaty. The issue of "nationality" of an other contracting state is determined by the place of incorporation or the location of the head office. In case the parties have doubts about a valid consent to arbitrate, Art. 41 of the ICSID Convention provides, regarding ICSID jurisdiction, that the tribunal shall be the judge of its own competence. It follows that ICSID Arbitration has an autonomous and exclusive character. As a consequence, domestic courts may not interfere with the question of ICSID's jurisdiction, which is called as "rule of abstention".

• Journal of Arbitration Studies
• /
• v.18 no.2
• /
• pp.149-171
• /
• 2008

The purpose of this paper is to examine the Measures against Risks in International Investment Agreement: focusing on Umbrella Clause and MIGA. Umbrella Clauses have become a regular feature of international investment agreements and have been included to provide additional protection to investors by covering the contractual obligations in investment agreements between host countries and foreign investors. The meaning of umbrella clauses is one of the most controversial issues with which international arbitral tribunals have been recently confronted with while adjudicating investment disputes brought before them MIGA issues guarantees against non-commercial risks for investments, such as: currency transfer restrictions, expropriations, war and civil disturbances and breach of contract by host governments, and the case that the investor obtains an arbitration award or judical decision for damages and is unable to enforce it after a specified period. Furthermore, MIGA undertakes a wide range of mediation activities designed to remove obstacles to the flow of foreign direct investment in its developing member countries.

• Journal of Arbitration Studies
• /
• v.29 no.4
• /
• pp.77-100
• /
• 2019

Third-party funding in international and domestic disputes is a fast-growing trend and it is increasingly used by large, solvent companies that simply wish to share risk in their finance. On January 10, 2017, the Civil Law Amendment Bill was passed in Singapore and on June 2017 an "Arbitration and Mediation Legislation (Third Party Funding) Bill" in Hong-Kong had a third-party funding to finance the international arbitration and other dispute resolutions expressly approved. This arbitral tribunal's expanding discretion over critical interim measure of security cost was in issue. In Essar v. Norscot (2016), the arbitrator found that the additional third-party funding costs were recoverable as "other costs of the parties." In here, the decision showed the issue of a tribunal's power over cost measures could spread out to be reviewed and broadened through the legislative process. A recent investor-state arbitration case of ICSID, RSM Production Corporation v. Saint Lucia, covered the express awarding of security for costs where a claimant was funded by a third-party funder. It seems inevitable that the volume of third-party funding industry will grow more as time goes on. The next step would be to formulate guidelines on how to determine criteria against which an application for security for costs is measured.

• Journal of Environmental Policy
• /
• v.3 no.1
• /
• pp.1-29
• /
• 2004

The role of the financial institution to promote corporate sustainability may be reviewed in two angles, as a commercial lender and an investor. As a commercial lender, financial institutions should minimize the legal risks and the political risks. Financial institutions began to recognize environmental risks as legal risks that directly affect their lending practices since the legislation of the Comprehensive Environmental Response, Compensation, and Liability Act("Superfund") of the U.S.A. The so-called lender liability rule has a detailed guideline where the financial institutions may be exempted from the Superfund Liability. Similar attempts are noticed in the recent EU White Paper on Environmental Liability. In Korea, comprehensive environmental liability laws are yet to be developed. The Soil Environment Preservation Act now includes a far-reaching environmental liability provisions, where the owners and operators as well as receivers of the facility bear responsibility. However, whether the financial institutions may be captured as a potential responsible party is not very clear. Until the relevant legislation is developed and court decisions accumulate, Korean financial institutions are well advised to raise awareness on this issue, to develop environmental policies and to train personnels.

• Journal of applied mathematics & informatics
• /
• v.15 no.1_2
• /
• pp.109-126
• /
• 2004

This paper deals with two problems of optimal portfolio strategies in continuous time. The first one studies the optimal behavior of a firm who is forced to withdraw funds continuously at a fixed rate per unit time. The second one considers a firm that is faced with an uncontrollable stochastic cash flow, or random risk process. We assume the firm's income can be obtained only from the investment in two assets: a risky asset (e.g., stock) and a riskless asset (e.g., bond). Therefore, the firm's wealth follows a stochastic process. When the wealth is lower than certain legal level, the firm goes bankrupt. Thus how to invest is the fundamental problem of the firm in order to avoid bankruptcy. Under the case of different lending and borrowing rates, we obtain the optimal portfolio strategies for some reasonable objective functions that are the piecewise linear functions of the firm's current wealth and present some interesting proofs for the conclusions. The optimal policies are easy to be operated for any relevant investor.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.59
• /
• pp.59-78
• /
• 2013

The interpretation and application of investment treaties takes place mostly by ad hoc tribunals. Their composition varies from case to case. But in interpreting and applying investment treaties are bound to exist on a ground rule and coherent criteria. Given summarizing contents of this study, those are as follows. When interpreting investment treaties, (i) most tribunals is based on Article 31 and 32 of the VCLT, (ii) tribunals rely on previous decisions, (iii) tribunals resort to travaux pr$\acute{e}$paratoires, (iv) tribunals consider the interpretative statement. When applying investment treaties, (i) treaties apply only in relation to acts or events that occurred after their entry into force, (ii) tribunals have applied different inter-temporal rules to jurisdictional clauses and substantive provisions in treaties, (iii) the relevant date for purposes of jurisdiction is the date of the institution of proceedings, (iv) Under the ICSID convention, the host state and investor's nationality must be a party to the convention on the date the proceedings are instituted. This study is expected to possibly become guideline in the interpretation and application standards of investment treaties. So future disputes can be prevented and prepared in advance.

• Journal of Engineering Education Research
• /
• v.18 no.6
• /
• pp.64-69
• /
• 2015

A video-work story analysis system based on emotional state measurement includes a content provision unit which provides story content of a video-work, a display unit which displays content provided by the content provision unit, an emotional state measurement unit which measures a tense-relaxed emotional state of a viewer viewing the displayed story content, a story pattern analysis unit which analyzes the tense-relaxed emotional state measured from the emotional state measurement unit according to a scene in the story content provided by the content provision unit, and a story pattern display unit which prints out an analysis result or displays the analysis result as an image. The emotional state measurement unit measures a tense or relaxed emotional state through one or more analyses among a brainwave analysis, a vital sign analysis, or an ocular state analysis. A writer may obtain support in an additional scenario modification work, and an investor may obtain support in making a decision through the above description. Furthermore, the video-work story analysis system and analysis method based on emotional state measurement may extract a particular pattern with respect to a change in an emotional state of a viewer, compile statistics, and analyze a correlation between a story and an emotional state.

• Journal of Arbitration Studies
• /
• v.15 no.3
• /
• pp.267-301
• /
• 2005

Following the increased economic corporations between the South and North Korea, many companies participate the corporation program. They needs insurance policy as a scheme for the transfer of risk from those individual company to it to an insurer. This paper review the possibility of the North Korea insurance authorities and research the origin, history, structure and context of the North Korea insurance law. The North Korea Insurance law differ from the South Korea and China's. North Korea Insurance authority has not capability of doing insurance business both side of underwriting and indemnity. Partly, it caused the uncertainty, insufficient and vague of the insurance law. The writer conclude that the North Korea insurance law faced to the needs of modernization. Especially, the Gyesung Industrial Complex Insurance Regulation couldn't cover the investor and company's risk because it is not based on the nature and basic principles of insurance.

• Current Industrial and Technological Trends in Aerospace
• /
• v.6 no.1
• /
• pp.124-134
• /
• 2008

The rising demand for the high efficiency and high covertness in UAV motivates the miniature design of the high performing mission sensors, or payloads. One of the promising payload sensors, EO/IR sensor has evolved satisfying its demands and became the main stand-alone mission sensor for 200kg-range UAV. One aspect in development of EO/IR sensor concerns lack of specification criterions to represent its performance. Even though the high demand and competition among each manufacturer caused EO/IR features subject to rapid change collateral to new technology, the datasheets maintained the conventional outdated formats which leave some of the major components in ambiguity. Making comparisons or predicting actual performance with such datasheets is hardly worthwhile; yet, they could be important reference guide for the potential customers what to expect for the upcoming EO/IR. According to UAS Roadmap 2007-2032 published by DoD, one of the main potential customers as well as a main investor of EO/IR technology, EO/IR is expected to play key roll in solving urgent problems, such as see and avoid system. This paper will examine the recent representative EO/IR specialized in UAS missions through datasheets to find out current trend and eventually extrapolate the possible future trend.

• Journal of Korean Society for Geospatial Information Science
• /
• v.12 no.3 s.30
• /
• pp.33-41
• /
• 2004

Land Suitability Assessment System(LSAS) that was introduced to prevent unplanned development of the nation is divided by Assessment System I and II. Assessment System II can regulate the land use on the development that was defined in the 'National Land Planning and Use Act'. With it, Property right can be limited in the development of private sector and this lure the investor to fabricate the result of land suitability assessment. Because of it, if we can't prepare the overview standard, we couldn't accomplish our purpose that unplanned development prevention and efficient land use. With the suggestion of overview standard for the each factor used in LSAS and the analysis result of it, we presented ways to efficient support and the fixations of LSAS.