• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.22
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• pp.173-197
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• 2004

Letter of Credit between buyer and seller in International Trade Transaction is the means of payment which makes International Trade operate smoothly by guaranteeing an exporter against non-payment and an importer against non-delivery. Therefore, the parties to a sale apply UCP500 established by the International Chamber of Commerce, in accordance with principle of the freedom of contract among the parties concerned, to look to their own legal stability. However, we may recognize some cases to have been applied principle of faith and trust, one of the dominant principles of the civil law, by the Korean Supreme Court and other cases to have not been applied that principle by the Korean Supreme Court. The Court shall apply UCP500 strictly as long as the parties concerned adopt UCP500 in view of the legal stability. In other words, in case that the Court applies principle of faith and trust to the case related to L/C, this rule - principle of faith and trust - should apply to the subject matter which have not stipulated in UCP500 under certain restriction. We suggest keeping in mind points to korean companies as follows; First, the parties to a sale shall understand L/C basis transaction and principles related to L/C deeply. Second, the exporter shall prepare documents in compliance with L/C and fulfil his or her obligation according to UCP500 and L/C related to the contract. Third, as buyer or importer, when he or she receive the shipping documents with discrepancies from the notifying bank, he or she makes him or herself clear to all the parties concerned. Fourth, as bank, she shall examine all the documents according to UCP500 and L/C related to the contract, and if any document with discrepancies, the bank, by all means, shall approach applicant first, and then decide whether to pay the credit amount to beneficiary or not to.

• Journal of the Daesoon Academy of Sciences
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• v.23
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• pp.345-383
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• 2014

This article intends to examine the value of the world citizenship in the perspective from the root meaning that is stressed as the behavior style of Daesoon thoughts in relation with 'desirable attitude of life in education of morality. Traditional root meaning of Daesoon thoughts turned out to be proper moral behavior principle such as Yin Yang harmonious virtue, God Humane keeping unity, and conviviality with regrets settlement. Such three principles of Daesoon Thoughts show the characteristic of global code such as respect of life, solidarity unity, and tolerant trust. To revise the phenomenon of duality, and to realize the human awakening in radically changing reality, we need to cultivate world citizenship based on the root meaning of Daesoon thoughts. Daesoon thoughts covering the East and the West, especially the key features of religion, can cultivate the world view of citizenship in the era of plural society based on folk beliefs toward Gucheon Sangje faith as the essence of the multiplism. The world citizenship of human society is necessary to unite the world in the unified construction cooperative spirits. All beings need to be away from antagonistic confrontation with the practice of mutual conviviality. The diameter of acquired joining world citizenship can have the opportunity to realize of Gucheon Sangje's Heaven and earth construction. The root meaning of Daesoon thoughts can contribute to moral practicality with world citizenship by practice of heavenly truth and human truth. First, cultivating heavenly truth by means of insight can develope the profound world citizenship. Secondly, the solidarity of the public and private can cultivate public citizenship. Thirdly, in the crisis of the mankind, this awakening conviviality can be foundation for world citizenship of public communication. Fourthly, the spirit that would not deceive ownself can be contributed to cultivating the world citizenship by means of the process of internalizing Daesoon thoughts. Nowadays in the plural society demanding world citizenship, the public citizenship can deepen the spirit of respect of life, solidarity unity, and tolerant trust in the process of world citizenship cultivation. In the future, the world citizenship can be deepen the alternative of practice in the continuous cultivation of world citizenship. In this process, we can form the culture of coexistence which can contribute to human society as well as korean society by developing the value of living together happiness through the guide of this phonesis.