• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.235-261
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• 2003

We examine the relationship between the trading activities of Korea Stock Price Index (KOSPI) 200 futures contract and its underlying stock market volatility for about six years from May 1996 when the futures contract was introduced. The trading activities of the futures contracts are proxied by the volume and open interest, which are divided into expected and unexpected portions by using the previous data. The daily, intradilay, and overnight cash volatility is estimated by the GJR-GARCH model. We find a positive contemporaneous relationship between the intradaily stock market volatility and the unexpected futures volume while the relationship between the volatility and expected futures volume is weakly negative or non-existent. We also find that the unexpected futures volume strongly causes intradaily cash volatility. On the other hand, the overnight cash volatility causes the unexpected futures volume. The impulse responses between these variables are all positive. The result implies that during a trading time futures trading tends to increase the cash volatility while the unexpected overnight changes in cash volatility tends to increase the futures trading activities. We, however, find no association between the cash volatility and futures maturities.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.27 no.1
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• pp.77-87
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• 2003

The residual stress and birefringence in injection-molded plastic parts can be divided into the flow-induced residual stress and birefringence produced in flowing stage, the thermally-induced residual stress and birefringence produced in cooling stage. However, the physics involved in the generation of the thermally-induced residual stress and birefringence still remains to be understood. Because polymer experiences viscoelastic history near the glass-transition temperature it is hard to model the entire process. Volume relaxation phenomenon was included to predict the final thermally-induced residual stress and birefringence in quenched plastic parts more accurately. The present study focused on comparing the predicted values far thermally-induced residual stress and birefringence with and without volume relaxation behavior (or free volume theory) under free and constrained quenching conditions. As a result, tile residual stress remained as a tensile stress at the center and as a compressible stress near the surface for the free quenching cases. In contract the residual stress remained as a compressible stress at the center and as a tensile stress near the surface fur the constrained quenching cases. The residual birefringence remained as minus values at the center and as plus values near the surface for the free quenching cases. Interestingly the residual birefringence showed minus values in entire zone for the constrained quenching cases. In the prediction of birefringence only the case including free volume theory showed the correct result for the distribution of birefringence in thickness direction.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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• pp.79-106
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• 2013

The world is significant increasing investment volume into developing countries from foreign investors. Foreign financial capital is searching in interesting place among the emerging market. However foreign investors put still their experience in the economical and social crisis with political risks in the host countries. MIGA entered into the political risks insurance market which has one of the basic matter of sponsored the private investment guarantee programs. They put guarantee or covering risks of currency inconvertibility, expropriation, breach of contract and political violence. In the case contracts of guarantee concluded between investor and MIGA which are disputes in relation to such MIGA service contract, it should be settled by negotiation, conciliation and arbitration under the convention establishing the Multilateral Investment Guarantee Agency(MIGA). All disputes within the scope to states and investor of MIGA members shall be settled in accordance with the procedure set out in the convention. Recently, MIGA is opening the office in Seoul to strengthen joint efforts between MIGA and Korea. It will be a good chance to consider sustainable improvement and dispute solutions for emerging countries in foreign investment to the korean investors.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.257-281
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• 2000

The world economy is becoming increasingly globalized. The globalization has resulted in far reaching agreements to deepen trade liberalization and enlarge its scope to cover new areas in addition to strengthening its supporting institutional base. Economic growth has developed international trade which has accelerated the development of international carriage of goods in 21st century. The international trade is basically founded on the contract of international sale of goods and backed up by the contract of international carriage of goods and the insurance on the goods carried. It is essential to incorporate each other sections for the efficient development of international trade. As a result of rapid expansion of international carriage of goods, rationalization of transport was required, which has brought about the International Multimodal Transport System through containerization. The approach to liability system will be a right way to solve the insurance problems for the development and enlargement of world trade volume. International multimodal transport system has affected international trade a lot, especially the field of insurance a grate deal. This paper is to analyze contents of liability system on Multimodal Transport with in the UN Convention on International Multimodal Transport of goods.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.3-26
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• 2000

The International Chamber of Commerce published the millennium edition of its standard trade definitions, Incoterms 2000. Incoterms are a basic reference for sales contracts, in constant daily use throughout the world. The new version will make it easier for traders to do business in the new century, despite the growing volume and complexity of international transactions. Since Incoterms were first published in 1936, they have been updated six times. They precisely define the responsibilities of buyer and seller and are recognized as the international standard by customs authorities and courts in all the main trading nations. It is important for traders to incorporate the correct Incoterms into their international contracts to avoid unnecessary legal problems. Courts may otherwise interpret trade terms according to often widely divergent national laws and unless the use of Incoterms is specified, expensive legal disputes can arise. Division of costs is a most important element in every contract of sale. The parties must know not only who does what but also how costs resulting therefrom should be divided between them. In most cases the fact that a party must do something means that he must also bear the resulting costs, unless otherwise agreed. But there are many exceptions to this principle and uncertainties arise, particularly with respect to services performed by other parties. Also, difficulties arise with respect to the division of costs whenever additional costs are caused by unexpected events, such as hindrances causing a ship to deviate or to remain in a seaport longer than expected. The main principle of the division of costs is clear enough: the seller has to pay costs necessary for the goods to reach the agreed point of delivery, and the buyer has to pay any further costs after that point. But as noted, it is not always easy to implement this principle in practice, since the detailed distribution of functions under the various trade terms is not and cannot be fully defined in Incoterms. Instead, failing precise stipulations in the contract of sale, guidance must be sought from other criteria such as commercial practices used earlier by the same parties or the custom of trade.

• Korean Journal of Construction Engineering and Management
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• v.25 no.2
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• pp.23-35
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• 2024

This study analyzed the correlation between each of the 12 influencing factors in FAR 16.04 and the decision-making process for construction contract types, using data from a total of 2,406 DoD Construction Acquisitions spanning from 2008 to 2022. The study considered 12 independent variables, grouped into 4 Characteristics with 3 factors each. Meanwhile, all other contract types were categorized into two types: Firm-Fixed-Price (FFP) and Cost-Reimbursement Contract (CRC), which served as the dependent variables. The findings revealed that FFP contracts significantly dominated in terms of acquisition volume. In line with prevailing beliefs, logistic data analysis and Analytical Hierarchy Process (AHP) analysis of Relative Weights from Experts' Survey demonstrated that independent variables like Uncertainty of the Scope of Work and Complexity found out to be increasing the likelihood of selecting CRC. The number of contractors in the market does indeed influence the possibilities of contract decision-making between CRC and FFP. Meanwhile, the p-values of the top 3 influencing factors on CRC from the AHP analysis-namely, Appropriateness of CAS, Project Urgency, and Cost Analysis-exceeded 0.05 in the binominal regression results, rendering it inconclusive whether they significantly influenced the construction contract type decision, particularly with respect to payment methods. This outcome partly results from the fact that a majority of respondents possessed specific experiences related to the USFK relocation project. Furthermore, influencing factors in construction projects behave differently than common beliefs suggest. As a result, it is imperative to consider the 12 influencing factors categorized into 4 Characteristics areas before establishing acquisition strategies for targeted construction projects.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.44
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• pp.111-180
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• 2009

According to English law, in a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure to be insured. However, Unites States law affords the implied warranty of seaworthiness a great deal of latitude. In the case of voyage policies, it has been traditionally held that the assured is bound not only to have his vessel seaworthy at the commencement of the voyage but also to keep her so, insofar as this can be achieved by himself and his agents, throughout the voyage. Additionally, a defect in seaworthiness, arising after the commencement of the risk, and permitted to continue from bad faith or want of ordinary prudence or diligence on the part of the insured or his agents, discharges the insurer from liability for any loss consequent to such bad faith, or want of prudence or diligence; but does not affect the insurance contract in reference to any other risk or loss covered by the policy, and which is not caused or exacerbated by the aforementioned defect. One of the most important areas of difference in the marine insurance contract between the U.K. and U.S. is the breach of warranty. Prior to the Wilburn Boat case, the MIA was thought to hold that the effect of a breach of warranty was similar under American law -in that under the general maritime law literal compliance with all promissory warranties is required. In this case, the Court concluded that state law should apply to a marine insurance policy, and found that there was no federal rule addressing the consequences of a breach of warranty in marine polices. However, it is of the utmost importance that this case brought to a close the imperative concordance between English and American law. Meanwhile, in relation to marine insurance contracts in Korea, this insurance is subject to English law and practice;, additionally, the international trade volume between Korea and the United States has assumed a vast scale. Therefore, we believe it is important to understand the differences in marine insurance law between the two countries in terms of marine insurance contracts, and most specifically warranties.

• Korean Journal of Construction Engineering and Management
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• v.21 no.4
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• pp.21-29
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• 2020

This study analyzed problems of operating performance bond for public works and derived some suggestions for improvement. The Contract Law for Government Owner requires to submit performance bond which guarantees performing the construction contractor pays back compensation money when the obligation is not executed. Currently, first bid eligibility for participation is exactly required for executing company of performance bond obligation, not considering volume, technical level, and special type of remaining works. In collaboration contract, if guarantee accident occurs, it is obliged for remaining collaboration contractors to be qualified to fulfill the whole contract. This study proposes following improvement plan to solve problems of current performance bone in public works. Firstly, qualification criteria must be deregulated exceptionally for selecting proper contractor, which executing performance bond obligation, considering progress and characteristics of remaining works. Secondly, In collaboration contract, the prerequisite of remaining contractors' should be deregulated as 'implementation requirement of the remaining works'from'implementation requirement of the whole work'. Finally, defect responsibility should be included in liabilities of performance bond by specifying that owner or guarantee agency bear them.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.359-389
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• 2011

The Rotterdam Rules, which was adopted in December 2008 by UNCITRAL, has underlying intention that it will provide uniform law for the international carriage of goods by sea and modernize transport law reflecting modern transport custom. However, it is also true that there are various conflicting views on the Rotterdam Rules. This article tried to analyze main controversial issues such as scope of application, basis of liability of the shipper and the carrier, exception th the volume contract, legal position of the freight forwarder, delivery of the goods from the both sides of view. The Rotterdam Rules exposes some problems in applying and interpreting the Rules as many people indicated. These problems, I think, mainly due to the extended scope of application and broader range of issues. However, I do not think that the Rotterdam Rules will serious affect to the international transport industry. Furthermore, it is unreasonable to expect perfect Rules satisfying every interests.

• Proceedings of the Safety Management and Science Conference
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• 2012.04a
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• pp.371-380
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• 2012

Although all costs concerned in transportation be separated by region and each terms and conditions of Incoterms that state cleary them who have to pay the charges. But, almost lcl exporters donot want to pay their charges the carriers at loading port eventhough they make the contracts with the importer as FOB and CFR of Incoterms. And the carrier have been do not bill the FOB charges to the shipper. Now, there are no more Incoterms in LCL transportation. So, the importer have been payed loading port charges twice, first, the contract with the shipper, secondly, through the destination charge. These problems make decreasing of trading volume and increasing of logistics costs. We suggest every traders and carriers separate the costs as per the price terms and conditions of incoterms and bill/receive the costs separated the trader who have to pay the charges as per their price terms. It will bring mutual success in the world and increasing trade.