• International Commerce and Information Review
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• v.13 no.4
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• pp.275-295
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• 2011

Any attempt which requires banks to consider non-documentary conditions would destroy autonomy principle and increase the risks of the bank in L/C transactions. Therefore, non-documentary conditions are disregarded in the letter of credit. This provision was first introduced in UCP500, but later, ICC Position Paper No.3 added that if L/C requires documents related to non-documentary conditions, it cannot be disregarded. While the language in UCP600 is basically the same as that in UCP500, there is a difference between the two in that the former disregards the documents related to non-documentary conditions even if they are required by L/C. However, it should be remembered that international standard banking practice does not disregard all of non-documentary conditions. It recognizes the validity of some non-documentary conditions which it is not feasible to change into documentary conditions. That is, such non-documentary conditions as can be determined from an index specified in the guarantee or identified from the issuing bank's own records or their normal operations are recognized as valid in legal cases. ISP98 and UR00758 do not consider these as non-documentary conditions. The applicant should be cautious not to include non-documentary conditions in their applications.

• International Commerce and Information Review
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• v.16 no.2
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• pp.89-109
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• 2014

The purpose of price escalation clauses has the effect of increasing the L/C value subject to external pricing mechanisms. This will be found inter alia in metals and oil products transactions. Such a clause gives rise to a question. That is, whether it is enforceable or whether it constitutes a letter of credit. The problem is what to reference to a source outside the context of a letter of credit constitutes a non-documentary condition rendering the undertaking something other than a letter of credit. Reference to an objective and readily available index is not something that renders the undertaking obscure and is not "non-documentary in the sense that it is possible to make an objective verification of the data. The possible solution is that not every non-documentary condition will be disregarded. For example, an index specified in the credit will not be disregarded as stipulated in ISP98 and URDG758. If a non-documentary is "central and fundamental", it seems that the parties intended a dependent payment obligations. The most common means of overcoming this conflicts of interests is to issue an instrument incorporatingan escalation clause, but capping the bank's maximum payment obligation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.54
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• pp.99-122
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• 2012

According to the United Nations Convention on the International Sale of Goods, the Seller must deliver the goods, hand over any documents relating to the them and transfer the property the to the goods as required by the contract, and buyer must pay the price for the goods and take delivery of them as required by the contract. In particular, the seller provides the documents is important. If the documents are discrepancies in credit, the beneficiary may not receive the payment. So It is important to study on conditions of documents in international trade. Documents provided by the seller shall be determined by express terms. If there is no agreement on the express terms, it shall be determined by the implied terms or governing law terms. In practice Seller shall provide the documents are as follows, For example, transport documents, commercial invoice, certificate of origin, insurance policy, packing list, inspection certificate etc. As stated above if it can not be determined by express terms, it is determined by the implied terms. In international trade, leading to the implied terms is incoterms(R) 2010 and UCP 600. Incoterms(R) 2010 define the seller must provide the goods and the commercial in conformity with the sales contract and any other evidence of conformity that may be required by the contract and UCP 600 are rules that apply to documentary credit. This paper, the practical utility between Incoterms(R) 2010 and UCP 600 is studied.

• International Commerce and Information Review
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• v.16 no.5
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• pp.87-114
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• 2014

The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. Historically, the commercial parties, particularly banks, have developed the techniques and methods for handling letters of credit in international trade finance. This practice has been standardized by the ICC (International Chamber of Commerce) by publishing the UCP in 1933 and subsequently updating it throughout the years. The ICC has developed and moulded the UCP by regular revisions, the current version being the UCP600. This latest version, called the UCP600, formally commenced on 1 July 2007. During the revision process, notice was taken of the considerable work that had been completed in creating the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP), ICC Publication 745. This publication has evolved into a necessary companion to the UCP for determining compliance of documents with the terms of letters of credit. It is the expectation of the Drafting Group and the Banking Commission that the application of the principles contained in the ISBP, including subsequent revisions thereof, will continue during the time UCP 600 is in force. This paper focuses on documents including various certificates, Packing List, Weight List, Beneficiary's Certificate, Analysiis, Inspection, Health, Phytosanitary, Quantity and Quality Certificates, Courier Receipts, Shipping Advice etc. and suggests some implications in the field.

• International Commerce and Information Review
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• v.14 no.4
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• pp.433-456
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• 2012

The confirming bank undertakes to make payment to the beneficiary, provided that a complying presentation is made and complies with its confirmation. In case L/C fraud is evident, though, the confirming bank as well as the issuing bank does not have the obligation to make payment. That is, the confirming bank does not take the risks involving documentary fraud. The confirming bank cannot exercise the right to recourse toward the beneficiary or the nominated bank when the issuing bank finds the discrepancies which the confirming bank has not noticed. This is because under UCP600, the issuing bank or the confirming bank cannot refuse to make payment with the cause of documentary discrepancy after 5 banking days following the presentation of documents. Even if the issuing bank accepts the discrepant documents following the confirming bank's request to do so, the confirming bank does not have the responsibility for the confirmation. When under Usance Negotiation Credit, the confirming bank acts as the nominated bank, the confirming bank should make payment in no time if the beneficiary presents complying documents. Therefore, unless the confirming bank intends to make immediate payment, they should consider using Deferred Payment or Acceptance L/C in Usance Credit. It is also safer for the beneficiary to have the reimbursing bank's undertaking to the reimbursement than just have confirmation of the credit because in the latter case they may not have full payment due to disputes regarding discrepancies of the documents even if they have confirmation of the credit.

• 월간 기계설비
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• no.11 s.208
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• pp.29-40
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• 2007

국가계약법 시행령이 개정됨에 따라 재정경제부는 공사계약 일반조건, 입찰조건, 입찰유의서 등 회계예규를 개정하고 지난 10월 12일부터 시행에 들어갔다. 개정된 시행규칙은 공사계약일반조건에서 설계서와 물량내역서 등의 범위에 대한 정의규정 보완/손해보험 관련 손해공제 포함/설계변경 관련 조문정리/설계변경 계약금액조정 제한대상 추가 및 입찰금액조정 규정 마련/특정규격의 자재별 가격변동에 따른 계약금액조정 관련 등이 개정되었고, 공사입찰유의서에는 입찰에 관한 서류의 열람 및 교부/입찰무효사유 보완/낙찰자가 부적격자로 판명된 경우 낙찰자 결정 방법 개선/조문정리 등이 개선되었다.

• Journal of the Korean Institute of Gas
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• v.2 no.4
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• pp.1-6
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• 1998

In order to increase design efficiency, it is required to design steam boiler pressure parts systematically considering daily start-stop operation and load variation. The objective of this research is to develope an integrated system for increasing design efficiency of boiler pressure parts. The developed system consists of three program modules: (1) flexibility design module for the header stub considering fatigue life, (2) fatigue limit calculation and life evaluation module for the thick-walled boiler pressure part under cyclic operation using TRD301 code, (3) drawing automation module for the header and drum producing design drawings, welding data and bill of materials.

• Journal of Arbitration Studies
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• v.15 no.3
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• pp.175-205
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• 2005

One of the important issues facing current letter of credit practice is the effect of nondocumetary conditions. A nondocumentary condition is a condition contained in the credit without stating the document to be presented in compliance therewith, so nondocumentary condition must be ascertained by reference to factual matters rather than by review of a tendered document. This study attempts to examine the regulations in UCP, ISP98 and UCC on the nondocumetary conditions and the opinions on the effect of nondocumetary conditions and to analyze various cases on the effect of nondocumetary conditions. The results of this study can be summarized as follows. Firstly, UCP, ISP98 and UCC stipulate that banks will deem nondocumetary conditions as not stated and will disregard then So the legal standards for nondocumetary conditions have established. Secondly, courts used to permit the effect of nondocumetary conditions on the basis of the Wichita rule, party autonomy. Thirdly, issuing banks and applicants should not attempt to put in any nondocumetary conditions in order to prevent disputes on the effect of nondocumetary conditions.

• International Commerce and Information Review
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• v.16 no.1
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• pp.247-269
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• 2014

This study is to present alternatives of strategical utilization of e-L/C in respective of transaction cost. Documentary credit is most used for trade importers' credit quality and the guarantee of the purchase price as the form of payment in export and import business dealings. The beneficiary must provide the documents required in a letter of credit in order to claim payment documents from the issuing bank, this leads to certain complexity during the procedure in practice, the preparation and the expenses of significant requirements and additional documents as well as in completing demands from the credit. In a result, there has been issues raised about the aspects of time and cost during the payment process. The outcome of such problems caused by delays in the existing trade procedure is the public to require the use of e-L/C in order to improve problems from the 'Transaction Cost' side. This study provides e-L/C's use to overcome the problems that are appearing from 'Transaction Cost' side as the aspect of time and the cost. In order to do so, we have to identify the problems in the original credit and e-L/C. Thus, provide the propose strategy of e-L/C from the Transaction Cost aspect.

• Journal of radiological science and technology
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• v.32 no.3
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• pp.335-341
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• 2009

Purpose : The medical imaging issuance is changed from conventional film method to Digital Compact Disk solution because of development on IT technology. However other medical record department's are undergoing identification check through and through whereas medical imaging department cannot afford to do that. So, we examine present applicant's recognition of private intelligence safeguard, and medical imaging issuance condition by CD & DVD medium toward various medical facility and then perform comparative analysis associated with domestic and foreign law & recommendation, lastly suggest standard for medical imaging issuance and process relate with internal environment. Materials and methods : First, we surveyed issuance process & required documents when situation of medical image issuance in the metropolitan medical facility by wire telephone between 2008.6.1$\sim$2008.7.1. in accordance with the medical law Article 21$\sim$clause 2, suggested standard through applicant's required documents occasionally - (1) in the event of oneself $\rightarrow$ verifying identification, (2) in the event of family $\rightarrow$ verifying applicant identification & family relations document (health insurance card, attested copy, and so on), (3) third person or representative $\rightarrow$ verifying applicant identification & letter of attorney & certificate of one's seal impression. Second, also checked required documents of applicant in accordance with upper standard when situation of medical image issuance in Kyung-hee university medical center during 3 month 2008.5.1$\sim$2008.7.31. Third, developed a work process by triangular position of issuance procedure for situation when verifying required documents & management of unpreparedness. Result : Look all over the our manufactured output in the hospital - satisfy the all conditions $\rightarrow$ 4 place(12%), possibly request everyone $\rightarrow$ 4 place(12%), and apply in the clinic section $\rightarrow$ 9 place(27%) that does not medical imaging issuance office, so we don't know about required documents condition. and look into whether meet or not the applicant's required documents on upper 3month survey - satisfy the all conditions $\rightarrow$ 629 case(49%), prepare a one part $\rightarrow$ 416 case(33%), insufficiency of all document $\rightarrow$ 226case(18%). On the authority of upper research result, we are establishing the service model mapping for objective reception when image export situation through triangular position of issuance procedure and reduce of friction with patient and promote the patient convenience. Conclusion : The PACS is classified under medical machinery that mean indicates about higher importance of medical information therefore medical information administrator's who already received professional education & mind, are performer about issuance process only and also have to provide under ID checking process exhaustively.