• 제목/요약/키워드: Confirming Bank

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UCP600에서 확인은행의 지위와 책임 (The Status and Responsibility of the Confirming Bank under UCP600)

  • 박세운;이선혜
    • 통상정보연구
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    • 제14권4호
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    • pp.433-456
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    • 2012
  • 확인은행은 수익자가 신용장조건과 일치하는 제시를 하면 수익자에게 대금지급을 확약한다. 그러나 신용장 사기가 명백한 경우 확인은행은 개설은행과 마찬가지로 대금을 지급할 의무를 지지 않는다. 즉 확인은행이 서류 위조에 대한 위험까지 부담하는 것은 아니다. 확인은행이 발견하지 못한 하자를 개설은행이 발견한 경우 확인은행이 수익자 또는 지정은행에 소구권을 행사할 수 없다. 왜냐하면 UCP600에서 서류 접수 후 5은행영업일이 경과하면 개설은행 또는 확인은행은 서류 하자를 이유로 대금지급을 거절할 수 없기 때문이다. 확인은행이 수익자의 하자 있는 서류의 용인을 개설은행에 요구하여, 개설은행이 이것을 용인하였다 하더라도 확인은행은 확인에 따른 책임을 지지 않는다. 기한부 매입신용장에서 확인은행이 지정은행인 경우 수익자가 신용장조건과 일치하는 서류를 제시하면 확인은행은 즉시 신용장 대금을 지급하여야 한다. 따라서 확인은행이 즉시 대금을 지급할 의사가 없다면 기한부신용장에서 연지급 또는 인수신용장을 이용하여야 한다. 수익자 입장에서 신용장 확인을 받더라도 서류 일치성 여부에 대한 분쟁이 발생할 수 있으므로 대금회수가 100% 보장되는 것은 아니다. 신용장 확인보다는 상환은행의 상환확약이 더 안전하다.

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화환신용장거래(貨換信用狀去來)에서 확인은행(確認銀行)의 법적(法的) 지위(地位)와 관계당사자(關係當事者)에 대한 책임(責任)의 한계(限界) (A Legal Position of Confirming Bank and Limits of Responsibilities between the Confirming Bank and the Contract Parties at the Documentary Credit Transactions)

  • 장흥훈
    • 무역상무연구
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    • 제13권
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    • pp.605-630
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    • 2000
  • A letter of credit plays very important roles in rational and smooth international trade. But the parties to letter of credit transactions can bring about many troubles and losses in such transactions because of ignorance and limits of their rights and responsibilities. The purpose of this study is to analyze a legal position of confirming bank and limits of responsibilities of the confirming bank on the UCP and authoritative decisions by ICC. I attempts to analyze a legal position of confirming bank and limits of responsibilities between the confirming bank and the contract parties at the documentary credit transactions on the basis of theoretical, lawful, and international transactions.

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연지급신용장 만기전 매입의 문제점과 유의사항에 관한 연구 -각국의 판례를 중심으로- (A Study on the Problems and Instructions of Negotiation Before Maturity under Deferred Payment Letter of Credit - Focus on the Cases of Different Countries -)

  • 김경배
    • 한국중재학회지:중재연구
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    • 제16권2호
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    • pp.213-238
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    • 2006
  • Deferred payment letter of credit is the L/C that makes the issuing bank to pay a beneficiary at maturity stipulated in the credit. In this deferred payment letter of credit transaction, is it possible that a confirming or nominating bank payor negotiate before maturity? and the confirming or nominating bank have legal protection when paid or negotiated before maturity? These problems are raised in argument. By the way, Korea, Switzerland, Germany, and Italy are positive on the above question, but France, United Kingdom, and Singapore are negative. Therefore, when using deferred payment letter of credit, it is required to keep in mind that the understanding of maturity stipulated in the credit is different among countries, legal principles of each nations, and researchers. And other problems are raised also as follows; the application of Fraud Rule and principle of independence and abstraction as nature of credit, when to pay credit amount to beneficiary, and refusal of payment due to poor quality. Finally, it is required to use deferred payment letter of credit, after full understanding of deferred payment letter of credit pointed out in this paper.

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화환신용장(貨換信用狀)의 준거법선정(準據法選定)과 적용(適用)에 관한 비교연구(比較硏究) (A Comparative Study on The Applicability of Governing Law under Documentary Credits)

  • 김종칠
    • 무역상무연구
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    • 제12권
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    • pp.461-494
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    • 1999
  • This study is to analyse the applicability of governing law in multi-party contractual relationship of letter of credit. And this study is also to suggest the limits of the possibility of applicable law in multi-party contract. The contract of letter of credit constitutes complex relationship, i.e., applicant -beneficiary, applicant-issuing bank, issuing bank-intermediary bank ect. The law applicable to letter of credit should not use a singular governing law in all credit transaction as sales contract. To solve these problems, the author analysed the law applicable to the credit under multi-party contractual relationship as follow : (1) the principle of party autonomy (2) In the absence of express agreement with regard to the law applicable to the contract, lex loci contractus, lex loci solutionis, the law intended by the parties, the law with which contract is most closely connected. Accordingly, when attempting to ascertain the law governing the credit, it should be borne in mind that the credit involves several contractual relationships. I would like to conclude as follows: 1. The contract between the applicant and the Issuing bank is to be governed by the law of the country where the contract is made, and in which the bank carries on business and has issued the credit. 2. When it comes to the beneficiary-Intermediary bank relationship the following rule is given : The liability of an intermediary bank to the seller is governed by the law the country where the intermediary bank is operating if it is acting as principal. If, however, it is acting as agent(advising bank), it will be the law of the country where his principal is situate. 3. The contract between the beneficiary and the Issuing bank is governed by the law of the country where the payment is to be performed. 4. The contract between the Issuing bank and Intermediary bank is governed by 1) the law of the issuing bank is applicable if the intermediary bank only advises the credit, 2) the law of the issuing bank is applicable but if the intermediary bank makes payment, accepts or negotiates drafts against the tender of the documents, i.e., act as the bank dffecting the payment., 3) the law of the confirming bank is applicable if the irrevocable letter of credit is confirmed by the intermediary bank

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화환신용장 거래에서 은행의 불일치서류 거절의 적시성에 관한 연구 -Federal Bank Ltd. v. VM Jog Engineering Ltd.의 사건에서의 인도 최고법원의 판결을 중심으로- (Analysis on Timely Refusal to Accept Discrepant Documents in Documentary Credit Transactions -with a special emphasis on Federal Bank Ltd. v. VM Jog Engineering Ltd, Indian Supreme Court Decision-)

  • 한재필
    • 한국중재학회지:중재연구
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    • 제16권3호
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    • pp.161-189
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    • 2006
  • This paper is aiming at analyzing case law of India in relation with reasonable time to make decision whether to accept or to refuse the documents received from the presenter in credit transactions. As specified in UCP, the failure to refuse to accept the documents within a reasonable time precludes the Issuing Bank, Confirming Bank (if any) and Nominated Bank from asserting that they are discrepant. Compliance of the stipulated documents on their face with the terms and conditions of the credit shall be determined by international standard banking practice as reflected in this Articles of UCP 500. The Issuing bank is only to be held responsible for honoring the documents presented by beneficiary through the nominated banks if they are strictly in compliance with terms and conditions of the Credit. As any well experienced banker knows, however, a word-by-word, letter-by-letter correspondence between the documents and the credit terms means a practical impossibility. Thus the notion of reasonable care in conjunction with the doctrine of strict compliance mixed with International Standard Banking Practices has not played a right functional standard for checking the documents as stipulated in the credit and UCP 500. And so the rejection rate is highly estimated at approximately 50% in EU and 40 to 70% according to their geographical locations in the USA. As a result, it can possibly be inferred from this fact that the credit industry would be facing the functional failure as the international trade credit facility, if not supported with motive power as a relevant scheme in UCP 500. It is quite important to note that UCP 500 Article 13(b) which specify the time limit for the banks to notify the presenter their decision not to accept the documents within a reasonable time not to exceed seven banking days following the day of receipt of documents would be the motive engine to improve the negotiability of documents in international trade financial facility.

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The Role of Korea Chemical Bank in "Hit to Lead" process of Drug Discovery

  • Kim, Sun-Woo;Kim, Dong-Wook;Kim, Sun-Ho;Choi, Yeon-Joo;Kim, Joo-Young;Han, Mi-Jung;Kim, Oke-Kil;Kil, Kyong-Ok;Kim, Sung-Soo
    • 대한약학회:학술대회논문집
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    • 대한약학회 2003년도 Proceedings of the Convention of the Pharmaceutical Society of Korea Vol.1
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    • pp.249.1-249.1
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    • 2003
  • The Korea Chemical Bank (KCB) has more than 80,000 compound collections. provided from many companies, academies and institutes. KCB has supported high-throughput screening (HTS) against 80 biological targets and identified a number of hits over 20 targets. These hits were first validated by confirming the purity and novelty of anticipated compound. We also determined their physiochemical properties. (omitted)

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국제대금결제에서의 신용위험 대처방안에 관한 연구 - 국제팩토링.포페이팅을 중심으로 - (A Study on the Exporter's Measures against Credit Risks in International Payment System - focus on international factoring.forfaiting -)

  • 오원석;박세훈
    • 무역상무연구
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    • 제39권
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    • pp.143-175
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    • 2008
  • The documentary letter of credit is the most preferred and frequently used method in International Payment System in Korea, as it has less possibility of occurring credit risks in export than any other payment system. That's because the exporter can get payment from the issuing bank(confirming bank) by delivering the goods and presenting documents following the required procedure under the letter of credit, as the payment is affirmed by the issuing bank(including the confirming bank in case of the confirmed letter of credit) regardless of the buyer's payment. However, the pattern of payment methods used in international trade of Korea is changing dramatically like the importance of the credit is decreasing continuously among the payment methods while the remittance is increasing. The increase of remittance has a positive aspect that International Payment System are changing into those of advanced countries, but the decrease of the credit also has a negative aspect that the exporter might have a greater credit risks. Therefore, we need a systematic device to deal with this. Exporters in Korea usually have used the export credit insurance to deal with the credit risks However, the export credit insurance also have a limitation as the policy finance due to the limitation based on the credit status of the business and the limitation of acceptance from the lack of financial resources of the government, etc. Korea, which is the 11th export power in the world, has a basic limitation to deal with the credit risks by depending on the export credit insurance only. So, in this thesis, I have studied on the international factoring, forfaiting, which are advanced export finances and widely used in advanced countries, as substitutes to deal with the credit risks. the international factoring is an trade financing in which a factor offers full services such as credit cover, offering prepayment, collection, account receivables, management, etc, instead of the exporter on the account receivables occurred by the exporter's delivering goods to the importer. This international factoring has a high possibility of using as a means to deal with the credit risks, because it offers prepayment without recourse. the forfaiting is another export financing in which a forfaiter purchases the draft, the promissory note and other negotiable instruments issued from the international trade, with fixed interest rate without recourse from the exporter or previous holder. By using this method, they can avoid foreign exchange risks, contingency risks as well as credit risks, as the conveyances like the promissory note, etc are issued with the note warranty so-called 'per aval' in business practice. These trade financing are good substitutes to deal with the credit risks in export, but they are not widely used in Korea. Though it can be explained with various reasons, the common reasons are the lack of understanding on the use of advanced export finance, the lack of experts to manage the advanced trade finance, the conservative way of thinking of domestic organizations related to trade financing, the lack of organizations supporting the trade financing, etc.

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신용장거래에 있어서 개설의뢰인의 서류심사 및 통지의무 (The Applicant's Liability of Examination of Document and Notification of the Discrepancies in Credit Transaction)

  • 박규영
    • 통상정보연구
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    • 제8권4호
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    • pp.105-121
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    • 2006
  • This study is related with the judgements of our country's supremcourt against the transaction of Letter of Credit which is beneficiary's fraudulent trade deal. In this case I think to analyse the judgements and to present the basic grounds on which the judgements were established. In Letter of Credit transaction, there are the major parties, such as, beneficiary, issuing bank, or confirming bank and the other parties such as applicant, negotiating bank, advising bank and paying bank. Therefore, in this cases, the beneficiary, the French Weapons' Supplier who did not shipped the commodities, created the false Bill of Lading, let his dealing bank make payment against the documents presented by him and received the proceeds from the negotiating bank or collecting bank, thereafter was bankrupted and escaped. For the first time, even though the issuing bank conceived that the presented documents were inconsistent with the terms of L/C. it did not received the payment approval from the applicant against all the discrepancies, made the negotiating bank pay the proceeds to exporter and thereafter, delivered the documents to the applicant long after the time of the issuing bank's examination of documents. The applicant who received the documents from the issuing bank, instantly did not examine the documents and inform to the issuing bank whether he accepted the documents or not. Long time after, applicant tried to clear the goods through custom when he knew the bill of ladings were false and founded out the documents had the other discrepancies which he did not approved. As the results, the applicant, Korea Army Transportation Command claimed, that the issuing bank must refund his paid amount because issuing bank examined the documents unreasonably according to u.c.p 500 Act 13th, 14th. In spite of the applicant's claim, the issuing bank argued that it paid the proceeds of L/C reasonably after receiving the applicant's approval of an discrepancy of document, the delayed shipment, but for concerning the other discrepancies, the trivial ones, the applicant did not examined the document and noticed the discrepancies in reasonable time. Therefore the applicant sued the issuing bank for refunding it's paid proceeds of L/C. Originally, this cases were risen between Korea Exchange Bank and Korea Army Transportation Command. As result of analysing the case, the contents of the case case have had same procedure actually, but the lower courts, the district and high courts all judged the issuing bank was reasonable and did not make an error. As analysing these supreme court's judgements, the problem is that whether there are the applicant's liability of examining the documents and informing its discrepancies to the issuing bank or not, and if the applicant broke such a liabilities, it lost the right of claiming the repayment from issuing bank. Finally to say, such applicant's liabilities only must be existed in case the documents arrived to the issuing bank was delivered to the applicant within the time of the documents examination according to u.c.p 500 Act 14, d. i. But if any the documents were delivered to applicant after time of the documents examination, the applicant had not such liabilities because eventhough after those time the applicant would have informed to the issuing bank the discrepancies of documents, the issuing bank couldn't receive repayment of its paid proceeds of document from the negotiating bank. In the result after time of issuing bank's examination of documents, it is considered that there's no actual benefit to ask the applicant practice it's liability. Therefore finally to say. I concluded that the Suprem Court's judgement was much more reasonable. In the following, the judgements of the supreme court would be analysed more concretely, the basic reasons of the results be explained and the way of protecting such L/C transaction would be presented.

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DNA Barcoding Korean Birds

  • Yoo, Hye Sook;Eah, Jae-Yong;Kim, Jong Soo;Kim, Young-Jun;Min, Mi-Sook;Paek, Woon Kee;Lee, Hang;Kim, Chang-Bae
    • Molecules and Cells
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    • 제22권3호
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    • pp.323-327
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    • 2006
  • DNA barcoding, an inventory of DNA sequences from a standardized genomic region, provides a bio-barcode for identifying and discovering species. Several recent studies suggest that the sequence diversity in a 648 bp region of the mitochondrial gene for cytochrome c oxidase I (COI) might serve as a DNA barcode for identifying animal species such as North American birds, insects and fishes. The present study tested the effectiveness of a COI barcode in discriminating Korean bird species. We determined the 5' terminus of the COI barcode for 92 species of Korean birds and found that species identification was unambiguous; the genetic differences between closely related species were, on average, 25 times higher than the differences within species. We identified only one misidentified species out of 239 specimens in a genetic resource bank, so confirming the accuracy of species identification in the banking system. We also identified two potential composite species, calling for further investigation using more samples. The finding of large COI sequence differences between species confirms the effectiveness of COI barcodes for identifying Korean bird species. To bring greater reliability to the identification of species, increased intra- and interspecies sampling, as well as supplementation of the mitochondrial barcodes with nuclear ones, is needed.