• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.49
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• pp.89-109
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• 2011

Among various export financing, forfaitng and factoring give a comfort to exporters as those special financing schemes are extended to them on a without recourse basis. This is good for the exporters in terms of financing and risk cover of buyer or LC issuing banks. To enjoy this benefit, the SME exporters should, however, know the risks involved in sales contract. For example, if the export and importer set Korean law as governing law in the sales contract especially for open account exports, the exporter's receivables might be not welcome by factors according to provisions of Korean Conflict Law and it's application. Those regulations tell that the factor's position would be unstable when the sales contact limit exporter's assignment of receivables to the factor when the sales contract is subject to Korean law. Also the exporters should know related regulation of importer which might affect the assignment of receivables as well. This paper suggests the Korean exporters take internationally recognized agreement/convention such as UNI|DROIT Convention on International Factoring, UN Convention on the Assignment of Receivables in International Trade.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.211-235
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• 2010

According to the commercial law in Korea, a marine cargo insurance contractor (policyholder, insured person, agent) has the duty to disclose risks before establishing an insurance contract and the obligation to notify changes in risks after before establishing the contract. Marine cargo insurance policy clauses include one about the obligation to notify changes in risks. This clause assumes that an insurance contract should be implemented according to what has been answered to the important questions asked by the insurer in connection with the insurant's duty to disclose before establishing an insurance contract, and it stipulates that, if any change in what has been disclosed should be notified to the insurer since it is regarded as a change in risks. Neglecting the obligation to notify may lead to the termination of the appropriate insurance contract by the insurer. The problems here concern the clauses about changes in risks and about the obligation to notify. The problems are like these. Can it be that the circumstances which might be seen in the past as changes in risks according to the territorial sea laws and institute cargo clauses stipulated long ago are considered as such still today? And a marine cargo insurance policy till valid when changes in risks have not been properly notified by the original discloser of risks to the insured who currently holds the marine cargo insurance policy, which, unlike other insurance policies, is a marketable security? In Korea, the commercial law has a clause the obligation to notify changes in risks established based on the territorial sea laws and institute cargo clauses. In this regard, this study aims to consider if the clause still valid today or not and, if not, to propose alternatives to the clauses.

• Journal of Arbitration Studies
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• v.21 no.3
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• pp.137-163
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• 2011

The Law of the People's Republic of China on the Mediation and Arbitration of Rural Land Contract Disputes, which was adopted at the 9th session of the Standing Committee of the 11th National People's Congress of the People's Republic of China on June 27, 2009, is hereby promulgated and shall come into force as of January 1, 2010. This Law is enacted with a view to impartially and timely settling the disputes over contracted management of rural land, maintaining the legitimate rights and interests of the parties concerned and promoting the rural economic development and social stability. The mediation and arbitration of disputes over contracted management of rural land shall be governed by this Law. The disputes over the contracted management of rural land include: 1) disputes arising from the conclusion, fulfillment, modification, cancellation and termination of rural land contracts; 2) disputes arising from the sub-contract, lease, interchange, transfer, holding of shares and other means of turnover of contracted management rights to rural land ; 3) disputes arising from the withdrawal and adjustment of the contracted land; 4) disputes arising from the confirmation of contracted management rights to rural land; 5) disputes arising from impairment to the contracted management rights to rural land; and 6) other disputes over contracted management of rural land as prescribed in law and regulations. The disputes arising from requisition of collectively owned land and the compensations therefor do not fall within the scope of acceptance by the rural land contract arbitration commission, they may be settled by means of administrative reconsideration or lawsuits. In the case of disputes over the contracted management of rural land, the parties may make reconciliation by themselves or may request mediation by the villagers' committee, people's government of the township (town), etc. This study analyzed each process and the main issues on the point of the Mediation and Arbitration of Rural Land Contract Disputes.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.41
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• pp.3-21
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• 2009

To understand the procedure of international commercial transaction clearly and logically, this author would like to emphasize the contractual approach in this paper. The main contract in the transaction is the contract of sale; to perform this contract, the three subordinate or supporting contracts(including the contract of carriage, the contracts of insurance and the contract of payment) should be followed and performed. In the contract of sale, besides the express Terms, the trade Terms have very comprehensive meanings. Each trade term in Incoterms(2000) deals with the matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of the goods sold. It also provides for the duties of seller or buyer relating to the contract of carriage, the contract of insurance and the payment in the process of the delivery of goods. Especially, it does not provide the methods of payment concretely, but it imposes the seller to hand over the documents evidencing the conformity of the contract of sale, and the delivery which includes the documents of carriage and/or insurance. Thus although the trade Terms deal with the obligations of the seller or buyer directly, they are very closely related with the contract of carriage and the contract of insurance indirectly, and also with contract of payment using the documentary draft. For the Arbitration or the litigation in the case of the breach of contract, the trade Terms play very significant roles. When an arbitrator or a judge decides the case, they should understand each obligation clearly, in which case, the trade terms give answers about who is wrong or who is right. Therefore, the contractual approach focusing on the trade terms would give very fruitful advantages to the students or teachers in understanding the procedure of the international commercial transaction systematicly and comprehensively.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.1
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• pp.99-144
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• 2016

The summary of the case is as follows: a Korean passenger booked and purchased a business class ticket from Air France that was scheduled to depart from Paris and arrive in Seoul. When the passenger arrived at the check-in counter, he was told that all business class seats were occupied. It was because the flight was overbooked by Air France. The passenger cancelled the Air France flight and took another air carrier. After arriving in Korea, he brought suit against Air France for damages. The purpose of this article is to discuss the governing law when interpreting the contract of international air carriage in accordance with the Korean Private International Act (2001) and to analyze air carrier's civil liability for the bumped passenger in the overbooking case. If the parties have not chosen the applicable law the contract shall be governed by the law of the habitual residence of the consumer in the following situations: prior to the conclusion of the contract, the opposite party of the consumer conducted solicitation of transactions and other occupational or business activities by an advertisement in that country or conducted solicitation of transactions and other occupational or business activities by an advertisement into that country from the areas outside that country and the consumer took all the steps necessary for the conclusion of the contract in that country or in case the opposite party of the consumer received an order of the consumer in that country [Article 27 (1), (2) of the Private International Act]. Since the contract of international carriage falls into the consumer contract, the Supreme Court viewed that the governing law of the contract in this case would be the law of the habitual residence of the consumer (Supreme Court Decision 2013Da8410 decided on Aug. 28, 2014). This interpretation differs from the article 5 (4) of Rome Convention(80/934/EEC) which declares that the consumer contract article shall not apply to neither a contract of carriage nor a contract for the supply of services where the services are to be supplied to the consumer exclusively in a country other than that in which he has his habitual residence. Even though overbooking can be considered as a common industry practice, an air carrier must burden civil liability in case of breach of contract for the involuntary bumped passenger(Seoul Central District Court Decision 2014Na48391 decided on Jan. 29, 2015). In case of involuntary bumping, an air carrier must offer re-routing to passenger's final destination by an alternative flight. If an air carrier fails to effect performance in accordance with the tenor and purport of the obligation, the involuntary bumped passenger may claim damages(Article 390 of the Civil Code).

• Journal of Legislation Research
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• no.55
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• pp.57-94
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• 2018

Crisis of trust in Korean society, especially south-south conflicts among Korean political circle, civil society and peoples on the issue of the Korean peninsula policy driven by south Korean government, have weakened the sustainable and consistent energy of the policy for peace and unification of Korea peninsula. At the moment of drastic change of south-north relation in Korean peninsula, National agreement as a foundation of sustainable peace and unification policy has very important meaning. Because of this, national contract of unification as a kind of social concertation, has been demanded. National contract for peace and unification is an unprecedented process for making unofficial legal norm because it authorize quasi-legislative binding force on the agreement which is concluded by the Korean political circle, civil society and peoples for the peace and unification of Korean peninsula. National contract for peace and unification includes 'agreed aim and principles' for peace, prosperity and unification as well as process and result. And National contract for peace and unification, also is characterized long duration of aim achievement and openness of participating subjects. In terms of law, it will be legitimate source for comprehensive modification of international and internal law. In addition, The nature of National contract for peace and unification, as a people's law, should be considered as soft law which has the power to realize its contents through the enactment of legislation and policy. In order to guarantee the establishment and effectiveness of National contract for peace and unification, the setting of organization is need to determine the range of representatives, who participate in the process of contract making, procedure of contract and to carry out the contract after the conclusion of National contract for peace and unification. For the reason, the Council of National Contract for Peace and Unification as a independent administrative government committee and 'Act on National Contract for Peace and Unification' is needed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.55
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• pp.155-181
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• 2012

This study considered as precautions in light of practical affairs related to a claim for damages focusing on CISG (1980) and PICC (2004). Given summarizing contents of this study, those are as follows. First, when exercising a claim for damages, proving the damages may be difficult and hard. Thus, there is necessity for stating the liquidated damages clause in contract given conclusion of contract. Second, as for the application of interest rate given a claim for interest, CISG is not covered interest rate. PICC is covered interest rate. However, there is possibility that PICC will not be applied as general principles. Thus, to remove this insecurity and uncertainty, there is necessity for stating this in contract by deciding on the detailed standard stipulation after fully discussing about interest payment with the counterpart given sale contract. Third, when a seller delivered non-conformity of the goods for contract, a buyer is desirable to exercise by discreetly judging the exercise method or limitation element on a problem of selecting and exercising remedy favorable to oneself out of a claim for damages and a right to reduce the price. Finally, There was suggestion that the contract parties are desirable to utilize by modifying and supplementing properly this in line with own business-based necessity and situation based on the ICC Model International Sale Contract, and to state CISG and PICC the governing law clause, in preparing contract. This study is expected to possibly become guideline in which the damaged party exercises a claim for damages or aims to cope with the counterpart's exercising a claim for damages.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.49
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• pp.325-358
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• 2011

The purpose of this study aims to analyse the implications of volume contract clause with Rotterdam Rules. The Hague-Visby Rules have been in force this jurisdiction for over 30 years. In those three decades they have performed valiant service, both for the development of maritime law in this country and for the countless parties from around the world who have chosen courts and arbitral tribunals in London for the resolution of disputes arising under bills of lading or under charterparties incorporating the Hague-Visby Rules. While the Hague-Visby Rules apply only to bills of lading or any other similar documents of title and hence all other contracts of carriage are not subject to the current regime, this is not the case for the Rotterdam Rules which, broadly speaking, apply to contracts of carriage whether or not a shipping document or electronic transport record is issued. To preserve freedom of contract where necessary, however, a number of significant concessions were made and Article 80 represents one of the most controversial: that of volume contracts. However, the provision lends itself to abuse under each one of the elements as there is no minimum quantity, period of time or frequency and the minimum number of shipments is clearly just two. This means that important contracts of affreighment concluded pursuant to, for example, oil supply agreements have the same right to be excluded from the scope of application of the Rotterdam Rules. The fact that a volume contract may incorporate by reference the carrier's public schedule of services and the transport document or other similar documents as terms of the contract would make a carefully drafted booking note for consecutive shipments a potential volume contract as well.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.704-705
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• 2015

Recent research has been ongoing for modular buildings in the country, and interest increases. However, in accordance with legal restrictions in the country with regard to Project Delivery system of Modular Building, the activation of modular buildings industry is obstructed. In Korea, in accordance with national contract law, the construction contract is apply to the project delivery system of modular buildings, and in accordance with Framework Act on the Construction Industry, The project delivery system of modular buildings has to be a separate order. The definition of separate order in contract as defined in the law is that the electric work and Communication work and digestion facility work has to be separate each contract in order to be ensured professionalism. In accordance with law, the project delivery system of modular buildings is that the contract for construction is concluded with the Owner and the Construction Contractor and the contract for goods is concluded with the construction Contractor and modular manufacturer. Due to these project delivery system, the domestic factory production rate when making a modular unit is significantly reduced compared to the rate of factory production abroad and the domestic factory production rate is estimated to 10-20%. Due to the factory production rate is also low, despite what can be done at the factory the workload in construction field increases. According to the workload in field increases, the effect of the schedule reduction can be reduced. It resolved to form a consortium with a modular manufacturer and construction companies or the contract is concluded with Owner, modular manufacturer and construction companies in each. In this paper, we propose a specific project delivery system for modular building to solve the problem of the low factory production rate and the problem of schedule reduction. Through this paper, due to the variety of project delivery system on modular buildings is expected to contribute to the activation of modular buildings.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.3-22
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• 2003

The CISG has been effective since January 1,1988. Even if both parties of international sales contract are located in ratifying countries, the CISG does not apply to certain excluded transactions. The CISG does not apply if the parties have opted out of the CISG. When the parties opt out, they usually agree on the law that is to replace the CISG. In the context of international sales, the frequent and difficult choice of law problems will arise when the CISG applies to a transaction but does not resolve all the legal issues before the tribunal. So this article deals with the question. What should we select the applicable law in such situations? (1) For products liability issues excluded from the CISG by article 4 and 5, the court should apply the substantive law of the market state and the statute of limitations law of the forum, (2) For validity issues excluded from the CISG by article 4(a). the court should apply the UNIDROIT Principles when its rules resolve the issue.