• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.13
• /
• pp.495-513
• /
• 2000

In this paper, I examined the terms of letter of credit and standard for examination of documents. In connection with the test of standard, I reviewed the bank's reasonable care, inconsistence and linkage between documents, non-documentary conditions and the treatment of discrepant documents. Traditionally credit law is founded on two principles such as the standards of strict of compliance and substantial compliance, but these standards are not consistency. Moreover although the Uniform Customs and Practice for Documentary Credits(UCP) introduces a new standard for examination of documents by incorporating international banking practice, the standards for documentary compliance have created ambiguity. Accordingly, I suggest that the standard requires strict compliance between party concerned in letter of credit transactions but only requires international standard banking practice in customer relationship. Therefore the standard and the specific guideline should be prescribed in the next version of the UCP.

• Journal of Korean Society for Quality Management
• /
• v.40 no.3
• /
• pp.295-305
• /
• 2012

Purpose: This study identified the standardization activities from the early stage of acquisition to disposal during the materiel life cycle and proposed the improvement of standardization process. Methods: Through improvement of duplicated deliberation for the revision of military specification, unification of technical change proposal reception organization, and resolution between the conflicting parts of laws and regulations, simplifying the standardization procedure and strengthening linkages between the civilian standards were gained. Results: We have redefined the concept of the standards and standardization in the field of defense and proposed the standards-driven documentary standards as a measurement standards and reference standards to expand the activities. Conclusion: Through a standardization survey, we came to conclusion that we need to change the concept of standardization in the field of national defense from making the specification to using the means of efficient management of military resources.

• Journal of the Korean housing association
• /
• v.5 no.2
• /
• pp.109-117
• /
• 1994

The purpose of this study was to investigate the difference in water law and drinking water standards in Korea and five other countries. The documentary research method was used for this study and the Dong-A newspaper(1920-1993), journal and book related water pollution law were used as an analysis data. The results can be summarized as follow: 1. Law related water pollution in Korea was legislated last and characterized by frequent law revision in comparison with other countries. 2. Drinking water standards in Korea was strict in standard item and standard value.

• Journal of Korea Technology Innovation Society
• /
• v.3 no.2
• /
• pp.111-137
• /
• 2000

The significant role of the national standards has ever been growing as a critical infrastructure of the national competitiveness. Strategic policies for the advancement of the national standards system in Korea are suggested based on the analysis of trends surrounding the national standards at home and abroad. National standards failing in securing international recognition of its technical competence give an adverse effect to the improvement of industry and national welfare. As a most effective way toward the advancement of the national standards system, the national metrology institute should be placed at the top of the national standards system so as to exert its influence with its technical capabilities close to international level. Efforts are to be made to secure international credibility of the national standards through faithful implementation of the requirements of the mutual recognition arrangement(MRA). And, the legal structures should be refined to be in harmony with the global environment.

• International Commerce and Information Review
• /
• v.10 no.3
• /
• pp.239-261
• /
• 2008

Documentary credit transactions are judged by the principle of strict compliance. The compliance of the tendered documents with the credit's teams ensures the proper completion of the underlying transaction. But if the documents tendered by beneficiary differ, a discrepancy of documents occurs. Such a discrepancy raises difficult problems for the bank to which the documents are tendered. It has to decide whether to reject or accept them or to accept them under a protective mechanism. Therefore, this study is to examine the case study of complying presentation of the description of the goods in documentary credit through the Korean Supreme Court Cases. The objectives of this paper are as follow : 1. To examine two point of views on document compliance such as strict compliance and substantial compliance. 2. To analyze Korean Case Law which challenges the legal conclusions, standard for examination of documents and New ISBP. 3. To draw out the criterion for conformity and discrepancy of description in invoices and WC and to provide the guidelines for determining the nature and extent of an issuing bank's duty of documentary compliance. 4. Finally to suggest some implications through the Korean case law. By using the examination standards for description of goods suggested in Korean Case Law and New ISBP, the traders will be able to prepare documentation more perfectly and document checkers will be able to examine the negotiation documents more easily.

• Journal of Arbitration Studies
• /
• v.8 no.1
• /
• pp.323-352
• /
• 1998

Documentary letters of credit including standby letters of credit are governed by the independence or abstraction rule and the doctrine of strict compliance. Since the former rule requires the issuing bank to honor the drafts regardless of the defective performance of the underlying contract, the applicant(the customer) will be without a remedy if he is unable to make himself whole by litigation on the underlying contract. Therefore, the applicant is exposed to a risk much higher than in the commercial letters of credit. The Uniform Customs and Practice for Documentary Credit(UCP) has no provisions allowing legal relief for the applicant on the abuse of L/C by unscrupulous beneficiary, but UCC ${\S}5-114$ has provision allowing injunctive relief for the applicant. In this paper, I attempted to clarify certain standards of injunctive relief available for the customer in the credit. When there is fraud in the L/C transaction by any of the parties concerned, we must weigh the principle of independence or abstraction and the fraud rules. According to banking practice and judicial precedence, we need not keep the principle of independence and abstaction even in fraudulent transaction and the bona fide sufferer must be protected. The purpose of this paper is to review the studies of Fraud rule and the Injunction and to suggest the applicable standards for the Injunction therory under letters of credit. Specially this paper analysed the following ; (1) the guideline for the fraud (exception) rule to the autonomy principle, (2) the appilcable standards of the Injunction, and (3) the implications on parties concerned in letters of credit transaction. Conclusively, the Injunction should be granted if (1) there is clear proof of fraud (2) the fraud constitutes fraudulent abuse if the independent purpose of L/C (3) irreparble injury might follow if injunction is not granted or the recovery of damages would be seriously endangered.

• The Journal of Society for e-Business Studies
• /
• v.7 no.1
• /
• pp.187-206
• /
• 2002

The purpose of this study is to review the process for the trade settlement system between all parties involved in the commercial transaction under SURF System. SURF application is the latest value added service from bolero.net and a fully automated documentary settlement system. It extends bolero.net's capability to enable trade transactions by providing a delivery versus payment system. It has been designed as a standard, shared, infrastructure component for handling trade settlement within an electronic environment to keep step with the operation of electronic Bolero bill of Lading. It exploits the services provided by the Bolero Core Messaging Platform - secure, guaranteed transactions based on boleroXML standards to provide document compliance services with optional bank guarantees. So, SURF system can automatically check all commonly used trade documents such as commercial invoices, bills of lading and certificates of weight and analysis, etc and supports a full range of settlement options including Open Account, Documentary Collections, Documentary Credit. 58 have key features as follows, ① automatic document compliance checking, ② integrated with the Title Registry, ③ supports various forms of vender financing, ④ governed by a set of legally binding rules, ⑤ fully prepared for Straight-Through-Processing, ⑥ Enabled compliance with UCP 500.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.12
• /
• pp.405-427
• /
• 1999

Although Uniform Customs and practice for Documentary(UCP) is not a law, it applies to most documentary credits and is binding on all parties unless otherwise expressly stipulated. Besides, Uniform Commercial Code(UCC) Article 5 was codified by the United States and was adopted by every state. Moreover, the New York version of the UCC Article 5-102(4) specifically providing that the UCC does not apply to letters of credit where the parties agree to be governed by the UCP. Identical nonuniform Articles were latter added in Alabama, Arizona, and Missouri. The fact that courts in forty-six of the fifty states are bound by Article 5. Until now, Article 5 of the UCC has probably had an impact on the decisions in New York and the New York common law. Therefore, I examined a few issues on application between Article 5 of the UCC and the UCP. First, although the UCP attempt to introduce a new for examination of document by incorporating "standard practice of financial institutions" and "international banking practice", the standards for documentary compliance are not clear. The UCC attempt to rely on the matter of interpretation for the court, but the UCP would probably be interested in examining in about bank's internal practices as reflected in UCP Articles. Second, the rule for nondocumentary conditions is a useful for stand-by credit transactions under the UCC, but these conditions would probably put the bank in an even worse position in case of documentary credit transactions under the UCP. Third, the UCP does not contain any provision governing the fraud exception, but the UCC codified the fraud and forgery rules developed through American case law. Fourth, the UCP treats the issue of transfer in much more detail than the UCC does. In contract, the UCP's treatment of assignment of proceeds is brief. Finally, I suggest that the fraud exception rules should be prescribed in the UCP in order to protect the issuing bank and the applicant when an unscrupulous party attempts to defraud.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.16
• /
• pp.35-58
• /
• 2001

The letter of credit is quintessentially international. In the absence of international legal system, a private system based on banking practices has evolved, commanding the adherence of the international letter of credit community and providing the foundation of th reputation of this instrument. To maintain this international system, it is vital that international standard banking practice should not be subject to local interpretations that misconstrue or distort it. The UCP is a formulation of international standard banking practice. It is neither positive law nor a "contract term" in any traditional sense and its interpretation must be consonant with its character as a living repositary of international understanding in this field. As a result, the interpretation and application of specific articles of the UCP must be consistent with its evolving character and history and with the principles upon which sound letter of credit practice is predicated. This study, especially, focuses on article 13 of the UCP500 and 95UCC 5-108. Both articles introduce a standard of document examination to be used by banks to determine whether they comply facially with the terms of the credit. While, in the UCP, this standard is called international standard banking practices, in the UCC, this standard is called standard practices. I think that both standards are not same. Thus, first, this study look for categories of both standards and scope of application. the second subject is how can issuing bank act in the face of non-documentary condtion under this standard of document examination. Third is correlation between the principle of Strice Compliance and the standard.

• Journal of the Korean BIBLIA Society for library and Information Science
• /
• v.16 no.2
• /
• pp.25-41
• /
• 2005

Collaboration between libraries and archives would be an effective and efficient strategy for them to accomplish their mission to make useful information accessible for current users and to preserve valuable documentary heritage for future users. This paper indicated differences in their organizational culture and some technical problems as obstacles to collaboration. Nine cases of collaboration and cooperation between libraries and archives in some foreign countries were introduced. This paper analysed strength and weakness for Korean libraries and archives when they explore ways to go into partnership. Based on the analysis. it suggested to develop the communication channels between libraries and archives; to further the education of competent professionals; to establish necessary standards. to get legal and financial support from the central and local authorities.