• Journal of Arbitration Studies
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• v.23 no.3
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• pp.1-23
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• 2013

Form requirements particularly for arbitration clauses are widely perceived as an obstacle for efficiently resolving disputes on an international level. The paper discusses the recent suggestion that the freedom of form principle under Art. 11 CISG extended to arbitration, forum selection, or choice of law clauses in international sales contracts and thus superseded any and all formal requirements in this regard. After analysing national and international form requirements with regard to said clauses, the authors elaborate that while dispute clauses are indeed encompassed by the CISG's scope of application, freedom of form under the CISG was neither intended to nor should it apply to dispute clauses. This result is further confirmed by the interplay of the CISG with other international conventions, first and foremost the 1958 New York Convention, as well as a careful analysis of the so called most-favourable-law-approach.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.369-385
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• 2003

Contracts of carriage evidenced by bill of lading which are made between carrier and unidentified number of the shipper are to a large extent regulated by statute law such as Hague-Visby Rules and Hamburg Rules. These rules qualifies the contractual liberty of parties and especially restrains the carrier from introducing exemption from his liability beyond those admitted by the Rules. However, these Rules are applied only to goods in respect of which a bill of lading or similar document of title has been issued. In this reason, it is possible that liability of carrier in respect of goods shipped could become an issue where electronic bill of lading is used instead of paper bill of lading because electronic bill of lading is not generally recognised document of title in existing rule. Thus, this article discuss the relation between the carrier who create electronic bill of lading and the Rules regulating liability of carrier. Also, new Rules which has been examining in UNCITRAL will be introduced.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.3-25
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• 2011

The purpose of this paper is to examine the use of LD Clause against the seller's breach of contract in connection with delivering the goods in the international sales contract, and international guarantee system using standby L/C or demand guarantee. For this purpose, the author, first, considered the outline of the buyer's remedies in cases that the seller had not performed his obligations in contract and the difficulties in the buyer's remedies. As alternatives for overcoming the difficulties, this author recommended the LD Clauses (Liquidated Damage Clauses) based on ICC Model International Sales Contract, and explained each Model Clause. To enhance the feasibility of LD Clause, this author suggested the guarantee system, like the standby L/C or demand guarantee. But these guarantee systems have several limitations in practical use. Thus, these guarantee systems would greatly contribute to Korean exportation in the future. The reason is that the Korean export structure would be more complex and the period of sales contract would be longer and longer, which result to in long-terms supply contracts. These changes would require the guarantee much urgently.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.75
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• pp.49-69
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• 2017

Making a international contract of sale is not a simple work. International Trade parties(seller and buyer) may choose trade terms such as FOB or CIF to simplify their contracts and avoid misunderstanding of international commercial practice. Incoterms is the international rules for the interpretation of the trade terms, and firstly regulated by the ICC in 1936. The latest version is Incoterms 2010. Incoterms 2010 governs certain responsibilities between the seller and the buyer under the international contract of sale. Moreover, Incoterms 2010 provides the standard of division of costs relating to contract of carriage. But we should note that Incoterms 2010 is not the part of contract of carriage. The writer points out that there is no consistence principle in distributing the special costs under the contract of carriage like unloading cost from the transport vehicle. To avoid the dispute between the parties, it is more safe for international traders to fully and completely understand on the customs and practice of carriage of goods. Incoterms 2010 provides more detailed method of delivery of goods than CISG and RAFTD. Concerning the method of delivery of goods, CISG and RAFTD simply provide that the seller shall place the goods at the discharge of buyers. The writer suggests the basic principles to allocate the special costs of delivery of goods according to the trade terms under Incoterms 2010.

• Korean Journal of Construction Engineering and Management
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• v.17 no.5
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• pp.97-107
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• 2016

CM services have been focused on the advancement of the CM industry and expansion to overseas market based on CM capabilities. However, there has been lack of quantitative and comprehensive research to investigate current CM trends and prospects for improving competitiveness. In this sense, the purpose of this study is to statistically analyze total of 3,453 CM service contracts over the past 18 years (between 1997 and 2014) in term of market type, contract size, owner's type, commodity type. Finding of this research reveal that 1) compared to 2005, CM market size in 2015 increased as much as 2.5 times, and that 2) domestic CM projects count for 87.5%, architectural project 88.4%, less than 1 billion won small contracts 75%, respectively. Also, recently as CM company are developing capability and competitiveness, 1) overseas CM market share has grown up to 20% among total CM contract amount, and 2) CM contracts by private owners has increased 3 times demanding the total management services based on high technical capability. Additionally, the result of this paper supports the growth path model proposed by Jung et al. (2014), where a path from Domestic Public (DP3) and Domestic Private (DC2) CM projects towards the expansion to International Private (IC5) contracts was quantitatively analyzed. Implications for other practical issues are also briefly discussed.

• Journal of Arbitration Studies
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• v.27 no.4
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• pp.91-113
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• 2017

UN Convention on International Sale of Goods (CISG) and International Commercial Arbitration aim at the promotion and facilitation of international trade. Both of them share similar general principles; i.e., party autonomy and pacta sunt servanda. Also they are often applied concurrently in the case of the international commercial trade. The purpose of this article is to investigate whether the CISG could apply the formation of the arbitration clause that is included in the main contract governed by CISG. Sellers and buyers have freedom of designating choice of law that is applied to their contracts. An international arbitration agreement is presumed to be separable from the contract in which it is found. However, arbitration clauses commonly form part of a general contract. Thus, the CISG is intended to be applied to dispute resolution clauses, including arbitration clause even if it is not completely suitable. Notably, there is a fundamental distinction between the CISG and arbitration. The CISG abolished the formalities of contract. New York convention requires Contracting States' Courts to enforce written international agreements to arbitrate.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.3-23
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• 2009

The meaning of Good faith is honest intent to act without taking an unfair advantage over another person or to fulfill a promise to act, even when some legal technicality is not fulfilled. The term is applied to all kinds of transactions. According to the CISG only regulated Art. 7. that is in the interpretation of this Convention, regard is to be had to its international character and to the need to promote uniformity in its application and the observance of good faith in international trade (1) and questions concerning matters governed by this Convention which are not expressly settled in it are to be settled in conformity with the general principles on which it is based or, in the absence of such principles, in conformity with the law applicable by virtue of the rules of private international law (2). In the other hand PICC is related to the good faith and fair dealing, each party must act in accordance with good faith and fair dealing in international trade (1) and the parties may not exclude or limit this duty (2). Good faith of PECL is these principles should be interpreted and developed in accordance with their purposes. In particular, regard should be had to the need to promote good faith and fair dealing, certainty in contractual relationships and uniformity of application. Further more regarding to the good faith and fair dealing, same to the PICC regulations.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.153-178
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• 2016

The United Nations Convention on the International Sale of Goods(CISG) leaves a number of aspects concerning commercial sales untouched. In particular, it is not concerned with the validity of the contract or of any of its provisions or of any usage. And UNIDROIT don't deal with all-round validity in International Commercial Contract. Especially, UNIDROIT includes declaration of intention department. The UNIDROIT contains the chapter 3 on the "validity" in terms of the defects of consent such as mistake, fraud, and threat as well as "gross disparity". Notwithstanding these provisions, the Principles did not deal with invalidity arising from the lack of capacity or authority, or immorality or illegality. On the other hand, there are arguments that the corresponding provisions of the Principles of International Commercial Contracts(UNIDROIT Principles; PICC). Therefore, Validity in International Commercial Contract is delegate by Each Country Law. So Trade practicer should know full well about Each Country Law Position. People(human, corporation, company) of position Trade practice classify each country civil law relation to validity of commercial contract. This paper is to examine the Validity of UNIDROIT Principles. Also this paper analyses comparison on each country position relation to capacity of right, capacity to act, illegality of contract, declaration of intention. In conclusion, This paper expect that people of trade practice makes use of analysis knowledge.

• International Commerce and Information Review
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• v.8 no.1
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• pp.243-257
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• 2006

This study is to introduce the Chinese Contract Law against non-performance of the contract and to solve the wide range of problems involving to executing the trading contract. The parties' liability for the period of performance, the place of performance, the failure to deliver conforming goods together with it's nature of the lack of conformity, and the methods of compensation against damages and the force majeure clauses application. Those issues affect directly to commercial transactions in international business. The focus is more on the interrelationship of private individuals in its trade and on aiming to remove the legal obstacles from the Chinese Contract Law to freely flow of international trade. Reference may include foreign corrupt practices, Conventions on Contracts for the International Sale of Goods and Laws of England, France, and Japan. This study has brought the efforts of these issues in the full spectrum of performance and with concentrations on effectiveness to avoid the different viewpoints of the general principles of CISG and commercial practice founded pre-eminently. This study, in presenting the legal framework, will contribute to a better understanding of the purpose of rules of Chinese Contract -Law as they interact to the benefit of the parties involved in international trade transactions. The writer believes that a problem-oriented approach and the concentration as outlined above would offer a different perspective for law faculty teaching in this area and hope that this study can be sufficiently diverse to satisfy many of those views.

• Korea Trade Review
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• v.44 no.6
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• pp.87-103
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• 2019

L/C(Letter of Credit) is a common payment term designed to prevent credit risk in international trade. However, most companies prefer T/T (Telegraphic Transfer) payment due to its time and cost efficiency. According to related statistics, more than 70% of international trade contracts are based on T/T rather than other payment terms. The time required from the export negotiation to the completion of the export transaction and collection in international trade is very long. In this process, disputes related to settlement are continuous, so caution should be exercised. Therefore, whether or not the export payment is recovered in a timely manner is the core issue of trade transactions for exporters. The purpose of this study is to identify problems that cause delayed payments during settlement by the remittance (T/T) method, which can lead to settlement risk, in order to investigate those factors which can lead to delays in payments and increased risk as well as to determine ways to prevent such factors in advance. According to empirical findings, trading experience, transaction duration, and contract contents can be important determinants in terms of payment delays. Industry uniqueness and market uncertainty were found to be in opposition to the hypothesized relationships. The results of this study will be useful for trading companies to reduce their payment risk.