• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.55-78
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• 2011

This paper has derived some problems relating to the use of letters of intent which are common occurrence in the international contracts after considering its nature and legal issues. As reviewed before, some problems may occur when a party has documented a stage in the negotiations by letters of intent. Such documents may well explicitly spell out if, and to what extent, the parties should be bound by what they have already agreed or to carry on negotiations in order to reach the final contract. But if the documents are silent, some problems would arise. Contracting parties are therefore well advised to spell out if, and to what extent, they should be bound by such preliminary agreements. Here again, it might be prudent to explicitly set forth that the parties should not be bound until there is a final written contract signed by authorized representatives of the parties but that they shall abstain from such measures which may defeat their stated objective to reach final agreement, for example, by diminishing the value of performance under the contemplated contract.

• International Commerce and Information Review
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• v.11 no.2
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• pp.329-342
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• 2009

The purpose of this study was to identify the issues which how situational constraints of negotiation affect outcomes. To achieve the purpose of this research, a multiple regression model was set up to identify the relationships between situational constraints of negotiation and negotiation outcome on international trade contracts. To implement the study, empirical questionnaires were collected from Korean business men who have actually conducted international trade with foreign firms. Reliability analysis and factor analysis were used to assess the reliability and validity of research variables. and multiple regression analysis were used for testing the relationships between situational constraints of negotiation and negotiation outcome. From this study, following results were identified; i) situational constraints of negotiation effects on negotiation outcomes ii) arbitrary and continuous situations affect significantly positive on negotiation outcomes iii) submissive situations affect significantly negative effects on negotiation outcomes In conclusion, participant of negotiation and their managers try to promote negotiation situation toward to arbitrary and continuous situations if they have any availability.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.327-348
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• 1999

Insurance lawyers have been curiously uninterested in the legal aspects of the use of insurance in export sales. It is an area which shows several doubtful points and some difficulties. According to the law of international sales and commercial credits, the primary question is whether the insurance contracts and documents that are produced satisfy the requirements of the sales and the credit contracts. From the point of view of insurance law, the question is how the insurance arrangements can be made to fit those requirements. The purpose of this study is to review problems that may occur in insuring cargoes in export sales.

• Korea Trade Review
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• v.48 no.3
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• pp.243-262
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• 2023

This study provides a systematic review of smart trade contracts, examining the research trends and theoretical background of utilizing smart contracts and blockchain technology for the digitalization and automation of trade contracts. Smart trade contracts are a concept that applies the automated contract system based on blockchain to trade-related transactions. The study analyzes the technical and legal challenges and proposes solutions. The technical aspect covers the development of smart contract platforms, scalability and performance improvements of blockchain networks, and security and privacy concerns. The legal aspect addresses the legal enforceability of smart contracts, automatic execution of contract conditions, and the responsibilities and obligations of contract parties. Smart trade contracts have been found to have applications in various industries such as international trade, supply chain management, finance, insurance, and energy, contributing to the ease of trade finance, efficiency of supply chains, and business model innovation. However, challenges remain in terms of legal regulations, interaction with existing legal frameworks, and technological aspects. Further research is needed, including empirical studies, business model innovation, resolution of legal issues, security and privacy considerations, standardization and collaboration, and user experience studies to address these challenges and explore additional aspects of smart trade contracts.

• International Journal of Reliability and Applications
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• v.8 no.2
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• pp.183-197
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• 2007

There is a growing trend for asset intensive industries to outsource maintenance services of their complex assets since outsourcing through service contract reduces upfront investments in infrastructure, expertise and specialised maintenance facilities. Estimation of costs for such contracts is complex and it is important to the user and the service providers for economic variability. The service provider's profit is influenced by many factors such as the terms of the contract, reliability of asset, and the servicing strategies, costs of resources needed to carryout maintenance. There is a need to develop mathematical models for understanding future costs to build it into the contract price. Three policies for service contracts are proposed in this paper considering the concepts of outsourcing maintenance service of assets to the service providers. Conceptual models are developed for estimating servicing costs of outsourcing through service contracts by considering time dependent failure mode.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.4
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• pp.68-94
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• 1992

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.33-66
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• 2009

Common law makes a distinction between partial breach and material breach. Attempted definitions of material breach are notoriously unsatisfactory, and the concept of partial breach does not necessarily bear an inverse relationship to substantial performance. This study will review the basic structure of common law contract remedies together with how these remedies are reflected in UCC Article 2 for sale of goods contracts. The matter is complicated because availability of remedy depends on the seriousness of the breach, and the right to cure, and (for sale of goods) these in turn depend on whether the contract is an installment contract or a single performance contract. Common law jurisdictions relegate specific performance of contracts to a last place in the hierarchy of contract remedies. Common law lawyers should recognize that this is the result of historical accident and not the product of some kind of superior intellectual effort. Not only is the attitude of civil law systems toward specific performance quite different, but for international sales contracts in developing nations, a remedy system based on the notion that substitute contracts are readily available(and therefore damage remedies are appropriate) is unrealistic. English common law courts were largely restricted to remedies in the form of monetary damages. For that reason the primary contract remedy at common law has never been specific performance. Rather, common law courts have struggled to develop an appropriate measure of monetary damages for breach of contract. Today, specific performance is viewed as an equitable remedy rather than common law. In the United States the dual court system has been abolished by a merger of law and equity courts into a single court structure. However some historical distinction linger on. The most important is that jury trials are generally not available in actions that seek equitable relief. If a plaintiff seeks in personam relief, such as specific performance of a contract, the action will be viewed as equitable and there will be no entitlement to a jury. Further, equitable relief will be granted only in those situations where the plaintiff pleads and proves that the remedy at law is inadequate. The purpose of this study aims to analyze the remedy system of breach of contract of U.K. and U.S. in the international commercial transactions with criterion of commercial rationality.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.85-105
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• 2016

The fact that one of the parties to the sale contract has had to pay demurrage to the shipowner under LD clauses in the charterparty does not of itself mean that he can recover that loss from his sale counter party under the sale contract: the route to such recovery is through express clauses in the sale contract itself. LD clauses in a sale contract stand free and independent of their counterparts in the relevant charterparty. LD clauses in a sale contract should be construed and applied as clauses in sale contracts, not as adjuncts to charterparties. Their interpretation should therefore be coloured not by decisions on laytime and demurrage in charterparties, but by their relationship to the contractual duties of CIF and FOB sellers and buyers. The results discussed here have implications for the drafting of LD clauses in sale contracts. If unwelcome surprises are to be avoided, it seems to advisable to start from the principle: what exactly do traders want or need in LD clauses. They need a clause which covers them against charterparty losses where those losses are the result of dealy caused by the counterparty to the sale contract. The parties to the sale contracts are well advised to prepare LD clauses concentrating on that purpose and bearing in mind the followiing questions. First, should the loading and discharge code in the sale contract appear in traders' or trade associations' standard terms and conditions or should they be left to ad hoc negotiation in contract sheets? Second, should that code be as complete as possible, covering loading or discharge periods or rates, demurrage and despatch, or is it enough for only some of those matters to be covered explicitly, leaving other matters to be governed" as per charterparty"? Third, does the introduction or incorporation of a stipulation for the giving of a notice of readiness make the start of laytime more or less predictable as between seller and buyer? Finally should a loading and discharge code in a sale contract actully be called a "laytime and demmurrage clauses"?

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.60
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• pp.3-26
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• 2013

Seller's obligation on the Delivery of Goods and Handing over the Documents are key elements in Contracts for the International Sale of Goods. The United Nations Convention on Contracts for the International Sale of Goods(CISG) has been entered into force on 1 January 1988 to create international certainty and uniformity in the law and to govern issues that arise in an international sale of goods transaction. The Incoterms were first published by the ICC in 1936 and were most recently revised in 2010. Incoterms 2010 are entering into force on 1 January 2011. The Incoterms focus on the seller's delivery obligations and reflect the principle that the risk of loss or damage to the goods passes from the seller to the buyer when the seller has fulfilled its obligations to deliver the goods. This study highlights basic rules covering seller's obligation of delivery of goods and handing over the documents under the Incoterms 2010 and the United Nations Convention and Contracts for the International Sale of Goods. In the second chapter, this study will provide analyses and compare these two legal systems in relation to the basic rules governing delivery of goods and passing of risks in contract of sale. This chapter evaluates the meaning of Article 31 and Article 67(1) and FOB, CFR, CIF & FCA, CPT, CIP terms of Incoterms 2010. Chapter Three will focus on handing over the documents. Article 30 CISG imposes the seller's primary obligations to deliver the goods and to hand over documents relating to them. Article 34 CISG supplements the seller's obligation in relation to documents by providing that the seller must hand over documents relating to the goods. In contrast, Article 58(1) CISG imposes on the buyer the obligation to pay only when it has received the goods or documents controlling their disposition. I reviewed only some of the documents relating to the goods are documents controlling their disposition. This chapter considers the meaning of the phrase "documents that control the disposition of the goods and do not control disposition of the goods." Finally, the fourth chapter will assess the meaning of rules of CISG and Incoterms 2010.

• International Commerce and Information Review
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• v.9 no.1
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• pp.169-186
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• 2007

The purpose of this study analyzes laying stress on Japan example that background of electronic issue of international meritime insurance policy is what, and is marched in some degree present. and this study presented what hereafter subject of electronic insurance plice is. The this paper is to study the current situations of trade financial EDI in Japan and problems in application of marine insurance contracts. The subject of electronic marine policy issue is as following in trade financing EDI. (1) application of electronic document in claim demand. (2) standardization of various documents and insurance plice data. (3) insurance compensation document that become Jeonjahwa in insurance accident settlement. (4) maritime Insurance policy agreement's establishment. (5) when is monopolized to third party, realization of electronic maritime insurance policy offer.