• KDI Journal of Economic Policy
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• v.46 no.2
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• pp.1-20
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• 2024

This study analyzes the impact of secondary tax liability borne by stockholders, an exception to the principle of limited liability, on corporate investment. The paper constructs a model of a firm to examine the effect of this secondary tax liability, finding that the violation of limited liability increases firms' expected bankruptcy costs, thereby reducing investments. By means of an empirical analysis, the paper examines whether firms with the largest shareholder stake exceeding 50%, the condition under which secondary tax liability is incurred, decrease their investments. The results show that firm investment is highly concentrated in observations of cases in which the largest shareholder stake does not exceed 50%. Investments decrease sharply in cases where the largest shareholder stake exceeds 50%. The results here provide implications pertaining to how exceptions of the limited liability principle, existing only in Korea, affect corporate investments.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.127-148
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• 2013

The Rotterdam Rules provide that port terminal operator may avoid or limit their liability for cargo loss, damage or delay in delivery or breach of any other obligation under the Rules by invoking the provisions that may provide a defence for, or limit the liability of, the carrier. Consequently the port terminal operator who are involved in the provision of maritime services may avoid or limit their liability for cargo loss, damage or delay in delivery or breach of any other obligation under the Rules. The port terminal operator to be applied for the Himalaya clause under the Rules must show that it has the requisite link with a Contracting State. In addition, the port terminal operator performs service to the period of time between the arrival of the goods at the port of loading and their departure from the port of discharge. The port terminal operator's liability for breaches of its obligation is limited to 875 SDR per package or other shipping units, or 3 SDR per kilogram of the gross weight of the goods. In addition, compensation for delay shall be limited to an amount equivalent to two and one-half times the fright payable on the goods delayed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.213-239
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• 2003

This paper intends to describe the liability regime of the air carrier under the Montreal Convention of 1999 for the international cargo, comparing to those of the existing Warsaw Convention system. Also this paper deals with main issues of the Montreal Convention which are relevant for the carrier's liability in the carriage by air of cargo. The Warsaw Convention was adopted in 1929 and modified successively in 1955, 1961, 1971, 1975, and 1999. The Montreal Convention of 1999 modernized and consolidated the Warsaw Convention and related instruments. International air carrier is liable by application of principle of strict liability as stated in the Montreal Convention : The carrier is liable for the destruction or loss of, or damage to cargo and delay during the carriage by air, and the carrier's liability is limited to a sum of 17 Special Drawing Rights per kilogramme. However, the Montreal Convention has main outstanding issues with respect to the liability of the air carrier : potential conflicts between the Montreal Convention and the Warsaw Convention, the amounts of limits of the carrier's liability, the duration of the carrier's liability, the exessive litigation, and the aviation insurance. Therefore, the conditions and limits of the carrier's liability under the Montreal Convention should be readjusted and regulated in detail.

• The Korean Journal of Air & Space Law and Policy
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• v.27 no.2
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• pp.107-142
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• 2012

An aircraft has been one of the most important transportation means and disputes due to damage caused by delay of the aircraft happen many times out of ones related to the air transport. In 2011, the Air Transport Act in Commercial Law was established to regulate national air transport and the legislative system of air carrier's liability to handle delay of passengers or baggage was legislated here. Although there are some clauses related to the legislative system of air carrier's liability, they are very important because they deal with disputes due to damage caused by delay of the aircraft. The Air Transport Act in Commercial Law has a good point of adopting the global standard of 1999 Montreal Convention, but it has also a bad point of having the problems of 1999 Montreal Convention. There are some contents to be modified in the Air Transport Act in Commercial Law. First, the definition of 'Delay of Aircraft' needs to be enacted because it is important to materialize air carrier's liability due to damage caused by delay. Second, it is necessary to modify the clause in which air carrier's liability due to damage caused by delay of passengers is divided into two things, one is in case of national air transport and the other is in case of international air transport, and the limited amount of air carrier's liability in national air transport is eight times less than the latter because they are not so helpful to air carriers but too disadvantageous to aircraft passengers. Third, it is also necessary to amend the clause in which the limited amount of air carrier's liability due to damage caused by loss damage or delay of baggage has been legislated same without classifying the case into loss damage and delay, because they are generally different from each other in terms of extent of damage, therefore the limited amount of air carrier's liability by delay of baggage should be classified into in case of loss damage and in case of delay. It is desired that the Air Transport Act in Commercial Law including the clauses related to air carrier's liability by aircraft damage be developed continually by sufficient study and discussion about the necessity of amending it such as the one mentioned above.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.189-210
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• 2009

The United Nations General Assembly adopted the United Nations Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea(hereinafter referred to as "The Rotterdam Rules") on 11 December 2008. Rotterdam Rules aims to create a contemporary and uniform law providing for modern door-to-door container transport including an international sea leg. but not limited to port-to port carriage of goods. The structure of the liability regime in Rotterdam Rules are globally close to that of the Hague-Visby Rule even though it differs from that of the Hague-Visby Rules in some significant aspects. The Rotterdam Rules are very long. Therefore the Rotterdam Rules will be difficult to understand for even the skilled ship operator or owner or charterer or shipper or consignee or receiver because they are so complicated. This paper only seeks to highlight the salient features of the liability and limitation of liability regime under the Rotterdam Rules. It is expected that the harmonization and modernization of the international legal regime. coupled with the bold attempt to balance the carrier and cargo interests should lead to an overall reduction in transaction costs. increased predictability and greater commercial confidence for international business transactions.

• Journal of Distribution Science
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• v.14 no.3
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• pp.5-10
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• 2016

Purpose - This paper analyzed the accident of drone and related insurance goods which can be coverable with regard to drone accident. The study range is limited in the owner's care, custody, and the control of drone in South Korea, but military area and law and regulation of the drone would be exceptional. Research design, data, and methodology - With regard to drone's flight, drone can make possible risks and can give severe damage to the people. To carry out this research, literature survey and review such as journal, thesis and publications were adopted. Results - As for the insurance coverage from drone's accident involved in the purpose of business, insurance coverage depends on 'commercial general liability insurance'. However, in case of personal hobby including leasure intention, insurance coverage depends on 'living liability insurance'. Conclusions - From a drone's accident, operator and owner of the drone may face the property damage to the drone itself, and then can give severe damage or loss to the people such as physical injuries and property damage. Peoples should be concerned about having the awareness of drone's accident with insurance coverage.

• Journal of Arbitration Studies
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• v.13 no.2
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• pp.377-401
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• 2004

Delay in the air transport occurs when passengers, baggage or cargo do not arrive at their destination at the time indicated in the contract of carriage. The causes of delay in the carriage of cargo are no reservation, lack of space, failure to load the cargo on board, loading the cargo on the wrong plane, failure to off-load the cargo at the right place, or to deliver the covering documents at the right place. The Montreal Convention of 1999 Article 19 provides that "The carrier is liable for damage occasioned by delay in the carriage by air of cargo. Nevertheless, the carrier shall not be liable for damage occasioned by delay if it proves that it and its servants and agents took all measures that could reasonably be required to avoid the damage or that it was impossible for it or them to take such measures." The Montreal Convention Article 22 provides liability limits of the carrier in case of delay for cargo. In the carriage of cargo, the liability of the carrier is limited to 17 SDR per kilogram unless a special declaration as to the value of the cargo has been made. The Montreal Convention Article 19 has shortcomings: it is silent on the duration of the liability for carriage. It does not give any indication concerning the circumstances to be taken into account in cases of delay, and about the length of delay. In conclusion, it is desirable to define the period of carriage with accuracy, and to insert the word 'unreasonable' in Article 19.

• Journal of the Korea Institute of Building Construction
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• v.13 no.3
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• pp.209-217
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• 2013

The execution of a construction project involves the engagement of many participants. Generally, the Authority uses CM to certify that the Work is built according to the contract documents. The CM work scope is expressed in the Construction Technology Management Act and its Regulation. The mandated and delegated CM services are limited to the construction period. If Contractor is required to repair a construction defect, the Contractor should bear the burden of the inspection service for the defect repair, because it is associated with him. Nevertheless, CM should submit a bond to provide the inspection and supervision service for the defect repair. These may result in conflict with each liability. Therefore, CM service in the law and regulation was investigated and analyzed in this study to classify the characteristics of CM contracts, and it was suggested that the CM liability for the inspection and supervision service for the defect repair should be reconsidered.

• Asia Marketing Journal
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• v.21 no.4
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• pp.59-76
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• 2020

Though crowdfunding has emerged as a cost-effective means to market innovative products and a channel for financial resource acquisition, our understanding about what makes a successful crowdfunding is still limited. This study is motivated by the presence of the inconsistency that both entrepreneurs and investors pay more attention to capabilities required for developing prototype products rather than capabilities needed to deliver the promised products in crowdfunding. By drawing insights from studies about liability of newness and legitimacy in institutional theory, this study argues that startups can overcome the liability of newness, earn investor trust, and successfully complete crowdfunding campaigns by effectively presenting visible and invisible capabilities. This study presents a set of testable propositions predicting the likelihood of crowdfunding success and explains the theoretical and practical value of the proposed conceptualization of startup capabilities.

• Informatization Policy
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• v.30 no.1
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• pp.67-88
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• 2023

The expansion of the scope of product liability is necessary because the industrial environment has changed following the enactment of the Product Liability Act. Unlike human-coded algorithms, artificial intelligence is black-boxed according to machine learning, and even developers cannot explain the results. In particular, since the cause of the problem by artificial intelligence is unknown, the responsibility is unclear, and compensation for victims is not easy. This is because software or artificial intelligence is a non-object, and its productivity is not recognized under the Product Liability Act, which is limited to movable property. As a desperate measure, productivity may be recognized if it is stored or embedded in the medium. However, it is not reasonable to apply differently depending on the medium. The EU revise the product liability guidelines that recognize product liability when artificial intelligence is included. Although compensation for victims is the value pursued by the Product Liability Act, the essence has been overlooked by focusing on productivity. Even if an accident occurs using an artificial intelligence-adopted service, however, it is desirable to present standards according to practical risks instead of unconditionally holding product responsibility.