• 대한수학회보
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• 제58권2호
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• pp.349-364
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• 2021

This paper studies the optimal surrender policies for a variable annuity (VA) contract with a surrender option and a fixed insurance fee for guaranteed minimum maturity benefits (GMMB). In our proposed model, a policyholder pays the fixed insurance fee. Based on the integral transform techniques, we derive the analytic integral equations for the optimal surrender boundary and the value function of the VA contract that can be solved numerically by recursive integration method. We provide numerical values for the value function, the optimal surrender boundary, and the expected optimal surrender time.

• 한국경영과학회지
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• 제37권2호
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• pp.45-56
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• 2012

This paper considers a supply chain consisting of a component manufacturer and a product manufacturer. The component manufacturer provides components for the product manufacturer based on a vendor-managed inventory type of supply contract, and also faces demands from the market with the option of to accept or reject each incoming demand. Using the Markov decision process model, we examine the structure of the optimal production control and inventory rationing policy. Two types of heuristics are presented. One is the fixed-buffer policy and the other uses two linear functions. We implement a computational study and present managerial insights based on the observations.

• 한국국방경영분석학회지
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• 제31권1호
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• pp.14-25
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• 2005

Defense offset is considered to be all effective way of acquiring defense critical technologies and arms components as a counter-trade obligation ill defense acquisition contracts. Although arranging the offset contracts is wide]y perceived as necessary, there hardly exists an acceptable model of valuation of the offset technology. By undertaking the technology valuation approach and applying the option approach tn the offset program, we present an offset technology valuation model that maximizes social net benefit of the countries transferring the technology. This article applies our model to an actual case of defense technology transfer in the Republic of Korea. The contribution of this paper is in applying the option approach to the valuation of defense onset technology, providing for the additional flexibility to tile analysis. Our research suggests several policy implications that can be applied to the actual process of defense offsets. Our results elucidate managers' role and responsibilities in designing such a process by applying option approaches.

• 무역상무연구
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• 제25권
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• pp.165-187
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• 2005

Arbitration is a creature of contract. The parties agree that selective dispute resolution clause provides them with a choice to litigate or arbitrate certain disputes. Under the agreements, the parties had the option in the action. In the event any dispute arises between the parties concerning our representation or payment of our fees and disbursements which cannot be promptly resolved to our mutual satisfaction, you agree that dispute will be submitted to arbitration. Arbitration is a matter of contract and a party cannot be required to submit to arbitration any dispute which he has not agreed so to submit. The selective arbitration agreement has become an accepted method of dispute resolution. However, the trend of dispute settlement has changed. The selective arbitrations clauses are to be construed as broadly as possible, and arbitration will be compelled unless it may be said with positive assurance that arbitration clause is not susceptible of an interpretation that covers the asserted dispute.

• 유통과학연구
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• 제13권2호
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• 한국무역상무학회:학술대회논문집
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• 한국무역상무학회 2004년도 제32회 산학협동 세미나
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• pp.149-170
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• 2004

Arbitration is a creature of contract. The parties agree that selective dispute resolution clause provides them with a choice to litigate or arbitrate certain disputes. Under the agreements, the parties had the option in the action. In the event any dispute arises between the parties concerning our representation or payment of our fees and disbursements which cannot be promptly resolved to our mutual satisfaction, you agree that dispute will be submitted to arbitration. Arbitration is a matter of contract and a party cannot be required to submit to arbitration any dispute which he has not agreed so to submit. The selective arbitrations clauses are to be construed as broadly as possible, and arbitration will be compelled unless it may be said with positive assurance that arbitration clause is not susceptible of an interpretation that covers the asserted dispute.

• 한국건설관리학회논문집
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• 제12권2호
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• pp.3-11
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• 2011

공공건설공사의 계약금액조정사유로서 물가변동제도는 1969년 시설공사계약일반조건으로 처음 도입되었다. 조정요건은 계약일로부터 90일 경과 및 입찰일로부터 등락률 3%이상을 동시에 충족하여야 하는데 이 때 적용하는 등락률 산정방식은 품목조정과 지수조정의 단 두 가지뿐이다. 4개 공공기관의 163개 사업장을 조사한 결과 모두 지수조정방식을 적용하고 있었고, 조정기준일부터 계약금액조정 승인일까지 6개월을 초과하는 사업장이 전체의 90%를 상회하였다. 계약금액조정까지의 장기간 소요는 복잡한 등락률 산정방식이 주원인이므로 이를 다양화하여 시공자의 선택권을 확보하는 것이 필요하다. 현행 발표되는 한국은행의 생산자/소비자물가지수의 평균지수, 건설공사비지수에 대한 보정계수를 적용하는 방식을 추가한다면 별도의 추가비용 없이도 다양화를 만족시켜 조정신청지연을 최소화할 수 있다. 따라서 본 연구에서는 물가변동으로 인한 계약금액조정을 신속하고 효율적으로 이행할 수 있도록 물가변동률 산정방식의 다양화와 시공자의 선택권 확장 등의 물가변동제도 운영방식 개선방안을 제시하였다.

• 무역상무연구
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• 제47권
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• pp.129-156
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• 2010

Since the 1970s, international construction employers have commonly requested first demand guarantees upon their contractors as a form of security for due performance of their works. Contractors prefer the greater protection offered by more traditional forms of security requiring presentation of an arbitral award or other evidence of the caller's entitlement to compensation. Many contractors nonetheless feel that they have no alternative but to provide these unconditional guarantees in order to compete. However, these unconditional first demand guarantees are controversial and have given rise to numerous disputes both in arbitration and litigation. Disputes arising from first demand guarantees can be broken down into a) applications to prevent a perceived fraudulent or otherwise unfair or improper calling of a guarantee, b) claims arising from such abusive calls and c) claims relating to the consequences of such calls even if the call itself may not be abusive as such. The contractors should carefully assess the risk of an abusive call being made bearing in mind the difficulties he may face in seeking to prevent such a call. He should also bear in mind the difficulties, delays and cost he is likely to encounter in seeking to recover any monies wrongfully called. One option would be to provide that the call can only be made once and to the extent that the employer's damages have been assessed or even incurred or even for the default to have been established by an arbitral tribunal or court. Another option would be to provide that any call be accompanied by a decision of a competent and impartial third party stating that the contractor is in breach. For example, such a requirement could be incorporated into a construction contract based on the FIDIC Conditions by submitting this decision to a Dispute Adjudication Board. Another option would be to provide for the "ICC Counter-Guarantee Scheme". In sum, there would appear to be room for compromise between the employer and the contractor in respect of first demand guarantees by conditioning the entitlement to call such guarantees to the determination of a competent and impartial third party.

• 무역학회지
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• 제48권2호
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• pp.217-243
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• 2023

본 연구는 컨테이너 해상화물 표준장기운송계약서 내용과 쟁점에 관한 연구이다. 한국은 한진해운 파산을 계기로 컨테이너 해상화물 부분에 장기계약 제도 및 표준장기운송계약서를 제작 배포(2019)하였으며 이후 공급망 위기때에 표준장기운송계약서를 개정(2022)하였다. 표준장기운송계약서는 선화주의 이해가 달라 합의가 필요한 항목들이 존재한다. 이에 본 연구에서는 표준장기운송계약서의 주요 내용을 분석하고 선화주에게 미치는 실무적 의미를 도출하였다. 아울러 표준장기운송계약서 제정과정에서 선화주의 최대 쟁점사항인 손해배상액예정액과 최소약정물량 대한 내용 및 성격과 의미를 분석하여 선화주가 동 조항에 대한 이해가 어떻게 달라지는지 분석해 보였다. 결론적으로 선화주는 장기운송계약에 손해배상예정액을 책정할 시 매우 합리적인 수준으로 책정해야 위약벌로 손해배상청구 소송을 별도로 진행하지 않게 된다. 또한 최소약정물량 책정과 더불어 균등 배분은 선사에게 매우 중요한 항목이기에 이를 포함하되 성수기에도 화주의 추가 선복 요구를 수용할 수 있도록 하는 우대 조건이 필요하다. 아울러 화주는 위약벌 대신 다른 장기계약에서도 활용 중인 이행보증을 통해 계약의 이행을 담보하는 것도 고려해 볼 수 있을 것이다.

• 한국중재학회지:중재연구
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• 제26권1호
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• pp.89-105
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• 2016

2008 began with the American financial crisis which gave way to the liquidity crisis (Fannie Mae and Freddie Mac) situation in which 'the withdrawal of investment initiated from the insufficiency of the U.S. subprime mortgage loan companies', 'the large size loss situation of the financial company (Bear Stearns) due to the American structured bond insufficiency' and the second half opening part national debt mortgage company. Within the American financial crisis was propagated the crisis of international derivatives. Due to this, the withdrawal of foreign investment progressed in the interior of a country with the considerable. By the end of 2007, the exchange rate fluctuation was absorbed in the domestic financial circle on the belief the potentiality of the domestic financial market had been growing drastically through the expansion of the foreign currency debt according to this and it came to the defence but while the exchange rate jumped up to the dollar shortage according to the international crisis, the small and medium companies making the banks and exchange rate-related derivatives contract were going bankrupt due to the derivatives loss. The small and medium factories establish the bank exchange rate-related derivatives has nose (KIKO), pivot (PIVOT), and snowball (Snowball) etc. at that time and the damage which it is the KIKO grasped at 6 end of the months in 2008 caused by reaches to 1 thousand billion 4 thousand hundred million dollars. Small and medium companies in which the dollar which it has to denounce among small and medium companies bearing the KIKO contract in fact with the Knock-In generation city bank exceeds the amount of sales were known to be 68 enterprises among 480 enterprises. This paper departs in this awareness of a problem and tries to look into the risk factor of the derivatives, including nose and study the essential ring risk management plan of small and medium manufacturer.