• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.67
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• pp.119-142
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• 2015

Many insurers have traditionally incorporated "fraud clauses" into insurance policies, setting out the consequences of making a fraudulent claim. Even in the absence of an express terms, English courts provide insurers with a remedy for a fraudulent claim. However, the law in this area is complex, convoluted and confused. English Law Commission think that the law in this area needs to be reformed for three reasons; (1) the disjunctive between the common law rule and section 17 generates unnecessary disputes and litigation, (2) increasingly, UK commercial law must be justified to an international insurance society, and (3) the rules on fraudulent claims are functioned as a deterrent if they are clear and well-understood. In order for these purposes, English Law Commission recommends a statutory regime to the effect that, when an insured commits fraud in relation to a claim, the insurer should (1) have no liability to pay the fraudulent claim and be able to recover any sums already paid in respect to the claim, and (2) have the option to treat the contract as having been terminated with from the time of the fraudulent act and, if chosen the option, be entitled to refuse all claims arising after the fraud, but (3) remain liable for legitimate losses before the fraudulent act. LC is not recommending a complete restatement of the law on insurance fraud generally. For example, LC does not seek to define fraud, instead, recommends the introduction of targeted provisions to confirm the remedies available to an insurer who discovers a fraud by a policyholder.

• Environmental and Resource Economics Review
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• v.29 no.1
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• pp.91-111
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• 2020

While the renewable energy portfolio standard (RPS) is in place to expand the scale of renewable energy generation, the power producer can obtain the renewable energy credit (REC) and use it as an incentive to operate the facility. RECs secured by solar power generation can be traded through spot market or fixed price contracts, and, in the spot market trading, power producers are exposed to the uncertainty of REC spot price. In this study, real option analysis is conducted to analyze the optimal threshold of REC spot price for the conversion of REC trading method by power producer considering the uncertainty of REC spot price. We calculated the optimal threshold of REC spot price that can convert the trading method of REC from spot market to fixed price contract. In conclusion, the spot market trading is a rational trading method when considering the uncertainty of REC price, but the fixed price bidding is a rational trading method when not considering the uncertainty of REC price.

• Journal of Korea Port Economic Association
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• v.36 no.1
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• pp.59-76
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• 2020

The purpose of this study is to analyze the factors of the main selection criteria of the contract form used to conclude the sales contracts of used ships and to assist parties in selecting the most suitable contract form for trading situations. The methods of the study are based on identifying the factors from the questionnaires using analytic hierarchy process analysis, following the selection of typical details through interviews with the S&P Broker Group and finding the solutions that match each detail. The analysis shows that ship traders prefer the Norwegian Sales Form (NSF) to NIPPONSALE for various reasons. Considering the sellers' situations, NFS is the more reasonable option for major countries, except Japan. NIPPONSALE is relatively more focused on the advantages of the buyer's conditions, including for Japan. It is important to select the appropriate clauses from these types of contract, according to the trading conditions, including the main and additional terms, in order to create a mutual agreement between the shipper and the consignee that leads to more cooperation and balances the purposes of both parties in adjusting the time for securing and disposing of the vessels.

• The Journal of Information Systems
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• v.22 no.3
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• pp.43-58
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• 2013

This work investigates factors that may affect the choice of real options by ERP project managers. Financial theory suggest that these factors include risk-free interest rate, time to maturity, volatility of net present value, and options exercise price. Other than these factors, we are interested in the exogenous risks related to external uncertainties about technological cost, user learning and consulting, and so forth and we argue these risks should have a significant impact upon the volatility of net present value. To validate these factors empirically, we collected survey questionnaires from ERP project managers in Korea. We find that perceived exogenous risks with regard to ERP projects influence volatility and additionally find that ERP project managers prefer contract options of the project when the volatility of the project is expected to be high. We expect that this work will not only validate theoretical propositions but help project managers consider ERP options strategically based on these factors.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.1
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• pp.17-27
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• 2018

In 21^st Century business world, services are carried out in multifaceted, competitive and rationality manner that are characterized by evolving many factors, which are often unpredictable. On-the-go banking is a product in financial sector. However, it faces serious pitfalls being it riskiness. Bank customers compete for time-saving options. On contrary, PCBs compete for marginalizing its operating costs for enhancing its revenues. On strategic tactics, PCBs targets city customers in multi-facets including offering incentives for enhanced usages of on-the-go banking. Influencing customer's intention, attitude and behavior in banking, PCBs also offers incentive under market system along with often informational asymmetry. However, it causes exploitation. In most cases customers don't read terms & conditions of services. They don't save contract-copy. These weaknesses cause abuses. Customer faces hidden charges, extra fees, account hacked. Addressing the issue, Voluntary Insurance Option is proposed where PCBs will introduce it as a product of bank-services. Transferring risk away from customer will benefit both PCBs and bank-customers. This product can attract new customers who were on the brink using digital banking but just felt it was too risky. This model can facilitate the parties involved for increasing usage of on-the-go banking-services while customers can maintain optimal utility of usages.

• Journal of the Korean Society for Railway
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• v.7 no.3
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• pp.283-289
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• 2004

According to continuos welded rails on a bridge, temperature changes bring about the expansion of the bridge deck adding axil forces on the track. Moreover, the ballast on the bridge deck expansion joint is moved due to the bridge deck. If bridge decks are longer, the influence is greater, loosening ballast, causing track irregularities, and deteriorating passengers' comfort. Considering structure of bridge itself and tolerance of track irregularities caused by the loosened ballast on bridges, the maximum length of a deck should be less than 80m, which is the same as the standard of the French railway. In this study, an interaction between the expansion related to the bridge length and irregularity in longitudinal level referring to measurements and maintenance works performed in the high-speed railways was analyzed. This research shows that installation of sliding plate or vertical ballast stopper is not a good option since it is difficult to install. On the other hand, installation of movable fastener or gluing is easy but its influence is insignificant. To conclude, switch tie tamping or manual tamping is more effective than others.

• Journal of the Korea Convergence Society
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• v.11 no.5
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• pp.145-151
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• 2020

It has become the heavy burden for many domestic colleges to renew the e-journal paywall licenses because major publishers keep raising license fees to access the new articles in Korea. In order to overcome these costly expenditure, the universities in US and the several governments in EU attempted the new models of open access option in the form of pilot contract with major publishers. Unlikely, there is no active discussion regarding open access options among domestic scientists, which may limit the generation of creative models in Korea. In this paper, the cases of US and EU negotiations with the Elsevier publisher were introduced and also evaluated in a qualitative manner whether any combined models could be applicable to future consideration.

• Korean Journal of Construction Engineering and Management
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• v.20 no.3
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• pp.22-30
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• 2019

The purpose of this study is to derive basic data of the Guaranteed Maximum Price(GMP) process and to present specimens that can be used at the time of execution of CM at Risk project in South Korea. CM at Risk project is issued in South Korea, but the actual data is lack. On the other hand, CM at Risk project is universalized and the market of the CM at Risk is steadily growing. Because of that, in this study, The United States cases was selected as a sample. GMP consists of CM's fee, CM contingency, project direct cost, project indirect cost, allowance. GMP negotiations are performed before the end of design completion, and after 3 rounds of estimation comparison, preliminary GMP is confirmed. GMP can be multiple contract and it is useful for Procurement of long lead materials and early construction. If the actual cost is lower than expected GMP, sharing of the saving is an option since the conflict of interests between the client and the contractor can occur.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.6
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• pp.171-181
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• 2014

CSV(Creating Shared Value) model was proposed by Porter and Kramer (2011) to address relationship between businesses and society. Namely, it means that CSV deals with business value and social problem solving simultaneously. In this paper, the notion of CSV was applied to the food enterprise, and the cases of CSV with farming area were discovered. Especially, this paper proposed the framework for analyzing CSV activity based on the three-level of CSV suggested by Porter and Kramer (2011) and strategic options for vertical coordination proposed by Peterson et al. (2001). As a result of case analysis applying the proposed framework in this study, three types of CSV activity were discovered: Local food type, downstream support type, and joint corporate establish type. Local food type creates CSV based on momentary purchase or specification contract as strategic options for vertical coordination. Downstream support type creates CSV mainly based on relation-based alliance as a strategic option for vertical coordination. Lastly, joint corporate establish type creates CSV based on equity-based alliance as a strategic option for vertical coordination. This paper contributed to the CSV literatures for discovering cases of CSV with farming area and categorizing discovered cases applying proposed framework.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.55
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• pp.265-290
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• 2012

CEPA (Comprehensive Economic Partnership Agreement) between India and Korea may vitalize Korean economy more and more. Currently most of Korean firms have entered into manufacturing industries like electronics and automobiles. But only a few Korean companies are trying to penetrate into Indian green industry so this paper suggest how to enter into Indian green industry, especially renewable energy sectors. First, Exporting main shaft, tower-flange and polysilicon products can be considered, as a first step of entry mode. Second, entry mode based on contract like technology licensing, strategic alliance and joint venture establishment can be also one of options. For example, Korean solar energy industry which show more competitiveness than that of Indians should try to make technological licensing on PV modules. In addition to this, they should also try to make joint ventures with right Indian partners and build up 'Solar City' nearby regions like Gurgaon in India where many Korean firms are located. Korean shipbuilding firms like Hyundai Engineering which keep on developing wind turbo engines can also try to make strategic alliance with Indian firms like Suzlon which has strong competitiveness. After that, they should explore Korean and Indian wind sector markets together. Third, brownfield investment can be last and final option as a entry mode as we consider the peculiar characteristics of renewable energy industry. Lastly, Korean government which are rush to indulge into green business should formulate more proper and realistic policies to give big incentives the concerned firms which are trying to open international green market so government should make Korean green firms not to lose good market opportunities related to green industry like renewable energy sectors. Renewable energy sectors are basically regarded as infrastructures so close contact to Indian central government as well as state government will be also required.