• Journal of Korea Trade
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• 제26권7호
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• pp.167-184
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• 2022

Purpose - This paper analyzes all possible issues that need to be considered in case disputes occur with regard to force majeure in international commercial contracts through the comparative study between English and Korean during COVID-19. Design/methodology - This paper belongs to the field of explanatory legal study, which aims to explain and test whether the choice of law is linked to the conditions that occur in the reality of judicial practice. The juridical approach involves studying and examining theories, concepts, legal doctrines, and legislation that are related to the problem. Findings - English law does not permit general economic impracticability to qualify as a valid force majeure event. If a party asserts that they were prevented from performing the contract, the courts will examine this strictly. Many commercial contracts in a broad range of sectors and industries are chosen by parties to be governed by English law. With COVID-19, there have been discussion of parties being released from performance as a result of force majeure. Meanwhile, under Korean law, a force majeure event should be unforeseeable and beyond a party's control. Since COVID-19 is a known event for future contracts, to avoid the risk that a similar situation in the future is deemed foreseeable and under a party's control, parties must ensure that such a risk is properly addressed in a contract. Therefore, it is necessary to have a new clause to cover a pandemic. Originality/value - In light of the ongoing unexpected and uncertain economic impacts COVID-19 is expected to bring to the world, it is anticipated that companies will experience an increased number of claims involving force majeure around the world, including English and Korea. As such, taking proactive steps to assess the applicable legal principles, including the concept of force majeure of contract, will help companies be prepared for the financial or legal implications of COVID-19. In this regard, it would be advisable for companies and businesses to take specific actions.

• 무역상무연구
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• 제33권
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• pp.221-243
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• 2007

A party to a contract is bound to perform its contractual duties. But outside events may make performance impossible, physically or legally. In such a situation a party may wish to plead "force majeure" as an excuse for failure to perform. The laws of most countries have provisions which dealt with force majeure. These provisions, however, vary from country to country and may not meet the parties' requirement in international contracts. Therefore, parties to international contracts are frequently in need of contract clauses on force majeure. There are many force majeure clauses in standard forms or individually negotiated. The ICC has drawn up provisions which aim at providing assistance for parties when they are making contracts. The force majeure clause grants relief from contractual sanctions and includes provisions for suspension and termination of contract. The purpose of this study is to examine "ICC Force Majeure Clause 2003" in the international sales contract. For this purpose, firstly this study deals with the major contents of the ICC Force Majeure Clause 1985 and 2003. Secondly this study considers the related provisions under CISG, PICC, PECL and the force majeure clause in Model International Sale Contract. Thirdly this study compares ICC Force Majeure Clause 2003 with the relative provisions under CISG, PICC, PECL and the force majeure clause in Model International Sale Contract. It should be noted that the parties often need to adapt the content of this clause so as to take account of the particular circumstances of the individual contract. This paper contributes to help the parties to a contract to draft the meaningful "Force Majeure Clause" containing more precise and elaborate provisions.

• Management Science and Financial Engineering
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• 제22권1호
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• pp.1-4
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• 2016

We consider a two-tier supply chain with multiplicative random yield. We focus on the supply chain performance with respect to the control scheme of determining the production lot size. The profit loss due to distributed control is analyzed to give an insight for devising efficient supply contracts.

• 무역상무연구
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• 제51권
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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 journal of advanced smart convergence
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• 제9권2호
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• pp.157-163
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• 2020

Recently the blockchain technology has been actively studied due to its great potentiality. The smart contract is a key mechanism of the blockchain system. Due to the short history of the smart contract, many issues have not been solved yet. One main issue is vulnerability and another main issue is cost optimization. While the vulnerability of smart contract has been actively studied, the cost optimization has been rarely studied. In this paper, we propose two cost optimization methods for smart contracts running on the blockchain system. Triggering a function in a smart contract program code may require costs and it is repeated continuously. So the minimization of costs required to trigger a function of smart contract while maintaining the performance equally is very important. The proposed two methods minimize the usage of expensive permanent variables deployed on the blockchain system. We apply the proposed two methods to three prevalent blockchain platforms: Ethereum, Klaytn and Tron. Evaluation experiments verify that the proposed scheme significantly reduces the costs of functions in the smart contract written with Solidity.

• 한국컴퓨터정보학회논문지
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• 제24권4호
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• pp.65-71
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• 2019

IAs smart device penetration rate is more than 90%, mobile transaction ratio using smart device is increasing. Smart contracts are used in various areas of real life including smart trading. By applying smart contracts to the platform for smart transactions through block-chain technology, the threat of hacking or forgery can be reduced. However, various threats to devices in smart transactions can pose a threat to the use of block chain Etherium, an important element in privilege and personal information management. Smart contract used in block chain Ethereum includes important information or transaction details of users. Therefore, in case of an attack of privilege elevation, it is very likely to exploit transaction details or forge or tamper with personal information inquiry. In this paper, we propose a detection and countermeasure method for privilege escalation attack, which is especially important for block chain for secure smart transaction using block chain Ethereum. When comparing the results of this study with the results of similar applications and researches, we showed about 12~13% improvement in performance and suggested the future countermeasures through packet analysis.

• 무역상무연구
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• 제44권
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• pp.57-84
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• 2009

This Study attempts to compare and analyze on Principle of Change Circumstances under th CISG, PICC and PECL which are covered international commercial contract. In many international commercial contract, time is very important because delays in performance are sanctioned heavily by substantial penalty clauses. When change in circumstances affects contract performance, the contract will often not be suspended or terminated. Therefore, principle of change circumstances is being prepared of fluidity of contract environment and its effect in general. Taking into consideration the problems relating to the renegotiation or adaptation in the cases of radical change of circumstances where the CISG applies, it is suggested that the contracting parties should make clear their intentions, that is, whether they will provide for the possibility of renegotiation where the price of goods has been altered by inserting a hardship clause or for the possibility of mutual discharge from liability in the cases of economic impossibility or hardship by inserting a force majeure clause. Such provision will be desirable especially in situations where there is a long term contract, the price of goods sold tends to fluctuate in the international commerce, or where especially in contracts subjected to arbitration, the parties subject their contract to legal sources or principles of supranational character. Therefore, this study has shown that the hardship provisions in the CISG, PICC and PECL has similarities to each a validity defense and an excuse defense. it was provisions that CISG governs this issue in Article 79, PICC Article 6.2.1, 6.2.2, 6.2.3 and PECL Article 6.111.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2009년도 추계 학술논문 발표대회
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• pp.257-260
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• 2009

With the current global financial crisis, Korea's economic situation involves a great deal of uncertainty. As the construction industry in Korea has traditionally been one of the country's strongest engines of economic development, it is crucial to understand its current status when establishing government policy or corporate goals. Utilizing a variety of statistical data related to construction that has been published in Korea, this study analyzes the current status and performance of the industry in terms of technological development. Although it was found that the construction industry in Korea is currently unstable due to the influence of the global financial crisis, it is now expected to recover quickly thanks to the increase in the number of construction contracts in foreign countries. In addition, when the performance of national research and development is realized, it is expected that new construction technologies will contribute to the recovery of the Korean construction industry. Despite the benefits of construction contracts in foreign countries, there are harmful practices in the industry that need to be addressed, including the excessively fierce competition among domestic construction companies.

• 한국식품영양학회지
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• 제21권4호
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• pp.562-571
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• 2008

The principal objective of this study was to assess dietitian's awareness and performance with regard to food suppliers' selection guidelines and purchase guidelines for the receipt of safe food materials. A questionnaire was administered to 203 dietitians working at an elementary school in Gyeonggi North province, and 190 responses were ultimately returned. Excluding responses with incomplete answers and significant missing data, 161 responses(79.3%) were ultimately utilized for data analysis. We determined that meat/poulty and seafood were purchased mainly by manufacturer's branch(59.8% and 78.3%), and processed food and kimchi were generally purchased by producer's cooperatives(47.7% and 44.9%). 78.3% of the contracts were made via informal purchasing and the frequency of contracts was less than 3 times per year(53.4%). Market studies were conducted individually(54.7%), and by group(47.2%). Dietitian and parents volunteered(50.3%) or dietitians, and school and foodservice staffs(45.3%) participated - together in receiving and inspection. School contracted with $4{\sim}5$(39.1%) and $6{\sim}8$ food suppliers(29.8%). Dietitians(42.3%) or school councils(40.2%) evaluated food suppliers once per semester(60.2%). The majority of dietitians(96.3%) conducted sanitary education for food suppliers once per semester (68.3%). All 13 guidelines which were usually used to evaluate food suppliers were thought to be important(more than 4) based on a 5 scale(1: never important, 5: very important). Among them, 'sanitary storage status of food products(4.85)', 'have a chill car(4.83)' and 'proper control of refrigerator, freezer and storage room(4.81)' were the most crucial guidelines. As dietitians evaluated food supplier's-observances of 13 guidelines, 'have a chill car(4.89)', 'hold medical examination of employees(4.89)' and 'hold liability insurance for handling product(4.80)' were fulfilled relatively well. The guidelines for conducting education for their employees(4.45) and keeping their establishment and equipment sanitary(4.79) were important, but were not observed well(3.39 and 3.37). Additionally, the difference between the importance and the observance score of the 'HACCP certificate' were fairly significant(4.44 and 3.54). Dietitians tended to report that purchasing management related to the removal of foodborne illness factors(4.71), return confirmation(4.50) and purchase specification(4.32) were important. The difference between importance and performance was highest in the process of changing food suppliers when the contracts were violated more than three times. Dietitian's age, education work experience and employment type had no observable effects on how important they considered purchase management to be, but their work experience significantly affected performance in terms of the removal of foodborne illness factors(p<0.05). As supplier management is the most critical factor, it is clearly desirable to educate suppliers at specialized training centers and to supervise suppliers in accordance with the established sanitary guidelines.

• 수산경영론집
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• 제18권1호
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• pp.37-57
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• 1987

This article discussed the characteristics of several Pareto-optimal incentive contracts between owner and labor, more specifically, four situations: reporting output jointly observable by labor ana owner; reporting both output and effort; incorporating other endogenous elements (like capital) that affect the production process and Pareto-optimal fee schedules; and ascertaining the effects of private pre-decision information private- decision information, and per-contact informational asymmetries. Also presented were several extensions of the basic contractual model, and the different components of agency costs associated with labor-owner contractual relations. In a single-period model, the agency problem exists because the uncertainty prevents the owner from using the cash flow to determine unambiguously the labor's action. Holmstrom(1979) suggests that "when the same situation repeats itself over time, the effects of uncertainty tend to be reduced and dystunctional behavior is more accurately revealed, thus alleviating the problem of moral hazard. " Under these conditions, if the labor selects the first-best level of effect in each period, the cash flow will be independent and identically distributed over time. As the number of periods increases, the variance of the labows average output, if he selects the first-best level of effort in each period, gets smaller. Note that for this diversification effect to occur, it is necessary that the owner evaluate the labor's effort over the entire history of his employment, rather than evaluate each period's performance separately. Radner(1980) and Rubinstein and Yaari(1980) consider the extreme case in which there are an infinite number of observations. They show that the owner can eventually detect and systematic shirking on the part of the labor by comparing the labor's average output with what would be expected if the labor had been selecting the first-best level of effort in each period. In a dynamic model with incentive problems we have demonstrated that the labor's second-period compensation will depend on his first-period performance. This allows the owner to diversify away some of the uncertainty surrounding the labor's actions. In addition, this allows the owner to smooth the labor's income over time by spreading the risk of the first-period outcome over both periods. At least some unexplored avenves in this area invite future accounting research: situations where owner has different incompatible objectives and negotiates a contract with labor; circumstances in which owner deals with multiple objectives and negotiates contracts with several labors simultaneously; the value of costly accounting information systems and communication in establishing, Pareto-optimal incentive contracts, and the value and effects of inside information, Thorough theoretical or empirical research on each of these topics not only would increase our knowledge about the role and significance of accounting information but could also provide explanations of the inherent differences among various organizations and in their economic behavior. behavior.