• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.255-275
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• 2013

The purpose of the study is to examine compliance criteria for documents of the Letter of Credit(L/C) by the Korean Supreme Court in practical use. The judgement criteria of the court in documents' examination is supported by the doctrine of strict compliance. And, in examination of documents by the Supreme Court, the difference between documents presented and the credit should be followed by the allowance of international standard banking practices. In this case, the Supreme Court makes a reference for ICC's opinion or decision proposed as the international standard banking practices, or otherwise admit by exploring the practices. However, when documents reviewing by the bankers' auditors, it is very difficult for them to judge in a short time due to the lack of high level of knowledges and insights. As shown the cases of this study, the doctrine of strict compliance of an L/C be relaxed, and most of the recent precedents be ruled by the exception of the doctrine. Because, therefore, it is difficult for to documents reviewers of bank to judge these consistencies, conducting arbitrary document review will be inevitable. As a result, it will be difficult for banks and applicants to ensure the strictness of the documents, and free use of L/Cs in international transactions will be avoided. Finally, the expanded usage of the electronic negotiation system that simplifies the highly difficult compliance criteria to ensure the strictness of documents will be needed, and not only be eradicated the acts of arbitrary documents examination practices, but also be promoted the freely usage of L/Cs.

• The Journal of the Korea institute of electronic communication sciences
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• v.17 no.2
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• pp.375-386
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• 2022

As information asset protection is recognized as an important management factor for organizations, organizations are increasing their investments in information security(IS) policies and technologies. However, strict application of IS may cause non-compliance behavior through IS stress on employees of the organization. Accordingly, this study suggests a mechanism by which employee stress affects IS compliance intentions through self-determination, and a method to reinforce IS compliance intentions through person-organization fit. We conducted an online survey of employees working at companies that adopted IS policies and tested hypotheses using 475 samples. First, as a result of analyzing the main effects of applying the structural equation model, role stress affected IS compliance intention through self-determination. Second, as a result of analyzing the moderating effect of applying Process 3.1, personal organization fit strengthened the relationship between self-determination and IS compliance intention. The research suggests a direction for achieving internal IS goals by confirming the influence of IS stress and behavioral causes of employees.

• The Journal of the Korea institute of electronic communication sciences
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• v.16 no.6
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• pp.1101-1112
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• 2021

Organizations continue to increase investment in information security(IS) policies and technologies to prevent external intrusion and internal exposure to information assets. However, as the organization's regulations and behavioral requirements for strict IS policy increase, employees may induce negative behaviors through IS-related stress. The purpose of this study is to suggest the effects of challenge and hindrance stressors on IS compliance intentions and to confirm how authentic leadership moderates the positive and negative effects of stressors. We reflected employees of the organization who are applying IS policy to their work as a study target and applied a survey to obtain a sample for research hypothesis verification. As a result of analysis through structural equation modeling, challenge and hindrance stressors affected IS compliance intentions, and authentic leadership moderated the effects of stressors on compliance intention. Our research helps to establish insiders support strategies to achieve internal IS goals, because the results suggested stressor conditions and leaders' behavioral directions that influence employees IS compliance behavior.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.275-305
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• 2009

Marine insurance contracts, which intended to provide indemnity against marine risks upon the payment of price, known as a premium, originated in Northern Italy in the late 12th and early 13th centuries. The law and practice were later introduced into England through the Continent. It is, therefore, quite exact that English and European marine insurance law have common roots. Nevertheless, significant divergences between English and European insurance systems occurred since the late 17th century, mainly due to different approaches adopted by English courts. The rule of warranty in English marine insurance was developed and clarified in the second part of the 18th century by Lord Mansfield, who laid the foundations of the modern English law of marine insurance, and developed different approaches, especially in the field of warranty in marine insurance law. Since the age of Lord Mansfield, English marine insurance law has a unique rule on warranty. This article is, therefore, designed to analyse the overall rule of the rule of warranty in English marine insurance law. The result of analysis are as following. First, warranties are incorporated to serve a very significant function in the law of insurance, that is, confining or determining the scope of the cover agreed by the insurer. From the insurer's point of view, such the function of warranties is crucial, because his liability, agreed on the contract of insurance, largely depend on in, and the warranties, incorporated in the contract play an essential role in assessing the risk. If the warranty is breached, the risk initially agreed is altered and that serves the reason why the insurer is allowed to discharge automatically further liability from the date of breach. Secondly, the term 'warranty' is used to describe a term of the contract in general and insurance contract law, but the breach of which affords different remedies between general contract law and insurance contract law. Thirdly, a express warranty may be in any form of words from which the intention to warrant is to be inferred. An express warranty must be included in, or written upon, the policy, or must be contained in some document incorporated by reference into the policy. It does not matter how this is done. Fourthly, a warranty is a condition precedent to the insurer's liability on the contract, and, therefore, once broken, the insurer automatically ceases to be liable. If the breach pre-dates the attachment of risk, the insurer will never put on risk, whereas if the breach occurs after inception of risk, the insurer remains liable for any losses within the scope of the policy, but has no liability for any subsequent losses. Finally, the requirements on the warranty must be determined in according to the rule of strict construction. As results, it is irrelevant: the reason that a certain warranty is introduced into the contract, whether the warranty is material to the insurer's decision to accept the contract, whether or not the warranty is irrelevant to the risk or a loss, the extent of compliance, that is, whether the requirements on the warranty is complied exactly or substantially, the unreasonableness or hardship of the rule of strict construction, and whether a breach of warranty has been remedied, and the warranty complied with, before loss.

• Journal of Convergence for Information Technology
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• v.10 no.9
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• pp.123-135
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• 2020

Recently organizations are implementing strict security policies and technologies to minimize security incidents. However, strict information security can cause work stress of employees and can make it difficult to achieve security goals. The purpose of this study is to present the preconditions for mitigating the negative impact of security-related work stress. We conducted a questionnaire survey of employees working in the financial industry and secured a total of 266 samples. The test of the research hypothesis was carried out by structural equation modeling. As a result, work stress had a negative effect on compliance intention, and value congruence reduced work stress. Also, security feedback had a moderating effect on the relationship between research factors. The results have theoretical and practical implications for mitigating work stress of employees.

• Journal of Arbitration Studies
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• v.18 no.2
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• pp.173-199
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• 2008

A letter of credit transaction of the preexistence have been raising one's head fraud charge problem as a result of abusing the principles of independence and abstraction. Every society has certain rules and conventions which it regards as important and most of people in any society. The paper document means a document in a traditional paper form. The eUCP credit must specify the formats in which electronic records are to be presented. In these present times, the issuance of documentary credit are performed by the SWIFT(Society for Worldwide Inter bank Financial Telecommunication) system. The eUCP have been written to allow for presentation completely electronically or for a mixture of paper documents and electronic presentation. Presentation is deemed not to have been made if the Beneficiary's notice is not received. An electronic record that cannot be authenticated is deemed not to have been presented. The e-UCP is the supplement of current existing UCP but is superior to UCP under some circumstances. The document shall include an electronic record. The place for presentation of electronic records means an electronic address. The current e-UCP is not clear on this matter. We have to note followings in case of presenting the documents electronically and applying the e-UCP. There are three principles in the letter of credit transaction, that is to say, independence and abstraction, document dealing, strict compliance. IN the electronic letter of credit, these principles are called as independence and abstraction, electronic document dealing, strict compliance.

• Asian Oncology Nursing
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• v.6 no.2
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• pp.121-132
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• 2006

Purpose: The purpose of this study was to describe the lived experience of the patients with cancer participating in a clinical trial for the development of a new drug. Method: This study was based on a phenomenological approach. The eight patients participating in a clinical trial were selected as the participations of this study. The data were obtained through in-depth interviews from the participants and were analyzed using the Giorgi method. Results: Essential experiences of the patients with cancer under a clinical trial consisted of anticipating recovery of physical health and a social role, passing the strict criteria of a clinical trial, diminishing economic burden, satisfaction with special treatment receiving, social contribution, concerns about side effects and withdrawal from the clinical trial, conflicts as a participant, pain, limited administration of other treatments, regret for giving up other treatments, strict compliance with instructions, prevention of side effects and maintaining desirable life-style. Integrated units of meaning of these components were hope, good luck, a sense of satisfaction, fear, distress, and the will of self-control. Conclusion: The most essential meaning of the cancer patients participating in a clinical trial was hope. Hope was found to be a primary factor reinforcing the will of self-management. The results of this study can be of great help to the research nurses to understand the lived experience of the patients with cancer and to plan an effective nursing intervention for the patients.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.12
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• pp.429-460
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• 1999

The letter of credit is quintessentially international. In the absence of international legal system, a private system based on banking practices has evolved, commanding the adherence of the international letter of credit community and providing the foundation of th reputation of this instrument. To maintain this international system, it is vital that international standard banking practice should not be subject to local interpretations that misconstrue or distort it. The UCP is a formulation of international standard banking practice. It is neither positive law nor a "contract term" in any traditional sense and its interpretation must be consonant with its character as a living repositary of international understanding in this field. As a result, the interpretation and application of specific articles of the UCP must be consistent with its evolving character and history and with the principles upon which sound letter of credit practice is predicated. This study, especially, focuses on article 13 and article 14 of the UCP500. Article 13(b) of UCP500 stipulates that banks will have a reasonable time, not to exceed seven days, to examine documents to determine whether they comply facially with the terms of the credit. The seven-day provision is not designed as a safe harbor, because the rule requires the issuer to act within a reasonable time. But, by virtue of the deletion of the preclusion rule in the document examination article in UCP500, however, seven days may evolve as something of a safe harbor, especially for banks that engage in strategic behavior. True, under UCP500 banks are supposed to examine documents within a reasonable time, but there are no consequences in UCP500 for a bank's violation of that duty. It is only in the next provision. Courts might read the preclusion more broadly than the literal reading mentioned here or might fashion a common-law preclusion rule that does not require a showing of detriment. Absent that kind of development, the change in the preclusion rule could have adverse effects on the beneficiary. The penalty, strict estoppel or strict preclusion, under UCP500 and 95UCC differs from the classic estoppel. The classic estoppel rule requires a beneficiary to show three elements. 1. conduct on the part of the issuer that leads the beneficiary to believe that nonconforming documents do conform; 2. reasonable reliance by the beneficiary; and 3. detriment from that reliance. But stict preclusion rule needs not detrimental reliance. This strict estoppel rule is quite strict, and some see it as a fitting pro-beneficiary rule to counterbalance the usually pro-issuer rule of strict compliance.

• Journal of Arbitration Studies
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• v.16 no.3
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• pp.161-189
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• 2006

This paper is aiming at analyzing case law of India in relation with reasonable time to make decision whether to accept or to refuse the documents received from the presenter in credit transactions. As specified in UCP, the failure to refuse to accept the documents within a reasonable time precludes the Issuing Bank, Confirming Bank (if any) and Nominated Bank from asserting that they are discrepant. Compliance of the stipulated documents on their face with the terms and conditions of the credit shall be determined by international standard banking practice as reflected in this Articles of UCP 500. The Issuing bank is only to be held responsible for honoring the documents presented by beneficiary through the nominated banks if they are strictly in compliance with terms and conditions of the Credit. As any well experienced banker knows, however, a word-by-word, letter-by-letter correspondence between the documents and the credit terms means a practical impossibility. Thus the notion of reasonable care in conjunction with the doctrine of strict compliance mixed with International Standard Banking Practices has not played a right functional standard for checking the documents as stipulated in the credit and UCP 500. And so the rejection rate is highly estimated at approximately 50% in EU and 40 to 70% according to their geographical locations in the USA. As a result, it can possibly be inferred from this fact that the credit industry would be facing the functional failure as the international trade credit facility, if not supported with motive power as a relevant scheme in UCP 500. It is quite important to note that UCP 500 Article 13(b) which specify the time limit for the banks to notify the presenter their decision not to accept the documents within a reasonable time not to exceed seven banking days following the day of receipt of documents would be the motive engine to improve the negotiability of documents in international trade financial facility.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.36
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• pp.29-46
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• 2007

The fraud exception rule allows for the issuing bank to dishonor the claim if it the documents and transactions bear fraud though the documents presented are complied with the terms and conditions of the letter of credit. A question arises whether the fraud exception rule can apply to innocent beneficiary when fraud is made by 3rd party. United City Merchants v. Royal Bank of Canada showed a good example how to handle in case of innocent beneficiary. At this case House of Lord found that innocent beneficiary deserves payment applying nullity exception rule. I believe that the nullity exception rule is employed for the benefit of innocent beneficiary as far as the issuer and applicant get no actual damage by the 3rd party's fraudulent action which is shown on documents.