• KSCE Journal of Civil and Environmental Engineering Research
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• v.42 no.3
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• pp.439-448
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• 2022

Recently, domestic small and medium-sized subcontractors participating in the overseas construction market are suffering from the continuous loss and damage due to the insufficient recognition of the importance of risk Sub-Clauses among conditions of subcontracts. Therefore, the need to derive risk Sub-Clauses for conditions of the subcontract has been raised, but until now, previous studies have been conducted focusing on deriving risk Sub-Clauses for standard conditions of contract for construction between the Employer and the Contractor. In this study, 52 risk Sub-Clauses were derived on the basis of the influence size of the Sub-Clauses through the Delphi technique targeting 94 Sub-Clauses of conditions of standard subcontract for construction edition 2011, issued by the International Federation of Consulting Engineers (FIDIC) and In addition, 33 key risk Sub-Clauses were finally derived through the PI Risk Matrix by Probability and Impact. The results of this study provide will useful information on key risk Sub-Clauses that need to be reviewed in advance to minimize contractual risks at the stage of bidding and signing contracts for overseas subcontract construction projects.

• Korean Journal of Construction Engineering and Management
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• v.5 no.1 s.17
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• pp.80-87
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• 2004

This paper presents an analysis of construction project management from supply chain management perspective to gain insight from all constituents and to identify areas of improvement. In order to suggest opportunities for improvement, interviews with the members of a typical urban office building project in US were held. Based on that, a qualitative analysis of construction projects is presented. Focusing on electrical and mechanical sub-systems, this study illustrates the roles of subcontractors, suppliers, distributors, and manufacturing representatives as well as the complexity that a general contractor fares in managing its supply chain. The author$^{\circ}\phi$s recommendations are focused on process restructuring and automation, which include some quantifiable performance measures, incentives, and their alignment with each other

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.5
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• pp.429-439
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• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.3
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• pp.602-606
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• 2009

The absorption capacity and initial absorption rate in 5 %, 10%, 15 % and 20% $Na_{2}CO_{3}$ under the constant temperature at $40^{\circ}C$ and the initial absorption rate in mixture of different alkaline salts such as $KHCO_3$, $CaCO_3$ and $K_{2}CO_{3}$ were measured using batch type stirred cell contractor. 10% $Na_{2}CO_{3}$ showed the highest absorption capacity and $Na_{2}CO_{3}$ and $K_{2}CO_{3}$ showed the somewhat increased absorption capacity and initial absorption rate respectively. Further more, we have studied the effect of adding Pz and Pp to $Na_{2}CO_{3}$. The result showed that absorption rate of $CO_2$ was increased by adding these additives.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.43 no.2
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• pp.239-247
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• 2023

The FIDIC Red Book is an international standard contract condition in which the Employer designs and the Contractor performs the construction. The Engineer of FIDIC Red Book shall agree or determine any matter or Claim in accordance with Sub-Clause 3.7 neutrally, not as an agent of the Employer. This study aimed to derive Key Risk Sub-Clauses out of 49 Sub-Clauses that the Engineer of FIDIC Red Book recently revised in 18 years shall agree or determine according to Sub-Clause 3.7 using the Delphi method. A panel of 35 experts with more than 10 years of experience and expertise in international construction contracts was formed, and through total three Delphi surveys, errors and biases were prevented in the judgment process to improve reliability. As for the research method, 49 Sub-Clauses that engineers shall agree on or determine according to Sub-Clause 3.7 of the FIDIC Red Book were investigated through the analysis of contract conditions. In order to evaluate the probability and impact of contractual risk for each 49 Sub-Clause, the Delphi survey conducted repeatedly a closed-type survey three times on a Likert 10-point scale. The results of the first Delphi survey were delivered during the second survey, and the results of the second survey were delivered to the third survey, which was re-evaluated in the direction of increasing the consensus of experts' opinions. The reliability of the Delphi 3rd survey results was verified with the COV value of the coefficient of variation. The PI Risk Matrix was applied to the average value of risk probability and impact of each of the 49 Sub-Clauses and finally, 9 Key Risk Sub-Clauses that fell within the extreme risk range were derived.

• Korean Journal of Construction Engineering and Management
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• v.15 no.3
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• pp.12-22
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• 2014

In recent, many Korean contractors have tried to extend their business area into the overseas construction market, mainly as a result of a reduction in their domestic construction market. However in terms of risk, overseas construction projects are likely to face a number of unpredictable problems, many of which occur as a result of differences in contract cultures and construction environments between Korea and other countries. One key issue facing overseas construction projects in particular, is that of sub-contracting and control, and the way in which many countries of Commonwealth of Nations operate a unique subcontracting method well known as a nominated sub-contractor(NSC). This paper introduces the NSC system and differences as comparing among standard construction contract forms, such as JCT, SIA, HKIA and PAM. in UK and Asian Commonwealth of Nations. Also, we attempt to classify the type of the NSC system through the consideration of NSC clauses in accordance with the objection and termination of NSC contracting respectively.

• Korean Journal of Construction Engineering and Management
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• v.6 no.3 s.25
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• pp.81-89
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• 2005

Delay schedule coming about duration extension is happening essentially because public construction project consist of many sub contractor. The method which can calculate delay day is suggested by many studies in case of happing delay schedule, but It is difficult to apply to real construction project because there is no mention about the control of The law of contract according to delay schedule. The law of Contract which is cost of account has more uncertain problem than FIDIC condition of contract. This study suggests method which can make extension of duration procedure clear in case of happing the reason of design change related with activity duration during carrying on construction, and a submission process of the reason of duration extension and modify schedule making way about section which is basis of calculating contract amount clear.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.48
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• pp.127-155
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• 2010

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

• Journal of the Korea Institute of Building Construction
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• v.15 no.4
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• pp.405-412
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• 2015

The procurement of public construction, which has been selected mainly on the basis of the work experience of a department of public agencies that award construction contracts or those in charge of ordering, has not been executed through an objective selection process considering the construction types or characteristics. Thus, as a preliminary study on developing a model for the selection of contract methods, this study intends to analyze and present the key factors affecting the selection of procurement methods in public construction. Through a literature review on the existing methods, foundational factors were first presented, based on the analysis of these factors, the final influence factors were proposed. As a result, 6 factors contractor's characteristics, the environment of the construction market, relevant organization, the characteristics of a project, costs, and responsibility factors were determined, and 14 sub-factors were selected. The factors presented in this study will be used as base data for developing a decision making support model for the selection of contract methods in public construction.

• Korean Journal of Organic Agriculture
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• v.23 no.3
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• pp.423-453
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• 2015

This study started with two questions. The first question is 'Why does organic agriculture want to be linked with cooperative?' The second is 'What is the characteristics of the mutual relationship between organic agriculture and cooperative?', especially in Wonju. Up to now, there have been various kinds of discussion about cooperation between organic agricultural campaign and cooperative in Wonju. But there are few concrete data showing what role cooperative plays in the cyclical process of production-distribution-consumption of organic agriculture. Thus, we conducted a survey applying the Delphi technique to the 35 organic agricultural specialists active in Wonju. First, small-scale family farm producers established a social economic cooperative network in around 2003 to perform 'the activities of innovators' through forming an organization. Producers moved from the stage in which they were supported one-sidedly by consumers to the stage where they could 'lead' cooperation. Each farm organization built a vertical integration, and horizontal cooperative systems with other farm organizations. But, practical cooperative activities have remained in the doldrums. They tend to show trends deviating from the principles of organic agriculture and cooperative. Second, the relationship between producers and consumers in Wonju can be described as 'producer-consumer cooperative type'. In Wonju, the producers' organization is not a sub-contractor which simply deliver organic agricultural products to producers' cooperative, but is an equal subject which creates its own value chain. The cooperative (cooperative organization) leads distribution and consumption of organic agricultural products and mutual communication. But, the closeness between producers and consumers has got loosened. And, it is problematic that the proportion of local food consumption in Wonju is very low. There is a very strong tendency to ride the central distribution system of producers' cooperative coalition. Consequently, it is necessary for producers' cooperatives in Wonju to run a local food distribution system based on the 'cooperative system among cooperatives'.