• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.133-158
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• 2010

Independent guarantee is a creation of the need from the both sides, i.e. the applicant (principal debtor) and the beneficiary (creditor). The former used to have to deposit cash in favor of the beneficiary in case of his default, which laid a burden on his liquidity while the latter still wanted to have the equivalent to cash. Independent guarantee satisfied the both parties by freeing the applicant of a deposit and maintaining the beneficiary's right at the same time. The fact that independent guarantee has three payment mechanisms is not widely known to the public. They are (i) payment on first demand, (ii) payment upon submission of third-party documents, (iii) payment upon submission of an arbitral or court decision. From the applicant's point of view, the order in his favor is (iii), followed by (ii) and (i). As there shouldn't be a case where one party is at a disadvantage against the other, useful insight is being sought for the benefit of the applicant. First, the applicant can offer his intention to provide a payment mechanism (ii) or (iii) rather than (i) if he must deliver it. Second, if the beneficiary still wants to have (i) and the applicant is in a position not to reject it, the latter should thoroughly check any provisions that may work against him later. Third, the applicant could use counterbalancing provisions in underlying contract to cope with protective clauses in the guarantees. Forth, the applicant should review the beneficiary's sincerity to prevent unfair calling risks. The applicant may use an ECA(Export Credit Agency) in his country to which he can transfer not only unfair calling risks, but also political risks. On the other hand, a bank needs to keep the following advice in mind. The foremost important thing for the bank not to forget is that it provides a guarantee as a service provider, not as a responsible party for the feasibility of the project, etc. Credit risk of the applicant should require the greatest attention when issuing a guarantee: the bank should look into the possibility that it can procure immediate reimbursement from its customers after payment to the beneficiary. Second, the applicant's ability to complete the project should be reviewed by checking its track records, techniques and reputation, etc. Third, the bank may also use an ECA to cover the beneficiary's unfair calling risks as well as political risks. In the case of Korea, as Korea Export Insurance Corporation(KEIC) can cover all the risks mentioned above, the bank could use its service called 'Export Bond Insurance.' What's better for the bank is that ECA cover can enhance the bank's asset quality by putting it zero on its risk weighted asset.

• Journal of Service Research and Studies
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• v.7 no.4
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• pp.51-68
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• 2017

Financial technology (FinTech) is an emerging financial service sector include innovations in financial literacy and investment, retail banking, education, and crypto-currencies like bitcoin. One of the crucial branch of financial technology-third-party payment (TPP) is undergoing rapid growth, with online/mobile systems replacing offline financial systems. System quality and user attitudes are key perceptions driving third-party payment usage, the importance of these perceptions, however, may be different with countries as users' thinking varies from country to country. Thus, the purpose of this study is to elaborate how factors differ from China to Korea by drawing on the unified theory of acceptance and use of technology (UTAUT2). Additionally, this study also aims to propose a multi-attribute evaluation of the third-party online payment system based on analytic hierarchy process (AHP), fuzzy sets and technique for order performance by similarity to ideal solution (TOPSIS), to examine the relative importance of the perceptions influencing new technology adoption intention. The results showed that the price value has the most significant influence on Chinese perceptions, while the perceived credibility has the most significant effect on Korean perceptions. Sub-criteria also performs different results to Chinese and Korean third-party online payment system.

• Journal of the Korean Institute of Gas
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• v.16 no.2
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• pp.1-8
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• 2012

According to the last 5 year statistics of KGS, there occurred 22 under ground gas pipe accidents per year in Korea. And about 5 accidents per year were caused from the third party digging. IT recognition technique could reduce such underground gas accidents. Among IT recognition technique, RFID is most poplar. In the air, RFID were applied to various fields including the distribution industry, but underground condition, the research and application cases of RFID were little This research was undertaken to see the applicability of RFID to underground gas pipe safety. By use of 900 MHz RFID reader and commercial metal tag, the stable recognition distance was measured in the similar underground condition of LNG pipe. Stable recognition depth of RFID tag were measured to be 50, 45, 25 cm in the medium of soil, 5 cm-thick-concrete+soil, and water respectively. The measured distances were considered to be the meaningful distance to prevent the gas pipe accidents Also the efficient ways to input the required gas pipe data to the 24 byte metal tag were proposed. Application of RFID to underground LNG supply system will not only reduce the gas accidents due to third party digging but also improve the gas line maintenance efficiency.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.32
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• pp.93-111
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• 2006

The purpose of this paper is to analyze the composition of the arbitration costs in ICC Rule of Arbitration and to examine how each item of the costs is determined. Furthermore this author tired to find the principles or criteria deciding which of the party should bear them or in what proportion they shall be home by the parties in Article 31. Thus this author could find three common approaches. First, all of the costs are home by the losing party, or Second, all of the costs are allocated in proportion to the result of award in each case. Third, all of the costs determined by the Court as shared equally by the parties and both parties bear their own costs. But, both parties may include their intention in accordance with the principle of party autonomy. For example if the parties with to ensure that the arbitration costs be shared equally and that the arbitrator make no allocation of costs and fees, the following sentence could be added to the arbitration clause. "All costs and expenses of the arbitrators (and the arbitral institution) shall be home by the parties equally; each party shall bear the costs and expenses, including attorneys' fees, of its own counsel, experts, witnesses and preparation and presentation of its case."

• Human Ecology Research
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• v.53 no.2
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• pp.131-141
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• 2015

The purpose of this study is to examine a potential association between community factors and the establishment of Local Healthy Family Support Centers (LHFSCs). Community factors were population size, community size, local finance independency, number of workplaces per 1,000 people, number of colleges, political party affiliation of mayor, and political party affiliation of congressman. Data of this study were collected from the census indicators of 222 communities from 2004 to 2014 and analyzed by frequency, mean, geographical information system mapping, and the binary logit analysis. The results of this study are as follows. First, LHFSCs are less likely to be established in communities in the provinces of Gangwon, Chungbuk, and Gyeongbuk. Second, the population size was positively related to the establishment of LHFSCs. Third, finance independency was positively associated with the establishment of LHFSCs. Forth, a mayor was more likely to establish LHFSCs if they were affiliated with the ruling conservative political party. However, the establishment of LHFSCs was not affected by other factors such as community scale, number of workplaces per 1,000 people, the number of colleges, and party affiliation of congressman. Thus, the conclusion suggests family policy implications to improve the geographical imbalance of LHFSCs based on the analysis results.

• International Journal of Computer Science & Network Security
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• v.23 no.12
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• pp.81-90
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• 2023

Cloud computing is an emerging business model popularized during the last few years by the IT industry. Providing "Everything as a Service" has shifted many organizations to choose cloud-based services. However, some companies still fear shifting their data to the cloud due to issues related to the security and privacy. The paper suggests a novel Trust based Mutual Authentication Mechanism using Secret P-box based Mutual Authentication Mechanism (TbMAM-SPb) on the criticality of information. It uses a particular passcodes from one of the secret P-box to act as challenge to one party. The response is another passcode from other P-box. The mechanism is designed in a way that the response given by a party to a challenge is itself a new challenge for the other party. Access to data is provided after ensuring certain number of correct challenge-responses. The complexity can be dynamically updated on basis of criticality of the information and trust factor between the two parties. The communication is encrypted and time-stamped to avoid interceptions and reuse. Overall, it is good authentication mechanism without the use of expensive devices and participation of a trusted third party.

• The Journal of the Korea Contents Association
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• v.17 no.10
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• pp.72-84
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• 2017

This study aims to investigate how the service quality of a farm party affects the cognitive and emotional images of the farmhouse and revisit intentions by designing a research model and testing hypotheses. First, findings of the test show that when it comes to service quality, the physical environment and program contents of farm party have an effect on the cognitive image of the farmhouse while the qualification of party operators does not. Second, the physical environment of the party and party operator's qualification affect the emotional image but the program contents has no effect. Third, The cognitive and emotional images have an effect on the revisit intentions. It is certain that the farm party serves as cultural contents facilitating the rural economy and an emerging business model in the rural tourism. When we approach the farm party as a business model to provide service, not cultural contents as party, however, farmhouses may build a positive image as a new tourist destination and also see their economy facilitated. This study looks into Seoul and Gyeonggi areas and thus is geographically limited and does not cover national phenomenon.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.62
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• pp.3-32
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• 2014

Article 77 sets forth the principle of prevention applied in several legal systems. Under this principle the party threatened by ooss as a consequence of a breach of contract by the other party is not permitted to await passively incurrence of the loss and then sue for damages. He is obliged to take adequate preventive measures to mitigate his loss. If the injured party abstains from taking such excessive measures he will not be considered to have failed to mitigate the loss under Article 77. The sanction provided in Article 77 against a party who fails to mitigate his loss only enables the other party to claim reduction in the damages. The reduction in damages under Article 77 is equal to the amount by which the loss should have been mitigated if the injured party had taken reasonable measures to avert or to lessen it. The aim of Article 77 is to encourage mitigation of the loss. The duty to mitigate the loss applies not only to a breach of contract in respect of an obligation whose performance is currently due. but also to an anticipatory breach of contract under Article 71. Article 85 contemplates that the buyer is in delay in fulfilling the latter obligation, or else that he fails to pay the price when payment is to be made concurrently with delivery of the goods by the seller. In both these situations of default, the seller who is either in possession of the goods or otherwise able to control their disposition must take measures, reasonable in the circumstances, to preserve them. The right of retention of the goods y the seller exists until he is reimbursed by the other party for the reasonable expenses incurred. Article 87 and Article 88 of the Convention grant different rights to the party obligated to take steps to preserve the goods; Article 87 allows him to deposit them in the warehouse of a third person, and Article 88 to sell them by whatever means appropriate. A difference exists between paragraph Article 88 (1) which grants the right to sell, and paragraph (2) which imposes the duty to take reasonable measures to sell the goods.

• Journal of Arbitration Studies
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• v.24 no.4
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• pp.147-175
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• 2014

In contracts for the international sale of goods, a seller must deliver appropriate goods and hand over relevant documents according to a contract, which will transfer the ownership of the goods to a buyer. In this case, if there are defects in the contracted goods, the warranty liability will occur. However, in the United Nations Convention on Contracts for the International Sale of Goods (CISG), a term-the conformity of the goods to the contract-is used universally instead of the warranty. According to the CISG, a seller must deliver goods in conformance with the relevant contract in terms of quantity, quality, and specifications, and they must be contained in vessels or in packages according to the specifications in the contract. In addition, a certain set of requirements for conformity will be applied implicitly except when there is a separate agreement between parties. Further, the base period of conformity concerning the defects of goods is the point when the risk is transferred to the buyer. A seller shall be obliged to deliver goods that do not belong to a third party or subject to a claim then, and such obligations shall affect the right or claim of a third party to some extent based on intellectual property rights clauses. If the goods delivered by the seller lack conformity, or incur right infringement or claim of a third party, then it shall be regarded as a default item per the obligation of the seller. Thus, the buyer can exercise diverse means of relief as specified in Chapter 2, Section 3 (Article 45-Article 52) of the CISG. However, such means of relief have been utilized in various ways for individual cases as shown in judicial precedents made until now. Contracting parties shall thus keep in mind that it is best for them to make every contract airtight and they should implement each contract thoroughly and faithfully to cope with any possible occurrence of a commercial dispute.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.145-164
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• 2007

The Arbitration costs provided in Article 31 consist of arbitrators' fees, arbitrators' expenses, ICC administrative expenses, expenses of experts appointed by the Arbitral Tribunal, and parties' costs. Among them the first three items are independently determined by the Court in accordance with the Scale, while another two items are determined by the arbitrator and each party. The three items determined by the Court are communicated by Secretariat to the Arbitral Tribunal for inclusion in the award following the approval of the draft submitted to the Court. Also the final award may decide which of the parties shall bear them or in what proportion they shall be borne by the parties. According to Article 31(3), the arbitrators have complete jurisdiction or discretion to allocate the costs. Three common approaches are as follows; First, all of the costs are borne by the losing party. Second, all of the costs are allocated in proportion to the outcome of the case. Third, all of the costs determined by the Courts are shared equally by the parties and both parties bear their own costs. But, both parties may include intentions in accordance with the principle of party autonomy. For example, if the parties wish to ensure that the arbitration costs be shared equally and that the arbitrator make no allocation of costs or fees, the following sentence could be added to the arbitration clause in their contract. "All costs and expenses of the arbitrators [and the arbitral institution] shall be borne by the parties equally; each party shall bear the costs and expenses, including attorneys' fees, of its own counsel, experts, witness and preparation and presentation of its case" And also, if the parties wish expressly to link any allocation of costs, and fees to the result of the award the following could be added to the arbitration clauses. "The arbitrators may award to the prevailing party, if any, as determined by the arbitrators, its costs and expenses, including attorneys' fees"