• 무역상무연구
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• 제22권
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• pp.137-171
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• 2004

Under Article 2 of the Uniform Customs and Practice for Documentary Credits (1993 Revision. UCP), letter of credit means an arrangement whereby an issuing bank is to make a payment to a beneficiary, or is to accept and pay bills of exchange drawn by the beneficiary, or authorises another bank to effect such payment, or to accept and pay such bills of exchange, or to negotiate, against stipulated document(s), provided that the terms and conditions of the letter of credit are complied with. In letter of credit operations, all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate (UCP, Article 4). It is important to note that under UCP, if a letter of credit contains conditions without stating the document(s) to be presented in compliance therewith, banks will deem such conditions as not stated and will disregard them (Article 13 c). Section 5-108(g) of the Uniform Commercial Code also contains a similar provision. However on several occasions the Korean Supreme Court held that non-documentary conditions in letter of credit governed by UCP could be regarded as valid, although they were not desirable in the context of letter of credit transactions. The rationale underlying the decisions was that parties to the letter of credit transactions are free to determine the terms and conditions of the relevant letter of credit. After reviewing the relevant provisions of UCP, UCC, the International Standby Practices (ISP98) and the Supreme Court decisions of Korea, the author suggests that we classify conditions that do not require any documents (so called apparent non-documentary conditions) into two categories and treat them differently. There are apparent non-documentary conditions that are consistent with the nature of letter of credit and those which are inconsistent with the nature of letter of credit. In the first category there are two sub-categories, (i) those which are valid and (ii) those which are invalid and thus should be disregarded. In the second category there are two sub-categories, (i) those which are invalid and thus should be disregarded and (ii) those which are valid but deprive the instrument of the nature as letter of credit.

• 무역상무연구
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• 제12권
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• pp.405-427
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• 1999

Although Uniform Customs and practice for Documentary(UCP) is not a law, it applies to most documentary credits and is binding on all parties unless otherwise expressly stipulated. Besides, Uniform Commercial Code(UCC) Article 5 was codified by the United States and was adopted by every state. Moreover, the New York version of the UCC Article 5-102(4) specifically providing that the UCC does not apply to letters of credit where the parties agree to be governed by the UCP. Identical nonuniform Articles were latter added in Alabama, Arizona, and Missouri. The fact that courts in forty-six of the fifty states are bound by Article 5. Until now, Article 5 of the UCC has probably had an impact on the decisions in New York and the New York common law. Therefore, I examined a few issues on application between Article 5 of the UCC and the UCP. First, although the UCP attempt to introduce a new for examination of document by incorporating "standard practice of financial institutions" and "international banking practice", the standards for documentary compliance are not clear. The UCC attempt to rely on the matter of interpretation for the court, but the UCP would probably be interested in examining in about bank's internal practices as reflected in UCP Articles. Second, the rule for nondocumentary conditions is a useful for stand-by credit transactions under the UCC, but these conditions would probably put the bank in an even worse position in case of documentary credit transactions under the UCP. Third, the UCP does not contain any provision governing the fraud exception, but the UCC codified the fraud and forgery rules developed through American case law. Fourth, the UCP treats the issue of transfer in much more detail than the UCC does. In contract, the UCP's treatment of assignment of proceeds is brief. Finally, I suggest that the fraud exception rules should be prescribed in the UCP in order to protect the issuing bank and the applicant when an unscrupulous party attempts to defraud.

• 한국연소학회지
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• 제19권4호
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• pp.8-13
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• 2014

Flow distribution of fuel nozzles for a combustor in a micro gas turbine is numerically investigated. The fuel supply system for the present study has 12 single nozzles with a diameter of several hundred micrometers. A uniform temperature distribution of a combustor outlet should be achieved for maximizing the lives of the turbine blades and nozzle guide vanes. For this, it is very important to uniformly supply fuel to a combustor. In order to investigate flow distributions of fuel nozzles, numerical models for fuel nozzles are made and solved by a commercial code, ANSYS FLUENT. An effect of a fuel nozzle diameter and fuel flow rates on flow distribution of fuel nozzles is numerically investigated. As a result, non-uniformity is increasing as a diameter of a single fuel nozzle increases. Finally, an appropriate diameter of a single fuel nozzle is suggested.

• 한국정밀공학회지
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• 제22권12호
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• pp.156-162
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• 2005

In this paper, we study the mechanism of lead deformation by numerically simulating the stamping process by means of a commercial finite element code. It is very important to analyze effects that the lead shape makes on the lead deformation, because the lead shape is often modified in order to minimize the deformation or to increase the buckling critical load of the punch. Therefore the stamping process, first, numerically simulated by considering as a quasi-static problem. Second, the effect on the lead deformation due to the lead shape variation, a linear lead geometry and a bent lead, was numerically analyzed and discussed. Finally, the punching order was optimized fur multi-lead generating stamping process. The results show that the bent lead is little bit more shifted than the linear lead after the punching process. But the bent lead is vertically less deformed than the linear lead. The punching order to successively generate the lead is good to keep the lead space uniform. The results will be very effectively applied for the design of the blanking or punching dies in industry.

• 무역상무연구
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• 제49권
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• pp.139-164
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• 2011

Traditionally courts have been adopted over the years two standards of dealing with compliance of documents such as strict compliance and substantial compliance and the substantial compliance, which was somewhat less demanding than the strict compliance. However the new guidelines of ICC's international standard banking practice for the examination of documents under documentary credits set up how the UCP is to be applied in practice. The payment obligations of an issuing bank to a beneficiary are independence of the performance or the nonperformance of any contract underlying the letter of credit. However, strictly applying the principle of independence and abstraction could produce unfair results by operating unjustly enrich an unscrupulous beneficiary in case of fraud. Accordingly, when a beneficiary presents complying documents, the issuing bank is bound to honour the presentation unless the fraud rule applies on the facts of the case such as forged or material fraud. If it does, the issuing bank(issuer) needs not pay despite the complying presentation of documents by the beneficiary under the Uniform Commercial Code Article 5-109 and case law in America. However the fraud rule was not addressed in UCP 600. In conclusion, view in terms of legal principle and the court cases is variable and difficult to honour or dishonour the presentation in case of application of the independence principle and fraud rule such as the problems on burden of proof timely, possibility of granting injunction in order to protect against victim for bona fide applicant.

• 열처리공학회지
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• 제16권3호
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• pp.148-158
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• 2003

In this study, a user oriented CFD program for optimum design of a regenerative combustion furnace, REBURN was developed. For user's convenience, user friendly Graphic User Interface was made and the renumbering interface program was developed in order to directly input any generated mesh system from ICEM CFD/FEA. Also an automatic processing system for switching mode was developed. The program was verified through compahng with commercial CFD code about regenerative combustion furnace. Then, numerical simulation of real walking beam furnace used in real industry was performed and the parametric analysis was studied about the arrangement mode. As a results, the uniform temperature was appeared in the cross mode.

• 한국중재학회지:중재연구
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• 제14권1호
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• pp.29-60
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• 2004

Recently stand-by credits are using as surety devices in various global business transactions including sale of goods. Stand-by credits have lots of merits but simultaneously have high possibility of improper demand by the beneficiary due to the characteristics of the documents required. So so-called fraud rule has developed as a solution to the improper demand in letter of credit transactions. And the actual way of the fraud rule is the injunction by the competent court. The purpose of this article is to examine the applicability of the injunction in stand-by credit transactions by means of case studies. For this purpose, the author examined the concept of the injunction, necessity of the injunction in stand-by credit transactions and the cases of injunction granted and injunction denied. Firstly, the courts have legal standard of the application of injunction due to the legislation of the relative articles in the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit and the Uniform Commercial Code. Secondly, the courts have taken a negative attitude granting injunction in order to observe the independence principle. Thirdly, the courts have a tendency to grant injunction when the demand has no conceivable basis and the applicant will suffer irreparable injury without injunction. Finally, like the saying 'prevention is the best cure', the applicant always pays attention with reasonable care before improper demand by the beneficiary.

• 대한설비공학회:학술대회논문집
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• 대한설비공학회 2007년도 동계학술발표대회 논문집
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• pp.552-557
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• 2007

Due to the recent improvement of living standard of residential buildings, the requirements of the thermal comfort and energy saving in heating system have been raised. The radiant floor heating system has been widely used as a residential heating method, which has been modernized to use hot water running into the tubes embedded in the floor structure. The uniform flow distribution is very important factor for a radiant floor heating system such as a blood vessel system in human body. Therefore, it is necessary to investigate the operating characteristics to develop an optimal radiant floor heating system. In this study, numerical analyses were carried out, using a commercial CFD code, FLUENT, to obtain the velocity distribution under steady, three-dimensional, standard k-$\varepsilon$ model and no-slip condition. Results are graphically depicted with various parameters.

• 한국폐기물자원순환학회지
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• 제34권7호
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• pp.685-696
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• 2017

This study focuses on computational particle fluid dynamics (CPFD) modeling for the fast pyrolysis of biomass in a conical spouted bed reactor. The CPFD simulation was conducted to understand the hydrodynamics, heat transfer, and biomass fast pyrolysis reaction of the conical spouted bed reactor and the multiphase-particle in cell (MP-PIC) model was used to investigate the fast pyrolysis of biomass in a conical spouted bed reactor. A two-stage semi-global kinetics model was applied to model the fast pyrolysis reaction of biomass and the commercial code (Barracuda) was used in simulations. The temperature of solid particles in a conical spouted bed reactor showed a uniform temperature distribution along the reactor height. The yield of fast pyrolysis products from the simulation was compared with the experimental data; the yield of fast pyrolysis products was 74.1wt.% tar, 17.4wt.% gas, and 8.5wt.% char. The comparison of experimental measurements and model predictions shows the model's accuracy. The CPFD simulation results had great potential to aid the future design and optimization of the fast pyrolysis process for biomass.

• 한국전산구조공학회논문집
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• 제24권1호
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• pp.61-67
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• 2011

본 연구는 구조 시스템에서 중요 부위, 즉 응력이 집중되는 영역에서의 형상 최적화를 다룬 것이다. 등기하 해석은 기하학적 모델링(CAD)과 수치적 해석(CAE)을 통합하는 효율적인 방법으로 잘 알려져 있다. 이는 NURBS에 의한 기하학적 모델링을 직접 이용함으로써 이루어 질 수 있다. 본 연구에서는 등기하 개념을 도입한 효율적인 구조해석 컴퓨터 코드를 개발하였다. 여기에서는 CAD에 대한 정보를 유한요소 모델링에 직접 이용할 수 있다. 본 연구에서 개발한 코드의 타당성을 보이기 위해, 본 연구에서 개발한 코드에 의한 구조해석 결과를 유한요소해석 상용 패키지인 MSC/NASTRAN에 의한 결과와 비교하였다. 구조역학적인 문제에서 최적화를 다룰 수 있도록 본 연구의 등기하 해석 과정을 최적화 과정과 통합하였다. 본 시스템을 브라켓이 있는 외팔 구조의 형상 최적화에 성공적으로 적용하였다. 본 연구를 통해 개발한 시스템의 타당성을 검증하였다. 이 논문의 끝 부분에서는 본 연구방법의 실용적 적용성과 추후 연구에 대해 언급하였다.