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A Study on How to Cope with the Abusive Call on On-demand Bonds (독립적 보증과 그 부당한 청구에 대한 대응방안 연구)

  • KIM, Seung-Hyeon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.69
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    • pp.261-301
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    • 2016
  • Recently the abusive calls on on-demand bonds have been a critical issue among many engineering and construction companies in Korea. On-demand bond is referred to as an independent guarantee in the sense that the guarantee is independent from its underlying contract although it was issued based on such underlying contract. For this reason, the issuing bank is not required to and/or entitled to look into whether there really is a breach of underlying contract in relation to the call on demand-bonds. Due to this kind of principle of independence, the applicant has to run the risk of the on demand bond being called by the beneficiary without due grounds. Only where the call proves to be fraudulent or abusive in a very clear way, the issuing bank would not be obligated to pay the bond proceeds for the call on on-demand bonds. In order to prevent the issuing bank from paying the proceeds under the on-demand bond, the applicant usually files with its competent court an application for injunction prohibiting the beneficiary from calling against the issuing bank. However, it is in practice difficult for the applicant to prove the beneficiary's call on the bond to be fraudulent since the courts in almost all the jurisdictions of advanced countries require very strict and objective evidences such as the documents which were signed by the owner (beneficiary) or any other third party like the engineer. There is another way of preventing the beneficiary from calling on the bond, which is often utilized especially in the United Kingdom or Western European countries such as Germany. Based upon the underlying contract, the contractor which is at the same time the applicant of on-demand bond requests the court to order the owner (the beneficiary) not to call on the bond. In this case, there apparently seems to be no reason why the court should apply the strict fraud rule to determine whether to grant an injunction in that the underlying legal relationship was created based on a construction contract rather than a bond. However, in most jurisdictions except for United Kingdom and Singapore, the court also applies the strict fraud rule on the ground that the parties promised to make the on-demand bond issued under the construction contract. This kind of injunction is highly unlikely to be utilized on the international level because it is very difficult in normal situations to establish the international jurisdiction towards the beneficiary which will be usually located outside the jurisdiction of the relevant court. This kind of injunction ordering the owner not to call on the bond can be rendered by the arbitrator as well even though the arbitrator has no coercive power for the owner to follow it. Normally there would be no arbitral tribunal existing at the time of the bond being called. In this case, the emergency arbitrator which most of the international arbitration rules such as ICC, LCIA and SIAC, etc. adopt can be utilized. Finally, the contractor can block the issuing bank from paying the bond proceeds by way of a provisional attachment in case where it also has rights to claim some unpaid interim payments or damages. This is the preservative measure under civil law system, which the lawyers from common law system are not familiar with. As explained in this article, it is very difficult to block the issuing bank from paying in response to the bond call by the beneficiary even if the call has no valid ground under the underlying construction contract. Therefore, it is necessary for the applicants who are normally engineering and construction companies to be prudent to make on-demand bonds issued. They need to take into account the creditability of the project owner as well as trustworthiness of the judiciary system of the country where the owner is domiciled.

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A study on the xylographica of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ ("의방류취(醫方類聚)"에 대한 판본(版本) 연구)

  • Shin, Soon-Shik;Choi, Hwan-Soo
    • Korean Journal of Oriental Medicine
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    • v.3 no.1
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    • pp.1-15
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    • 1997
  • ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$(1445) is a book compiled the medical achievements of China and Choseon in those times and it's our source of pride to have it In this country. It also deserves careful investigation since this book can provide some clues of features of missing books in China and Korea. The extent of accuracy of xylographica of old books determines the possiblity of in depth further study. So authors attempted to investigate the xylographica of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ one of the 3 main books in Korea. Previous investigation done by Miki Sakae and Kim Doo Jong are noticeable. On the basis of their respective works, we analyzed 'Annals of the Choseon Dynasty' to find records related with ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ and estimated the situation of its publication. We tried figure the situation of those times of China, Japan and Korea(including North Korea) and tried to estimate the book's original xylographica as much as we could. By King Sejong's command, the first draft of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ consisted of 365 books was made by collaboration of civil officials and medical officers during the period from 1443 to 1445. And then from 1451(first year of Moonjong's reign) to 1464(l0th year of Sejo's reign) lots of manpowers were employed and through the process of countless erasure, proofreading, arrangement and rearrangement revised version of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ which is called by Sejo text was completed. After 3 years of wood engraving work, the first printed form of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ (alternately called Seongjong text) in folding case consisted of 266 chapters, 264 volumes came into the world in 1477.(8th year of Seongjong's reign). This was 32 years after the initial completion of the edition. So ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ exists in three forms as Sejong text, Sejo text and Seongjong text respectively. Since those texts were plundered during the Japanese invasion of Korea in 1592, none of the original copy remains within korea. The texts were constantly moved to kadeungcheongieong, to Kongdeungpyeongio, Jesookoan of Edo, to East University of department of classic books, to Cheoncho archives, to the Imperial Museum and finally is kept in the royal palace at present. (Doseoryo text Eulhae printing type) Reduced-size republication books of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ in wooden type were imported at the time of 'Byeongja Korea-Japan Treaty in 1876' and of those 2 books, one copy was treasured in the Royal Household of the Yi Dynasty and than was lost during the Korean War circa 1950. The other remaining copy has been kept succesively by Kojong's imperial grant, Royal doctor Hong Cheol Bo, Hong Taek Joo, Hong Ik Pyo the book agent, and now is kept In Yonsei University Library and this is the only existing copy in Korea at present. In 1965, Dongyang Medical college published the transcription version of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ consisting of 11 books and then in 1981 after edition and arrangement by Choonghoa(中華) publishing company, photoprint copy of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ was published in Keumgang(金剛) publishing company In 1991, October Yeokang(驛江) publishing company producd photocopies of ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ which were previously translated into Korean by North Korea Institute of Oriental Medicine and then issued by medical publishing company. In China, two institutes, Zhejiang Institute of Traditional Chinese Medicine and Huzhou Traditional Chinese Medical Hospital cooperated to publish a revised and marked text consiting of 11 books by adding marking points to japanse Edohakhoondang text which were used as a reference. Both the korean and chinese texts issued were grounded by the ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ kept in the royal palace. Any further study concerning ${\ulcorner}$Classified Collection of Medical Prescriptions${\lrcorner}$ can acquire its accuracy and objectivity when the japanese text kept in the royal palace is taken as an original copy.

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Returns and Resale Price Maintenance in Book Distribution (도서유통(圖書流通) 효율화(效率化)를 위한 공정거래정책(公正去來政策))

  • Shin, Kwang-shik
    • KDI Journal of Economic Policy
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    • v.13 no.2
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    • pp.141-161
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    • 1991
  • Resale price maintenance has long been employed in book distribution, perhaps longer than for any other product. Another unusual practice in the book trade that has proven to be quite durable in spite of its substantial cost in real resources is the returns policy. Publishers typically grant the right to return unsold books within a stipulated time for full credit against future orders. This paper investigates the functions and effects of resale price maintenance in the book trade, and argues that resale price maintenance and returns are substitute methods of providing the same economic function. Resale price maintenance can be used to compensate booksellers for initially stocking books with uncertain prospects and for providing a conduit through which manufacturers acquire information about consumer demand (market testing services). Permitting the return of unsold books for full credit places a floor under retail prices and transfers a considerable portion of the cost of introducing a new product line back to the publisher. Both reflect publishers' needs to have their books displayed. In the U.S. returns privileges were first proposed in 1913, roughly coincident with the Macy decision outlawing RPM. Publishers slowly granted return privileges, which become nearly universal by 1970. The decline in margins in recent years has been accompanied by an increase in returns as the return policy served to substitute for lost margins on successful titles as a methods of compensating full-line booksellers. In contrast, returns privileges are unusual in countries where price maintenance in books has been practiced. These observations are consistent with our analysis. In Korea, resale price maintenance of books is practiced under an exception to Korean antitrust law. The availability of effective price maintenance is likely to reduce the use of returns programs. Since consumers prefer to obtain books at outlets where they know the books are likely to be stocked rather than taking a chance on stores that carry a more limited line, it also provides a strong incentive for booksellers to expand. But the privilege of resale price maintenance should be confined to books which publishers want to be price maintained. Resale price maintenance and returns system differ in the transactions costs associated with inventory holding, and publishers' judgement on the comparative advantage of the two schemes should be honored. Publishers should also remain free to authorize sales at discount at any time not to impair the ability of booksellers to dispose of product variants that prove unpopular.

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A Study on Cognition about 119 Rescue·First Aid Team - Gwangju Area College Student as the Central Figure - (119구조·구급대에 대한 인식도 조사 연구 - 광주지역 보건계열과 비보건계열 대학생을 중심으로 -)

  • Kim, Kab-Sun
    • The Korean Journal of Emergency Medical Services
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    • v.6 no.1
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    • pp.141-152
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    • 2002
  • The purpose of this study is to provide the basic materials for searching the way of improvement to heighten the emergency medical welfare level by one step further. To achieve this purpose, the subjects of this study were selected 452 college students in Gwangju, using a random sampling method. The statistical analysis methods utilized for analyzing the collected data are frequency analysis, $x^2$ test. The conclusions obtained from these analyses are as following ; 1. In question about necessary optimum number of persons for rescue first aid activity, health and non-health major college students responded by 39.2%, 45.3% respectively that rescue team 15 people, first aid team 3 people is most suitable. But there was no significant difference in major department(p<0.05). 2. In question about security of the public health doctor and the emergency medical technician, all health and non-health major college students are recognizing necessity urgently, but there was no significant difference in major department(p<0.05). 3. In question about 119 rescue first aid team member applying for an examination qualification grant to the department of EMT's graduate, all health and non-health major college students were highest by 52.9%, 52.4% respectively in "necessity" item. But there was no significant difference in major department(p<0.05). 4. Because rescue first aid equipment level appears higher than 41.7% in non-health major college student's case by 54.2% in health major college student's case, health major college students are recognizing that equipment level should be supplemented more but there was no significant difference in major department(p<0.05). 5. In question about equipment supplement, all health and non-health major college students appeared highest by 64.8%, 69.3% in accident type different special equipment. But there was no significant difference in major department(p<0.05). 6. In question about rescue ambulance car size, we could know being thinking that health and non-health major college student each 61.2%, 56.5% is small and narrow that large size of the rescue ambulance amount need. But there was no significant difference in major department(p<0.05). 7. In question about patient's state is worsened, because rescue first aid equipment is inferior, health major college student responded sometimes 55.1%, many 29.5%. very many by 11.5%, while non-health major college student responded 65.8%, 23.1%, 4.0% respectively. There was significant difference in major department(p<0.05). 8. In question about emergency patient must utilize for 119 rescue ambulance car, all health and non-health major college students appeared highest by 38.8%, 41.3% in "not so" item. In question about rescue first aid team's first-aid treatment ability improves more, all health and non-health major college students appeared highest by 58.1% and 58.7% respectively in "improve" item. In question about "119 rescue ambulance car must go more rapidly than now", all health and non-health major college students are recognizing that should be quicker by 58.1%, 60.9% respectively. When called to 119 all health and non-health major college students responded highest by 55.5%, 53.3% respectively that we must receive first-aid treatment direction from a doctor. In question about "119 rescue ambulance car must be made the pay system", all health and non-health major college students responded 74%, 80% respectively in "not so" item. There was significant difference in major department(p<0.05). In conclusions, In oder to provide superior rescue first aid service to people, a public health doctor should be placed in the situation room inside the fire station so that the doctor could instruct the proper emergency treatment suitable for each situation to the rescue first aid team. Also, national education about a first-aid treatment that do to all people is necessarily necessary in emergency delivery system and this should be spread extensively through school education and broadcasting medium and education should be gone side by side, and see that will can save emergency patients' life which is more when these education consists continuously fixed period for public institution of policeman, fire officer etc. specially. And for reinforcement of patient transfer system, public organization must procure special ambulance car so that emergency patient receive first aid treatment while transfer.

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Management of plant genetic resources at RDA in line with Nagoya Protocol

  • Yoon, Moon-Sup;Na, Young-Wang;Ko, Ho-Cheol;Lee, Sun-Young;Ma, Kyung-Ho;Baek, Hyung-Jin;Lee, Su-Kyeung;Lee, Sok-Young
    • Proceedings of the Korean Society of Crop Science Conference
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    • 2017.06a
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    • pp.51-52
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    • 2017
  • "Plant genetic resources for food and agriculture" means any genetic material of plant origin of actual or potential value for food and agriculture. "Genetic material" means any material of plant origin, including reproductive and vegetative propagating material, containing functional units of heredity. (Internal Treaty on Plant Genetic Resources for Food and Agriculture, ITPGRFA). The "Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (ABS) to the Convention on Biological Diversity (shortly Nagoya Protocol)" is a supplementary agreement to the Convention on Biological Diversity. It provides a transparent legal framework for the effective implementation of one of the three objectives of the CBD: the fair and equitable sharing of benefits arising out of the utilization of genetic resources. The Nagoya Protocol on ABS was adopted on 29 October 2010 in Nagoya, Japan and entered into force on 12 October 2014, 90 days after the deposit of the fiftieth instrument of ratification. Its objective is the fair and equitable sharing of benefits arising from the utilization of genetic resources, thereby contributing to the conservation and sustainable use of biodiversity. The Nagoya Protocol will create greater legal certainty and transparency for both providers and users of genetic resources by; (a) Establishing more predictable conditions for access to genetic resources and (b) Helping to ensure benefit-sharing when genetic resources leave the country providing the genetic resources. By helping to ensure benefit-sharing, the Nagoya Protocol creates incentives to conserve and sustainably use genetic resources, and therefore enhances the contribution of biodiversity to development and human well-being. The Nagoya Protocol's success will require effective implementation at the domestic level. A range of tools and mechanisms provided by the Nagoya Protocol will assist contracting Parties including; (a) Establishing national focal points (NFPs) and competent national authorities (CNAs) to serve as contact points for information, grant access or cooperate on issues of compliance, (b) An Access and Benefit-sharing Clearing-House to share information, such as domestic regulatory ABS requirements or information on NFPs and CNAs, (c) Capacity-building to support key aspects of implementation. Based on a country's self-assessment of national needs and priorities, this can include capacity to develop domestic ABS legislation to implement the Nagoya Protocol, to negotiate MAT and to develop in-country research capability and institutions, (d) Awareness-raising, (e) Technology Transfer, (f) Targeted financial support for capacity-building and development initiatives through the Nagoya Protocol's financial mechanism, the Global Environment Facility (GEF) (Nagoya Protocol). The Rural Development Administration (RDA) leading to conduct management agricultural genetic resources following the 'ACT ON THE PRESERVATION, MANAGEMENT AND USE OF AGRO-FISHERY BIO-RESOURCES' established on 2007. According to $2^{nd}$ clause of Article 14 (Designation, Operation, etc. of Agencies Responsible for Agro-Fishery Bioresources) of the act, the duties endowed are, (a) Matters concerning securing, preservation, management, and use of agro-fishery bioresources; (b) Establishment of an integrated information system for agro-fishery bioresources; (c) Matters concerning medium and long-term preservation of, and research on, agro-fishery bioresources; (d) Matters concerning international cooperation for agro-fishery bioresources and other relevant matters. As the result the RDA manage about 246,000 accessions of plant genetic resources under the national management system at the end of 2016.

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The Effect of Accounts Receivable Management on Business Performance & Organizational Satisfaction: Focused on Micro Manufacturing Industries (매출채권관리가 재무적 경영성과와 조직만족에 미치는 영향: 도시형소공인을 중심으로)

  • Lee, Jong Gab;Ha, Kyu Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.12 no.6
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    • pp.13-24
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    • 2017
  • The purpose of this study is to examine the effect of the management of receivables on the management performance of micro manufacturing industries. The results of the survey are as follows. First, among the factors of management of pre- and post-trade receivables in the micro manufacturing industries, management organization and regulations, contract execution management, bad debt control, which are the subordinate factors of credit control, are positive (+) significant effect on stability. In terms of profitability, management organizations and regulations, which are subordinate factors of credit control management, have a positive (+) significant effect on profitability. The recovery management, which is a factor of management of post - receivable receivables, did not have a significant effect on the stability and profitability of financial management performance. Second, the effect of financial performance on organizational satisfaction is positively related to stability, while profitability has no significant effect on organizational satisfaction. The implication of this study is that pre - trade receivables management is more important than post - trade receivables management in the management of accounts receivables of micro manufacturing industries. Proactive credit management refers to the procedure of establishing and managing personal guarantees and physical guarantees in order to smooth the execution of the obligations at the same time as the contract is concluded through processes such as credit investigation, analysis and evaluation, and sales decision before the contract is concluded. Post receivables management based on the assumption of default is a receivables management procedure from receipt of receivables that are already defaulted to bad debts to bad debt processing. If the collection of receivables is delayed or bad debt is increased, Furthermore, a corporation may be subject to bankruptcy risk (insolvency by paper profits). Therefore, it is meaningful that this study suggests direction to induce change of contract type in advance by understanding the possibility of settlement of accounts receivable and recovery of bad debts within the day of transition in case of contract of micro manufacturing industries.

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Development of 2.5D Electron Dose Calculation Algorithm (2.5D 전자선 선량계산 알고리즘 개발)

  • 조병철;고영은;오도훈;배훈식
    • Progress in Medical Physics
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    • v.10 no.3
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    • pp.133-140
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    • 1999
  • In this paper, as a preliminary study for developing a full 3D electron dose calculation algorithm, We developed 2.5D electron dose calculation algorithm by extending 2D pencil-beam model to consider three dimensional geometry such as air-gap and obliquity appropriately. The dose calculation algorithm was implemented using the IDL5.2(Research Systems Inc., USA), For calculation of the Hogstrom's pencil-beam algorithm, the measured data of the central-axis depth-dose for 12 MeV(Siemens M6740) and the linear stopping power and the linear scattering power of water and air from ICRU report 35 was used. To evaluate the accuracy of the implemented program, we compared the calculated dose distribution with the film measurements in the three situations; the normal incident beam, the 45$^{\circ}$ oblique incident beam, and the beam incident on the pit-shaped phantom. As results, about 120 seconds had been required on the PC (Pentium III 450MHz) to calculate dose distribution of a single beam. It needs some optimizing methods to speed up the dose calculation. For the accuracy of dose calculation, in the case of the normal incident beam of the regular and irregular shaped field, at the rapid dose gradient region of penumbra, the errors were within $\pm$3 mm and the dose profiles were agreed within 5%. However, the discrepancy between the calculation and the measurement were about 10% for the oblique incident beam and the beam incident on the pit-shaped phantom. In conclusions, we expended 2D pencil-beam algorithm to take into account the three dimensional geometry of the patient. And also, as well as the dose calculation of irregular field, the irregular shaped body contour and the air-gap could be considered appropriately in the implemented program. In the near future, the more accurate algorithm will be implemented considering inhomogeneity correction using CT, and at that time, the program can be used as a tool for educational and research purpose. This study was supported by a grant (#HMP-98-G-1-016) of the HAN(Highly Advanced National) Project, Ministry of Health & Welfare, R.O.K.

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Horticultural Therapy: Job Analysis, Performance Evaluation, and Educational Needs (원예치료사의 직무 및 수행평가와 교육요구 분석)

  • Kim, Soo-Yun;Park, Sin-Ae;Son, Ki-Cheol;Lee, Chan
    • Horticultural Science & Technology
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    • v.32 no.6
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    • pp.887-900
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    • 2014
  • This study was conducted to provide a job analysis for, and assess the job performance of horticultural therapists, as well as examine future educational needs. To this end, a chart developed using the DACUM method was chosen as the appropriate tool for the job analysis of horticultural therapists (Study 1). Based on the chart, a survey using an evaluation form was produced to investigate the current level of job performance and future required level of horticultural therapists (Study 2). A total of 8 duties and 45 tasks were classified to examine job performance, based on analysis of the DACUM Council (Study 1). These duties include A. Decide execution organization for horticultural therapy (HT) program, B. Diagnose and assess clients before starting the HT program, C. Plan HT program, D. Develop HT program, E. Prepare to implement HT program for each session, F. Implement HT program for each session, G. Implement overall assessment for HT program, and H. Develop oneself as a horticultural therapist. Their duties were broken down further into five to eight tasks per duty, totaling 45 tasks. Based on the horticultural therapist job performance sheet developed through this process, an assessment of the current job level of horticultural therapists was performed and future required level were examined (Study 2). The evaluation forms were sent to 779 horticultural therapists with level 1 or 2 certification via email or mail delivery. The analysis of 242 questionnaires (31.1%) revealed that horticultural therapists with level 1 certificates have a significantly higher job performance level for 34 of the 45 tasks. Regarding future required level, 20 out of 45 tasks were assessed as higher for level 1 horticultural therapists than level 2. In addition, a Borich formula was utilized to identify the priority of educational needs for the 45 horticultural therapist tasks. The results revealed the following top three tasks: H1. Receive feedback from the supervisor for the horticultural therapy program; A1. Distribute promotional materials about the horticultural therapy program; and H2. Submit a grant proposal for horticultural therapy program to organizations such as welfare foundations. The results of this study are anticipated to facilitate understanding and improve work conditions for current horticultural therapists or horticultural therapists-in-training. In addition, institutions that train horticultural therapists will be able to use this as basic research to develop a practical training curriculum.

A Review Essay on Legal Mechanisms for Orbital Slot Allocation (정지궤도슬롯의 법적 배분기제에 관한 논고)

  • Jung, Joon-Sik;Hwang, Ho-Won
    • The Korean Journal of Air & Space Law and Policy
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    • v.29 no.1
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    • pp.199-236
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    • 2014
  • This paper analyses from the perspective of distributive justice the legal mechanisms for international allocation of orbital slots, which are of co-owned nature and thereby limited natural resources in outer space. The allocative function is delegated to the International Telecommunication Union. The Radio Regulation, amongst such other legal instruments as the Constitution and Convention, by which the ITU and contracting States thereof abides, dictates how the orbital positions are distributed. Thus, the RR is thoroughly reviewed in the essay. The mechanisms are in a broad sense categorized into two systems: 'a posteriori system' where the 'first come, first served' principle prevails; and 'a priori system' designed to foster the utilisation of the slots by those who lack space resources and are, in especial, likely to be marginalised under the former system. The argument proceeds on the premise that a posteriori system places the under-resourced States in unfavourable positions in the securement of the slots. In contrast with this notion, seven factors were instantiated for an assertion that the degradation of the distributive justice derived from the 'first come, first served' rule, which lays the foundation for the system, could be either mitigated or counterbalanced by the alleged exceptions to the rule. However, the author of this essay argues for counterevidences against the factors and thereby demonstrating that the principle still remains as an overwhelming doctrine, posing a threat to the pursuit of fair allocation. The elements he set forth are as in the following: 1) that the 'first come, first served' principle only applies to assignments capable of causing harmful interferences; 2) the interoperability of the principle with the 'rule of conformity' with the all the ITU instruments; 3) the viability of alternative registrations, as an exception of the application of the principle, on the condition of provisional and informational purposes; 4) another reference that matters in deciding the priority: the types of services in the TFA; 5) the Rule of Procedure H40 proclaiming a ban on taking advantage of coming first to the Register; 6) the technical factors and equity-oriented norms under international and municipal laws along with; 7) the changes of 'basic characteristics' of registered assignments. The second half of this essay illustrates by examining the relevant Annexes to the Regulation that the planned allocation, i.e., a priori system, bear the structured flaws that hinder the fulfillment of the original purpose of the system. The Broadcasting and Fixed Satellite Systems are the reviewed Plans in which the 'first come, first served' principle re-emerges in the end as a determining factor to grant the 'right to international recognition' to administrations including those who has not the allotted portions in the Plan.

Korean Style System Model of Financial ADR (한국형 금융ADR의 제도모델)

  • Seo, Hee-Sok
    • Journal of Legislation Research
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    • no.44
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    • pp.343-386
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    • 2013
  • "Financial ADR" system in South Korea can be represented by so-called "Financial Dispute Resolution System", in which Financial Supervisory Service (FSS) and Financial Dispute Resolution Committee are the principal actors in operation of the system, and this is discussed as an "Administrative Financial ADR System". The system has over 10-year history since it was introduced in around 1999. Nonetheless, it was not until when financial consumer protection began to be highlighted after the 2008 financial crisis that Financial ADR system actually started to draw attention in Korea. This was because interest has been rising in "Alternative Dispute Resolution (ADR)" as an institutional measure to protect financial consumers damaged via financial transactions. However, the current discussion on the domestic Financial ADR system shows an aspect that it is confined to who is to be a principal actor for the operation of Financial ADR institution with main regards to reorganization of supervisory system. This article aims to embody these facts in an institutional model by recognizing them as a problem and analyzing the features of the Financial ADR system, thereby clarifying problems of the system and presenting the direction of improvement. The Korean Financial ADR system can be judged as "administrative model integrated model consensual model quasi-judicial model non-prepositive Internal Dispute Resolution (IDR) model". However, at the same time, it is confronted with a task to overcome the two problems; the system is not equipped with institutional basis for securing its validity in spite of the adopted quasi-judicial effect model; and a burden of operating an integrated ADR system is considerable. From this perspective, the article suggests improvement plans for security of validity in the current system and for expansion of industry-control ADR system, in particular, a system of prepositive IDR model. Amongst them, it suggests further plans for securing the validity of the system as follows; promotion to expand the number of internal persons and to differentiate mediation procedures and effect; a plan to keep a financial institution from filing a lawsuit before an agreement recommendation or a mediation proposal is advised; and a plan to grant suspension of extinctive prescription as well as that of procedures of the lawsuit.