• 한국무역상무학회:학술대회논문집
• /
• 2006.12a
• /
• pp.83-115
• /
• 2006

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.47
• /
• pp.129-156
• /
• 2010

Since the 1970s, international construction employers have commonly requested first demand guarantees upon their contractors as a form of security for due performance of their works. Contractors prefer the greater protection offered by more traditional forms of security requiring presentation of an arbitral award or other evidence of the caller's entitlement to compensation. Many contractors nonetheless feel that they have no alternative but to provide these unconditional guarantees in order to compete. However, these unconditional first demand guarantees are controversial and have given rise to numerous disputes both in arbitration and litigation. Disputes arising from first demand guarantees can be broken down into a) applications to prevent a perceived fraudulent or otherwise unfair or improper calling of a guarantee, b) claims arising from such abusive calls and c) claims relating to the consequences of such calls even if the call itself may not be abusive as such. The contractors should carefully assess the risk of an abusive call being made bearing in mind the difficulties he may face in seeking to prevent such a call. He should also bear in mind the difficulties, delays and cost he is likely to encounter in seeking to recover any monies wrongfully called. One option would be to provide that the call can only be made once and to the extent that the employer's damages have been assessed or even incurred or even for the default to have been established by an arbitral tribunal or court. Another option would be to provide that any call be accompanied by a decision of a competent and impartial third party stating that the contractor is in breach. For example, such a requirement could be incorporated into a construction contract based on the FIDIC Conditions by submitting this decision to a Dispute Adjudication Board. Another option would be to provide for the "ICC Counter-Guarantee Scheme". In sum, there would appear to be room for compromise between the employer and the contractor in respect of first demand guarantees by conditioning the entitlement to call such guarantees to the determination of a competent and impartial third party.

• International Area Studies Review
• /
• v.22 no.2
• /
• pp.61-91
• /
• 2018

Credit Guarantee scheme is one of the most effective tools for the small business policy. The performance analysis on domestic institution level is relevant in terms of various factors of assisting tools factor. This study measured comparative global efficiency by DEA model and Super-efficiency model among 70 credit guarantee institutions in Japan, Taiwan, and Korea who are operating the schemes. At the result of the analysis, Korean credit guarantee institutions are comparatively efficient than Japanese institutions, and the DMU shows moderate in operation efficiency. The Super-efficiency ranked by Hiroshima, Taiwan SMEG, Pusan, Chiba, Shizuoka, Ulsan, and KOTEC. Most of the Credit Guarantee Institutions showed increasing returns to scale, and it indicates increasing input strategy. The statistical difference of efficiency level in Japan and Korea shows very meaning numbers. This research suggest that (1)Periodical Analysis are needed on Japanese Schemes, (2)The analysis on the impact of credit guarantee scale to the national economy and SME policy, (3) Analysis on the conclusive factors of the efficiency, (4)The policy direction has to be made by inefficient factor analysis, (5) The measurement tools of efficiency of the schemes in various aspects.

• Journal of the Korean Society of Safety
• /
• v.31 no.4
• /
• pp.156-163
• /
• 2016

There exists required safety integrity level (SIL) to assure safety in accordance with international standards for every electrical / electronics / control equipment or systems with safety related functions. The SIL is allocated from lowest level (level 0) to highest level (level 4). In order to guarantee certain safety level that is internationally acceptable, application of methodology for SIL allocation and demonstration based on related international standards is required. However, the theoretical and practical study for safety integrity level is barely under way in the domestic railway industry. This research studied not only the global process of SIL allocation to guarantee safety in accordance with international standards for safety related equipment and system, but the quantitative methodology based on international standard and the semi-quantitative methodology as alternative way for SIL allocation. Specifically, the systematic SIL allocation for platform screen door system of railway is studied applying the semi-quantitative methodology in order to save much time and effort compared to quantitative method.

• Journal of the Korean Society of Safety
• /
• v.30 no.6
• /
• pp.164-173
• /
• 2015

There exists required safety integrity level (SIL) to assure safety in accordance with international standards for every electrical / electronics / control equipment or systems with safety related functions. The SIL is allocated from lowest level (level 0) to highest level (level 4). In order to guarantee certain safety level that is internationally acceptable, application of methodology for SIL allocation and demonstration based on related international standards is required. However, application standard differs from every industry in domestic or international for application on mythology for allocation and demonstration of SIL. Application or assessment is not easy since absence on clear criteria or common definition. This research studied not only fundamental concept of SIL required to guarantee safety in accordance with international standards for safety related equipment and system, but different types of methodologies for SIL allocation. Specifically, SIL allocation for Platform Screen Door system of railway is studied applying methodology of severity of accidents and risk graph among different methodologies for SIL allocation.

• International Journal of Reliability and Applications
• /
• v.3 no.2
• /
• pp.99-112
• /
• 2002

Traffic congestion is one of critical factors in Internet applications to guarantee their QoS and provide reliable services. This paper discusses many existing congestion control algorithms and proposes a new ISDA. The algorithm is analyzed in respect of queue length, throughput and fairness. The proposed algorithm is working well with TCP and UDP traffics to offer QoS guarantee and fairness.

• International Journal of Computer Science & Network Security
• /
• v.21 no.9
• /
• pp.346-353
• /
• 2021

In this proposal, we aim to enhance the security of systems accounts by improving the authentication techniques. We mainly intend to enhance the accuracy of the one-time passwords via including voice biometric and recognition techniques. The recognition will be performed on the server to avoid redirecting voice signatures by hackers. Further, to enhance the privacy of data and to ensure that the active user is legitimate, we propose to periodically update the activated sessions using a user-selected biometric factor. Finally, we recommend adding a pre-transaction re-authentication which will guarantee enhanced security for sensitive operations. The main novelty of this proposal is the use of the voice factor in the verification of the one-time password and the various levels of authentications for a full-security guarantee. The improvement provided by this proposal is mainly designed for sensitive applications. From conducted simulations, findings prove the efficiency of the proposed scheme in reducing the probability of hacking users' sessions.

• International Journal of Advanced Culture Technology
• /
• v.10 no.4
• /
• pp.529-535
• /
• 2022

The purpose of this study is to identify the factors that influence the revisit of jewelry stores. The purpose od this study is to find specific factors that affect product and store satisfaction. The theoretical studies on product quality, perceived quality guarantee, product design, product price, sales promotion, product diversity, store area, store re-visit intent were reviewed. Based on this background, research hypotheses were established. A total of 80 questionnaires were distributed to verify the hypothesis of the study, and 64 were finally used for the analysis. SPSS 24.0 was used for hypothesis verification. The results of this study showed that product quality, perceived product guarantee, product design, and product price had positive influence on product satisfaction. On the other hand, sales promotion, product diversity and store interior were found to have positive influence on store satisfaction. Furthermore, product and store satisfaction were found to have a positive and significant effect on revisit Jewelry Stores.

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

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.77
• /
• pp.113-144
• /
• 2018

This study explores how to prevent the fraudulent export financing and its subsequent export insurance fraud in relation to O/A negotiation. Under the traditional letter of credit(L/C) transactions, the banks, as a negotiation bank, can extend trade financing to the exporters through negotiation of draft and/or shipping documents. Under the O/A transaction scheme, however, bank cannot ascertain existence of trade performance and it is much riskier to extend an advance financing to the exporters before the buyer sends confirmation of debt. In O/A negotiation. some exporters tried to fraud banks by falsifying the shipping documents and the size and gravity of this fraudulent export financing were huge. Therefore, this study examines the banking process in O/A-based trade financing, documents examination process, the negotiation of instruments, treatment of trade financing in export credit guarantee, most importantly, explores what could be the criteria for appropriate treatment of account receivable to insure the safe transfer of account receivable. To maximize the benefit for optimum trade financing, the Bank of Korea established several Trade Finance Rules (refers to "BOK Rules") requiring that commercial banks should maintain optimal credit limits(so called, 'the principle of optimal loan') to extend the trade finance. The K-sure post-shipment credit guarantee programs and short-term export insurance program(EFF)can also facilitate 'the principle of optimal loan' principle.