• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.54
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• pp.3-44
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• 2012

Shipbuilding industry is one of the most influential ones in Korea. As shipbuilding industry is labor-intensive, it contributes to enhancing both local economy and national economy. Shipbuilding industry has been downsizing since the end of 2008 due to global financial crisis caused by America's sub-prime mortgage and aggravated by European countries' fiscal deficit. As a large fund is required for a single normal shipbuilding contract, fund raising is one of the most important elements in shipbuilding contract. Shipbuilding contract, requires refund guarantee in order for a buyer to reimburse the progressive payment paid to a builder. The disputes under shipbuilding contracts are mostly settled by arbitration rather than by law suit. English laws and English courts have been preferred for the choice of law as well as for the choice of forum. Due to depreciation of the ship value since the end of 2008, a number of buyers are trying to cancel the contract by raising unjust claim under the contract. Once disputes occurs regarding shipbuilding contract, a large amount of loss is inevitable. In order to mitigate the disputes arising from the shipbuilding contract, careful caution is required in drafting a shipbuilding contract.

• Korea Trade Review
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• v.41 no.2
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• pp.231-250
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• 2016

The study attempts to consider L/G(Letter of Guarantee) in a different angle, which is internationally used as a way of commercial customs and practices in a case when the consignee wants to receive the goods without the original Bill of Lading, Thus, this study focuses more on verifying the usage of L/G in Mixed Payment System and the range of guarantee responsibility by an issuing bank through case analysis. This case uses a mixed payment method of L/C(Letter of Credit) and T/T(Telegraphic Transfer) in the transaction of goods. The issuing bank of L/C issues L/G with the amount of L/C which is the same as the amount as C/I(Commercial Invoice). However the carrier deliver all goods laden under both L/C and T/T payment with the production of L/G. In this case, because the buyer is unable to pay, the seller makes a claim for damages to the carrier that the carrier delivers the goods to the buyer against L/G. Finally, the judge gives a decision that the issuing bank of L/G should pay the whole amount of the goods. In this case, the main issue of the dispute is the range of guarantee responsibility by the issuing bank of L/G. As a result of the case analysis, the study suggests two counter strategies for smooth utilization in international trade environment. First, in the case of mixed payment system, a seller should issue a commercial invoice separately based on the amount of each settlement plan in order to clarify the liability of guarantee. Second, banks should establish a new form for L/G including a sentence for verifying liabilities of the bank's side in the current form of L/G.

• Journal of Ginseng Research
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• v.25 no.4
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• pp.171-177
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• 2001

Lately, the Korean ginseng was confronted with the sale crisis in world markets from the various circumstance. One of important difficulties is overspreading of Korean ginseng imitative in foreign markets. In Korean markets also, chinese ginseng was imported illegally and manufactured as Korean ginseng, which was resulted inthe damage of Korean ginseng brand. The most essential problem is misunderstanding of Korean ginseng 。 s information in the foreigner. In this paper, we developed a genuine guarantee system to identify the true Korean ginseng through internet and geographic cording system of Korean ginseng products. This system can be applied to the enforcement of Korean ginseng sale to international markets.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.800-807
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• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.399-406
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• 2011

Various construction bonds and warranties critically burden the general contractor. Also, sporadic or cumulative delays of progress payment by the owner can further trap the contractor in a financial quagmire. Facing the possibility of cash flow deficiency and callous response from the banks, most construction firms may become financially incapable of market competition, and attractive project tenders become a bidding game among few deep-pocket players. The downside of such market environment is that the depth of pocket, rather than that of professional competency dictates the choice of market winners. In Taiwan, this has been a potential crisis to the construction industry after the financial crisis which started out since 2008. To encounter this problem, this research will examine the means to better manage the construction industry. Essentially, a credit guarantee system (CGS) is the prime solution to strengthen a bank's confidence in any particular construction firm. Thus establishing a national platform which evaluates and rewards a construction firm's overall credibility is pivotal, and this third-party rated credit can help a bank to render a loan more wisely. Finally, this paper will propose the ideal operating schemes of construction-specific CGS in Taiwan and a credit scoring prototype model for construction industry, as reference for the government and banks, respectively.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.48
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• pp.27-56
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• 2010

Pollution emissions from international shipping and port activities have a significant impact on public health and global climate changes. The purpose of this paper is to review the status of pollution mitigation measures implemented to date in port industry and find out some implications for Korean ports. For this aim, the clean air strategies of the world major ports including six USA ports (Los Angeles/Long Beach, Now York/New Jersey, and Seattle and Tacoma), two European ports (Rotterdam and Gothenburg) and Busan Port were considered. Various measures to reduce emission from ports are evaluated by sectors-ocean going vessels, cargo handling equipments, truck and rail-, on the basis of categories such as reduction control technologies, operational changes and market-based measures. The policy implications of this paper are as follows. First, Clean Air Act Plans of Korean ports are required as soon as possible. Second, integrated approach is required to reduce emission effectively. Finally, the effect of port-related emission reduction can be maximized when various measures are conducted on a regional basis including neighboring ports. Furthermore, regional or global-based approach is useful to guarantee the level playing field among ports.

• Journal of Distribution Science
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• v.11 no.11
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• pp.89-99
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• 2013

Purpose - The purpose of this research was to examine the regulation and distribution channel of second-hand goods in cross-border trade in order to propose methods of protecting consumers through the international standardization of the intensifying second-hand trade and resource recycling. Research design, data, methodology - This study first defines several concepts relevant to research in international second-hand goods. Second, a questionnaire and interviews were conducted with manufacturers of second-hand toner cartridges and automobile parts to identify the current status of export and manufacturing. Results - The study proposes the international standardization of second-hand goods and waste to protect consumers and promote efficient resource recycling. Conclusions - The results of the study reveal that second-hand goods (except automobiles) do not have an HSK code to use for import/export data collection. Though used car exports are declining, used cars are increasing. Collecting data on used car parts is impossible because the buyers purchase and ship the second-hand parts.

• Journal of the Korean Society for Railway
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• v.8 no.2
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• pp.161-169
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• 2005

In this paper, we provide safety requirements and advices to guarantee the safety of an interface in a level crossing system which is an interface between the conventional facilities and the new ATP (Automatic Train Protection) system, as well as we accomplish a safety management for the facilities of a country that has a different standard with already standardized ATP system. The system model has been made based on a safety activity of the international standard, and then a tolerance of a risk by the safety activity through PHA (Preliminary Hazard Analysis) has been analyzed. finally we achieved HIA (Hazard Identification and Analysis) for the assumptions that have been produced from a operating scenario and a functional interface. Thus, the safety requirements for the interface has been provided from the safety plan of HIA, and we showed the safety activity to guarantee the system safety through HIA which was depend on the design.

• Journal of the Korean Society for Railway
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• v.9 no.3 s.34
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• pp.264-270
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• 2006

In this paper we present a safety plan to be applied to the development of the TCS(Train Control System). The safety plan that can be applied to the life cycle of a system, from the conceptual design to the dismantlement, shows the whole process of the paper work in detail through the establishment of a goal, analysis and assessment, the verification. In this paper we study about the making a plan, the preliminary hazard analysis, the hazard identification and analysis to guarantee the safety of the TCS. The process far the verification of the system safety is divided into several steps based on the target system and the approaching method. The guarantee of the system safety and the improvement of the system reliability is fellowed by the recommendation of the international standards.

• KIEE International Transaction on Systems and Control
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• v.12D no.1
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• pp.43-50
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• 2002

In the recent years neural networks have fulfilled the promise of providing model-free learning controllers for nonlinear systems; however, it is very difficult to guarantee the stability and robustness of neural network control systems. This paper proposes an adaptive neural network control for robot manipulators based on the radial basis function netwo.k (RBFN). The RBFN is a branch of the neural networks and is mathematically tractable. So we adopt the RBFN to approximate nonlinear robot dynamics. The RBFN generates control input signals based on the Lyapunov stability that is often used in the conventional control schemes. The saturation function is also chosen as an auxiliary controller to guarantee the stability and robustness of the control system under the external disturbances and modeling uncertainties.