• 무역상무연구
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• 제71권
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• pp.85-105
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• 2016

Independent guarantee is new financial product developed in international commercial transaction. The nature of independent guarantee is an independent undertaking, which takes the form of documentary transaction. As long as the documents presented by the beneficiary are on their face complying with the terms and conditions of the guarantee, the guarantor is obliged to pay upon the complying presentation. Where parties choose to apply for issue of independent guarantee in international commercial transactions in China, Chinese court shall respect the autonomy of parties. If either the guarantor or the beneficiary is located outside of China, or the facts which cause the establishment, change or cancellation of independent guarantee relationship occurred outside of China, it shall be deemed as foreign related independent guarantee. If the interested parties requests for confirmation of the independence of foreign related independent guarantee, it shall be supported by Chinese court. However, parties dealing with Chinese domestic commercial transaction have not fully realized the severity of independent guarantee liability. The market credit is being cultivated and the financial innovation is being explored at present in China. In order to guard against the systematic and the regional financial risk, before relevant rules are promulgated, Chinese court shall not recognize the independence guarantees issued for the domestic commercial transaction, but treat it as joint liability surety.

• 무역상무연구
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• 제22권
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• pp.71-106
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• 2004

Todays, L/C transactions in international trade are governed by UCP 500 and eUCP. But UCP 500 and eUCP do not cover all legal problem of L/C transactions. Therefore choice of laws in international L/C transactions are occurred. U.S.A. has an enacted law (UCC ${\S}5-Letter$ of Credit) to govern L/C transaction. But other countries has no special enacted law to govern L/C transaction. The reason is that there are difference between legal attitude of U.S.A. and other countries. American law considers L/C as a special device made by merchants. Therefore U.S.A. applies UCC ${\S}5-Letter$ of Credit instead of general contract law. UCC ${\S}5-Letter$ of Credit includes provisions of warranties, remedies, and so on that UCP 500 and eUCP do not include. But the liabilities of the Issuing Bank on the wrongful dishonor in L/C transaction is very important legal problem. First, this study is to justify concepts of honor and dishonor, and sufficient conditions for dishonor of the issuing bank. in UCC. Second, this study is to examine closely the liabilities of the Issuing Bank on the wrongful dishonor in L/C transaction. Third, this study is suggest distinctive features on the Liabilities to wrongful dishonor of the issuing bank in UCC ${\S}5-Letter$ of Credit and our trader's matters to be attended to L/C transactions governed by UCC.

• 무역학회지
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• 제44권6호
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• pp.201-216
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• 2019

At present, there are various standards used as the governing law of contracts for establishing, implementing, and resolving disputes between the parties to international sales contracts, called "Forum Shopping." Uncertainty and increased transaction costs, which may arise from these various norms, may hinder the activation of international commerce. This study examines the process of enacting and examining various international unification norms that have emerged through international organizations to eliminate trade barriers caused by choice of governing law concerning parties involved in the international sale of goods. Issues regarding the positive and negative perspectives are discussed to identify obstacles to international unification norms. In particular, by comparing and analyzing the differences between the regulations of the CISG and PICC, the representative international unification norms on international sales contracts, the possibility of unification of the norms on international sales contracts are reviewed. Direction for the establishment of a single international regulation is presented for reducing the transaction costs and uncertainties in the international sale of goods.

• Journal of Korea Trade
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• 제27권2호
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• pp.1-21
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• 2023

Purpose - The bank payment obligation is a transaction method that combines the certainty of L/C transactions with the speed of remittance payments, so the main purpose of this study is to highlight the superiority of bank payment obligation, noting the difference between bank payment obligation and L/C transactions. In addition, we would like to examine how bank payment obligations can actually be applied to support various valuable proposals such as post-shipment and post-shipment finance according to the payment process.. Design/methodology - This study focused on literature based on data from ICC and SWIFT along with previous domestic and international studies. In terms of a research method, a literature review was adopted with electronic trade-related books and journals and policy-related reports from international trade-related agencies. Findings - Unlike L/C transaction, BPO transaction verify the data inquiry process based only on the combination result of the established baseline and dataset. Accordingly, it is superior to L/C transaction in that there is no confrontation between the parties over the results of the inquiry, and clear transactions are possible according to the principle of proof after prepayment. In addition, unlike credit transactions, data inconsistency acceptance procedures confirm payment obligations in consideration of importers' intentions. As a result, as long as trade documents are in the hands of exporting countries, flexible document disposition is possible in response to the situation after payment, which is more advantageous than L/C transaction. Originality/value - Specifically, from the importer's point of view, BPO transactions have the advantage of reducing the manpower required to prepare and review trade documents and processing transaction negotiations with exporters advantageously due to the strength of payment obligations. From the perspective of the exporter, it has the advantage of enabling rapid recovery of trade payments and reducing the risk of importer's cancellation of transactions or content change. From the perspective of participating banks, it is possible to strengthen relations with importer and obtain high commission income by increasing the role of bank reduced by reducing L/C transaction.

• 통상정보연구
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• 제9권1호
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• pp.3-21
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• 2007

The explosive growth of e-marketplace transactions requires an appropriate trust measuring framework to protect involving transacting entities such as buyers and sellers. As a strategic competitive edge, e-marketplace service providers have been adopting various system features that make sure no one transacting entity takes a major risk in online transactions involved. In this paper, an improved trust measuring method using fuzzy theory for an e-marketplace is proposed. The proposed methodology incorporates fuzzy set and calculation concepts to help build trust matrices and models, which are used to measure the level of risk involved in a specific e-marketplace transaction concerned. The proposed framework can be utilized to optimize the transaction costs by recommending a differentiated transaction process according to the risk level involved in each online transaction.

• 통상정보연구
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• 제12권4호
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• pp.25-45
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• 2010

The objective of this paper is to review the mechanics of how global e-trade practices can affect a firm's performance. It is well known that the introduction of global e-trade systems can save transaction costs at the macro level. However this study is extended at micro level by determining whether global trade transaction costs influence positively or negatively in exporting firms performances at firm level. A theoretical framework is suggested for determining the usage and performance of global e-trade with the global e-trade barriers. An empirical analysis of South Korean exporting firms has been undertaken. This paper concludes that the global e-trade has yet to overcome the barriers resulting from the transaction costs and asset specificity. In this regard, appropriate action like intensive education and training program should be implemented in order to make South Korea's global e-trade more matured.

• 신재생에너지
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• 제17권2호
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• pp.1-8
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• 2021

We estimated the price range of electricity transactions under the prosumer system, considering the spread of renewable energy and the prospect of introducing a surplus power trading system between power consumers in Korea. The range (min/max) of power transaction prices was estimated by prosumers and consumers who could purchase electricity from utilities if needed. It is assumed that utilities purchased electricity from prosumers and consumers under a Time-of-Use (TOU) rate, trading at a monthly price. The range of available transaction prices according to the amount of power purchased from utilities and the amount of transaction power was also estimated. The price range that can be traded is expected to vary depending on variables such as the TOU rate, purchased and surplus power, levelized cost of electricity, etc.

• 무역상무연구
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• 제68권
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• pp.123-148
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• 2015

Central Asian Countries had been independent in 1991 from USSR. Since then it have been increasing foreign trade and investment amount with outside countries including China, Japan, EU and South Korea. Korean enterprises and entities have endeavored to secure plentiful natural resources, oil and gas energy and expand the market share to exporting the consuming and industrial competitive goods and services for those countries. In the case of disputes of commercial transactions and investment, arbitration is regarded as a dispute resolution system which has been preferred in international transactions and investments by the business world. Since the collapse of the USSR, Central Asian Countries have worked to modernize its arbitration law and procedure to conform with international standard rules. Arbitral legislation in Central Asian countries is based on the Model Law as adopted in 1985. However, CIS's legislation systems of arbitration are not satisfied with the international standard in national laws and practices. That is the reason to consider for the specific parliament about arbitration for the dispute resolutions in the commercial transaction and investment between Korean enterprises and CIS. In this article, it is discuss problems and its alternatives in the dispute resolution about the commercial transaction and investment into Central Asian countries including the tendency to the increasing the trade volumes of goods and investment between South Korea and CIS. According to this article, South Korea consider the long term strategy followed the preferred economic relative partnership for business success on commercial transaction and investment with the Central Asian Countries.

• 통상정보연구
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• 제16권1호
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• pp.247-269
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• 2014

무역거래에 있어 화환신용장은 수입업자에 대한 신용도와 구매대금 지급의 보장기능으로 가장 많이 사용되는 결제수단이었다. 그러나 실무에서 절차상의 복잡성, 수익자가 개설은행에 대금지급을 청구하기 위해서는 신용장에 지정된 서류를 반드시 구비해야 하는데 요구되는 필수서류와 부가서류들의 준비과정과 비용 및 신용장 요구조건과의 일치에 상당한 복잡성이 존재해왔다. 이로 인해 대금결제과정의 시간적 비용적인 측면이 문제점으로 제기되어 왔다. 이러한 기존의 무역거래 절차상 지연 등에서 오는 문제점 등을 거래비용측면에서 전자신용장을 활용함으로써 개선하고자 하는 인식이 요구되는 것이다. 본 연구는 거래비용측면에서 발생할 수 있는 시간적 비용적인 측면을 극복할 수 있는 방안으로서 전자신용장을 활용하는 전략을 제시하는데 있다. 이를 위하여 기존 신용장과 전자신용장의 문제점 파악과 거래비용측면에서의 활용전략을 제시하고자 한다.

• International Journal of Internet, Broadcasting and Communication
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• 제8권1호
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• pp.7-18
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• 2016

Several authentication methods have been developed to make use of tokens in the mobile networks and smart payment systems. Token used in smart payment system is genearated in place of Primary Account Number. The use of token in each payment transaction is advantageous because the token authentication prevents enemy from intercepting credit card number over the network. Existing token authentication methods work together with the cryptogram, which is computed using the shared key that is provisioned by the token service provider. Long lifetime and repeated use of shared key cause potential brawback related to its vulnerability against the brute-force attack. This paper proposes a per-transaction shared key mechanism, where the per-transaction key is agreed between the mobile device and token service provider for each smart payment transaction. From server viewpoint, per-transaction key list is easy to handle because the per-transaction key has short lifetime below a couple of seconds and the server does not need to maintain the state for the mobile device. We analyze the optimum size of the per-transaction shared key which satisfy the requirements for transaction latency and security strength for secure payment transactions.