• International Commerce and Information Review
• /
• v.9 no.2
• /
• pp.285-303
• /
• 2007

As the interest about smooth logistics increases lately, the importance of multimodal transport, which performs the key role of logistics emerges, Through there are many issues respecting multimodal transport, the issue of the efficiency of multimodal transport seems to be the most importance. This paper examine as to the problems & systems of the multimodal transport including transportation document and customs clearance for door to door services. I wish our country will use total logistics automation systems for encouraging multimodal transport chance and make a partial amendment of commercial code including the customs clearance regulation. This study will assist in the development of logistic and the enlargement of multimodal transport transaction.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.22
• /
• pp.173-197
• /
• 2004

Letter of Credit between buyer and seller in International Trade Transaction is the means of payment which makes International Trade operate smoothly by guaranteeing an exporter against non-payment and an importer against non-delivery. Therefore, the parties to a sale apply UCP500 established by the International Chamber of Commerce, in accordance with principle of the freedom of contract among the parties concerned, to look to their own legal stability. However, we may recognize some cases to have been applied principle of faith and trust, one of the dominant principles of the civil law, by the Korean Supreme Court and other cases to have not been applied that principle by the Korean Supreme Court. The Court shall apply UCP500 strictly as long as the parties concerned adopt UCP500 in view of the legal stability. In other words, in case that the Court applies principle of faith and trust to the case related to L/C, this rule - principle of faith and trust - should apply to the subject matter which have not stipulated in UCP500 under certain restriction. We suggest keeping in mind points to korean companies as follows; First, the parties to a sale shall understand L/C basis transaction and principles related to L/C deeply. Second, the exporter shall prepare documents in compliance with L/C and fulfil his or her obligation according to UCP500 and L/C related to the contract. Third, as buyer or importer, when he or she receive the shipping documents with discrepancies from the notifying bank, he or she makes him or herself clear to all the parties concerned. Fourth, as bank, she shall examine all the documents according to UCP500 and L/C related to the contract, and if any document with discrepancies, the bank, by all means, shall approach applicant first, and then decide whether to pay the credit amount to beneficiary or not to.

• Journal of Korea Trade
• /
• v.25 no.1
• /
• pp.152-168
• /
• 2021

Purpose - This paper has an objective to suggest reasonable criteria in choosing Incoterms 2020 rules for efficient and effective logistics management in that the Incoterms rules affect not only the rights and obligations of the parties to the sales contract but also the control and management of logistics system and transaction costs in the transaction. Design/methodology - An analysis of the various factors is needed to assess the positive or negative impact on global value chain in choosing Incoterms rules from a total logistics view. This study analyzes the impact of which the content of individual incoterms rules can have on the operation of international logistics systems under the global value chain from a strategic perspective to suggest reasonable criteria for selection of Incoterms rules depending on the transaction situation. Findings - Results of this study shows that consideration of various aspects which includes the characteristics of the products, logistics capabilities, infrastructure, transaction volume, operational cost, customs regulations, tax and accounting should be reflected in choosing the appropriate Incoterms rules. Therefore, in order to minimize the total cost and improve logistics performance, it may be helpful to develop a decision support model which allows users to select appropriate Incoterms rules based on various influencing factors. Originality/value - This Study is different from previous research which has mainly focused on the rights and obligations of the parties to the transaction regarding the transfer of risks and costs under the Incoterms. In addition, this study has significance in that it provides implications for export and import companies that can be able to use Incoterms as a strategic tool to efficiently manage the global value chain and improve supply chain performance.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.76
• /
• pp.103-123
• /
• 2017

If additional condition in letter of credit is used in malicious way, it affects the international trade transaction in jeopardy. Therefore, it's significant to identify whether additional conditions are malicious or ordinary in the transaction with letter of credit. In normal cases, thanks to lots of useful features as an international payment method, such as security of payment, legal protection, and versatility, a letter of credit is widely used in international trade. However, even with these advantageous features, a letter of credit is complicate and costly to use, compared to other payment methods. Furthermore, due to its principle of independence from underlying contract, a use of letter of credit creates another type of concern for proper handling and needs significant caution upon field use. At some points, malicious additional conditions are used for buyer's advantage in deal making and fraud instance in worst situation. In addition, some countries request malicious conditions against sellers as a non-tariff barrier. Therefore it's extremely important to recognize whether malicious additional condition exists in letter of credit and, if so, how to deal with it. This study delivers the information to distinguish and categorize the malicious conditions in various cases and to figure out how to deal with them for safer trade with less risk.

• International Commerce and Information Review
• /
• v.11 no.2
• /
• pp.233-257
• /
• 2009

The 21st century is witnessing the explosive increase in the usage of internet and international electronic transactions. Due to the unique characteristics of the electronic information, substantial part of such transaction can and do take the form of cross-border transactions. However, there have not been settled appropriate set of rules applicable to the international electronic transactions. Currently, in respect to e-L/C transactions in international trade, there are laws such as Electronic Transaction Basic Act in our country, E-Trade Promotion Act, E-Signature Law, Act on Promotion of Information and Communication Network Utilization and Information Protection and Marine Charter 5 in the Commercial Law. Nevertheless, a complete legislation, that is a uniform rule for e L/C which could support e L/C transactions fully hasn't been established yet. Accordingly, those laws concerned need to improve to regulate e-L/C transactions. The purpose of this paper is to look into the national status for law readjustment to prepare for a new electronic environment and to use appropriately the e-L/C issued by electronic means, and to conduct a comparative analysis on the related regulations to introduce a pertinent laws and propose related regulations to contribute to the making of effective laws to regulate e-L/C.

• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.768-773
• /
• 2005

Among various joint ventures, International Construction Joint Ventures (ICJVs) have emerged as a popular approach worldwide to developing large scale projects through international participation. A model, based on economic analysis and represented by several hypotheses obtained from the analysis, will be developed. Furthermore, we will empirically test the hypotheses/model using Structural Equation Model (SEM). This research is expected to explain why there exist different organizational forms for ICJVs, and to develop a framework for choosing appropriate forms with respect to various characteristics of ICJVs.

• International conference on construction engineering and project management
• /
• 2011.02a
• /
• pp.132-141
• /
• 2011

Australia has joined many governments to adopt public-private partnership (PPP) as a major strategy for procuring infrastructure for decades. However, failures have occurred although the market has been considered to be a mature and sophisticated one. Failures have typically been traced back to inappropriate economic evaluation and a lack of value-for-money. In particular, a literature review has identified that there was no holistic consideration on the evaluation of procurement transactions of PPP projects. The transaction costs of PPPs were not handled properly. In this paper, theories of transaction cost economics are proposed for the purpose of such a holistic institutional economic evaluation. These theories are analysed in order to identify potential critical success factors for a strategic infrastructure procurement framework. The potential critical success factors are identified and grouped into a number of categories that match the theories of transaction cost economics. These categories include (1) Asset Specificity, (2) Organizational Capability, (3) Transaction Frequency, (4) Behavioural Uncertainty, and (5) Environmental Uncertainty. These potential critical success factors may be subject to an empirical test in the future. The proposed framework will offer decision makers with an insight into project life cycle economic outcomes needed to successfully deliver PPPs.

• International Commerce and Information Review
• /
• v.15 no.3
• /
• pp.245-262
• /
• 2013

The transaction size between South Korea and the European Union (EU) had increased by more than two times among 2003 to 2008. With rapid growth of transaction, the EU was becoming important transaction object of South Korea gradually. EU has used the Antidumping policy as a trade protection tool against Korean products due to reduce the deficit of trade balance of payment, boost the economic growth and protect its weak industries. This paper investigates whether there is a connection between the EU's macroeconomic activity and pressures for protection to Korean products under antidumping measures with using the current data that come from the WTO, World Bank for 2004 to 2012. The result suggests that pressures for protection under Antidumping measure against exporting of Korean products to EU have increased during periods of macroeconomic weakness of low GDP growth, larger deficit of trade balance, however, has not significantly affected during periods of high unemployment.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.19
• /
• pp.169-190
• /
• 2003

Uniform Computer Information Transactions Act (UCITA) for e-commerce in non-UCC and non-UETA transactions, promulgated in 1999. The Act Drafted by the National Conference of Commissioners on Uniform State Laws. UCITA applies to contracts to license or buy software, contracts to create computer programs, contracts for on-line access to databases and contracts to distribute information over the Internet. UCITA does not apply to goods such as television sets, stereo equipment, airplanes or traditional books and publications. Goods generally remain subject to UCC Article 2 or Article 2A. Many transactions may include more than computer information. If that transaction covers non-goods subject matter, UCITA applies only to the part of the transaction which is computer information and other law applies to the other subject matter. In the event the other subject matter is goods, UCC Article 2 or 2A applies to the goods subject matter and UCITA applies to the computer information part. UCITA is coordinated with existing Articles 2 and 2A, so coverage of each to part of the transaction will be facilitated. With respect to other subject matter (primarily services) UCC Articles 2 and 2A have worked in mixed transactions with the common law applicable to the services.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.69
• /
• pp.63-84
• /
• 2016

Article 77 of CISG requires an aggrieved party, the promisee, claiming damages to take reasonable measures to mitigate losses. The reasonable measures required hereunder are limited to those that can be expected under the circumstances having regard to the principle of good faith. When taking such measures, the aggrieved party must do so within a reasonable time under the circumstances. The expenses incurred in taking such measures are recoverable from the promisor. If the aggrieved party fails to do so, the damages recoverable from the promisor are reduced in the amount the loss that should have been mitigated. The aggrieved party's duty to mitigate damages applies to claim for damages only. That is, the violation of this duty should not be invoked against other remedies available under CISG, such as the right to claim specific performance, the right to claim for the price or the right of reduction of price. In practice, under the provision of article 77, the aggrieved party, the seller or the buyer, is often required to enter into a substitute transaction as a measure to mitigate losses and many cases involving a substitute transaction are internationally reported. Therefore this paper intends to provide a certain understanding of the aggrieved party's duty to take measures to mitigate losses based on such cases reported.