• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.41
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• pp.79-102
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• 2009

L/C transaction, the most important issue for the seller and the buyer is the theory of documentary transaction and the theory of strict compliance which are the principles of L/C transactions. According to the leading cases in England and America where the practice of L/C transactions was created and developed, the descriptions of the commodities specified on all the documents which are submitted based on an L/C, should be identical to the descriptions of commodities specified in the L/C. And further, many leading cases of L/C continuously repeat to emphasize strict compliance. However, the recent leading cases in and out of the country show that the principle of strict compliance is being weakened. The leading cases in America show two trends of weakening the principle of strict compliance. That is, on the contrary to strict compliance, tends to apply substantial compliance (which puts more value on the substance of the documents). These leading cases reflect the attitudes of the judicial and the legislative authorization that don't want to approve formal approach to the commercial law. Recently, the Supreme Court of Korea is giving a decision on the principle of strict compliance, "The documents attached to an L/C should strictly comply with the conditions in the L/C, but it doesn't mean that they should be perfectly identical without any mistake in words. In case the bank can understand through reasonable care that a small mistake in words is too trivial to give different meaning or to give damage to the conditions of the L/C, the documents are regarded to comply with the conditions of the L/C. However, the judgment should be based on whether the difference between the documents and the L/C can be admitted by the international standard bank transaction practice or not." This decision tells that the principle of strict compliance is quite much modified so application of this modification can't be ignored. However, from the viewpoint of the party who requests to open an L/C, there is a criticism that a bank's arbitrary judgement can be involved. Therefore, reviewing the original purpose of L/C transactions (activating international transactions), the principle of strict compliance may be thought old-fashioned because it emphasizes a form, but in reality, for prompt transaction and payment, the principle of strict compliance should be observed in L/C transactions. And further, if a legislative device is prepared to systematically compensate for several side-effects, the principle of strict compliance will improve dynamic flow of prompt and low-costly L/C transactions. On the other hand, it will be able to protect the interested parties.

• International Commerce and Information Review
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• v.6 no.2
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• pp.85-105
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• 2004

International electronic commerce is different with international commerce in the aspect using electronic media and non-face transaction so there are some problems as authentication, integrity and non-reputation. These problems of electronic document and signature are resolved from electronic certification system. To introduce and develop the electronic certification in the international electronic commerce, it needs to authorize and operate certification authority under the uniform regulation base. But, because the laws and guidelines that related to electronic certification system are different among the nations and international organizations, it needs to compare each nation's law or guideline. In conclusion, to resolve problems of certification and develop certification system in the international electronic commerce, we make uniform rule of international electronic certification and harmonize the technology of electronic certification.

• International Commerce and Information Review
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• v.8 no.3
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• pp.343-368
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• 2006

International transactions of digital goods with the abovementioned characteristics are categorized by stages to review the characteristics and illustrate the problems in this study. The problems that may possibly arise during the implementation of the contract on digital goods are divided by stage, such as delivery, payment and insurance cover in preparation for possible diverse risks. International transactions of digital goods are expected to gain more weight in the world trade in the future. Therefore, legal and technical supports in the international level and international commercial custom need to be settled to smoothen and facilitate international transactions of digital goods.

• International Commerce and Information Review
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• v.13 no.3
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• pp.55-74
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• 2011

Web Service applications based on the social relation such as Social Network Service(SNS), Social Medias are making strong blast. Social Computing which is widely spreading to worldwide is affecting to our life including policies, economies, societies and culture. Based on Web 2.0, various services like as Social Collaboration, Social Publishing, Social Feedback are supplied, more evolved social computing services, Social Connection, Augmented Reality, will be served for the next days from now. These network based services, Social Network Service or Social Media frequently used terms, are not defined exactly and their characteristics are not gotten to the bottom yet. Theoretical and systematic studies on these themes are not made also. Applications to business area, especially the receptivity to social computing in international trade is barely made to these days. This study focuses on the concepts, characteristics and sorts of social computing and purposes to consider its possibilities of application of social computing to international trade. Considering the advantage of Social network service, it can be used in international trade, a kind of B2B transaction, while existing social network is mainly applied to B2e transaction.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.133-160
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• 2009

In International trade the buyer and seller are normally separated from on another not only by distance but also by differences in language and culture. It is rarely possible for the performance of obligations to be simultaneous and the performance of contracts therefore calls for trust in a situation in which the parties are unlikely to feel able to trust each other unless they have a longstanding and successful relationship. Thus the seller under an international contract of sale will not wish to surrender documents of title to goods to the buyer until he has at least an assurance of payment, and no buyer will wish to pay for goods until he has received them. A gap of distrust thus exists which is often bridged by the undertaking of an intermediary known and trusted by both parties who will undertake on his own liability to pay the seller the contract price in return for the documents of title and then pass the documents to the buyer in return for the reimbursement. This is a common explanation of the theory behind the documentary letter of credit in which the undertaking of a bank of international repute serves as a "guarantee" to each party that the other will perform his obligations. The independence principle, also referred to as the "autonomy principle", is at the core of letter of credit or bank guarantee law. This principle provides that the letter of credit or bank guarantee is independent of the underlying contractual commitment - that is, the transaction that the credit is intented to secure - between the applicant and the beneficiary ; the credit is also independent of the relationship between the bank and its customer, the applicant. The most important exception to the independence principle is the doctrine of fraud in the transaction. A strict interpretation of the rule that the guarantee is independent of the underlying transaction would lead to the conclusion that neither fraud nor manifest abuse of rights by the beneficiary would constitute an objection to payment. There is one major problem related to "Independent guarantees", namely abusive or unfair callings. The beneficiary may make an unfair calling under the guarantee. The countermeasure of beneficiary's unfair calling divided three cases. First, advance countermeasure namely by contract. In other words, when the formation of the contract, the parties must insert the Force Majeure Clause, Arbitration Clause to Contract, and clear statement to the condition for demand calling. Second, post countermeasure namely by court. Many countries, including the United States, authorize the courts to grant an order enjoining the issuer from paying or enjoining the beneficiary from receiving payment under the guaranty letter. Third, Export Insurance. For example, the Export Credit Guarantees Department is prepared, subject to certain conditions, to cover the risk of unfair calling. Of course, KEIC in Korea is cover the risk of the all things for guarantees. On international projects, contractor performance is usually guaranteed by either a standby letters of credit or Independent guarantee. These instruments will be care the parties.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.77-85
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• 2018

Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.143-168
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• 2009

International Factoring transaction in Korea is different from that of financially advanced countries in terms of legal system and commercial and financial practices. As for the domestic factoring, Korean factors are only involved in advances often on a with recourse basis. With regard to the international factoring, Korean factors do not accommodate whole account receivables from clients (suppliers) but handle on a selective basis. Among Korean banks, KEXIM (Export and Import Bank of Korea) is sole factor for international transactions. Currently KEXIM and several foreign banks handle factoring provide factoring services with limitation to invoice discounting which is largely extended to large corporate names. Therefore this is far different from factoring in Europe and Americas designed for small exporters with non recourse advances. In respect of legal environment, receivable assignment is subject to debtor' acknowledge or approval of such assignment according to Civil Law Act. To remove the legal obstacles, Korean government have prepared new law which allows factor's own notification of assignment (and thereby reimbursement right) to debtor with some evidences.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.459-468
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• 2005

International contractors must consider the substantial risks related to unexpected foreign exchange fluctuation incurred by conducting their business and using foreign currencies in foreign countries. Most international contractors attempt to minimize foreign exchange exposure within a manageable range because it may influence the company's fundamental financial structure, reduce market value or profit margins, or disrupt ongoing and future projects. This research provides a qualitative study of existing foreign exchange exposure (transaction, operation, and translation exposure) and current & effective foreign exchange risk management in American and Korean international contractors, as they represent both new and long-time members of the global construction market. Finally, recommendations of techniques for new and existing international contractors to minimize and better manage foreign exchange risk will be offered.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.61-104
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• 2010

The purpose of this work aims to analyse the principles of good faith under international transaction with CLOUT and UNILEX cases. Article 7(1) CISG sets the stage for the interpretation by promoting a uniform approach using good faith and the international charter of the convention. In other words, article 7(1) defines the purpose and the principle of interpretation and is applied to the Convention as a whole. As such, it also includes article 7(2), which goes beyond the big picture and settles the problems of gap filling. It is also important to understanding that the mandate of the CISG is to look for a solution, which is not only restricted to interpretation but extends to solving a problem. The problem in this work is to find out how gap filling is achieved and, because of the autonomous mandate of interpretation, to explain and understand its relationship with domestic law. The solution to the interpretation of article 7(2) must be found within the four corners of the CISG. To restate, article 7(2) describes two situations where gap filling is needed. First, if the matter is governed by the Convention but not expressly settled, then a gap must be filled in conformity with general principles on which it is based. Second, if the matter is not covered then the gap must be filled taking domestic law into consideration. There are two reasons why a matter may not be covered by the Convention. First and most obviously, it has been specifically exclude from the sphere of Application by the CISG itself, such as validity in article 4. Second, changes in business methods will lead to gaps. The United Nations has established a service known as CLOUT. This contains abstracts of hundreds of selected decisions of both courts and arbitration tribunals. And UNILEX is cosponsored by the Italian Centre for Comparative and Foreign Law Studies and UNIDROIT Contract Principles. The cases are in abstract format, but, when available, the full text of the case in the original language is also supplied.

• Journal of Information Technology Applications and Management
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• v.29 no.6
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• pp.43-62
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• 2022

As the used trading market grows centered on online platforms, it is evolving from practical consumption to pursuing various forms of consumption value. Consumers purchase rare products, enjoy the transaction itself with consumers with the same preference, and investment or eco-friendly value consumption is also increasing. In this regard, the transaction of the second-hand transaction app service must have sincerity in order to respond to various consumption values. In addition, it is necessary to study what components the second-hand trading app service should aim for to secure authenticity and how the usefulness and ease of second-hand trading apps affect the relationship. The research used a questionnaire method to test hypotheses and surveyed 215 consumers in their 20s, 30s, and 40s who had purchased used clothing online within a year. Among them, 200 responses, excluding outliers, were statistically analyzed using SPSS 21.0 and AMOS 22.0 as confirmatory factor analysis and structural equation models. This study aims to determine the effect of the authenticity of the online used trading app service on the satisfaction of the used trading app service. To this end, based on the previous research results, the following research hypotheses were established and verified statistically. First, the authenticity of the online used trading app service will significantly impact the satisfaction of the used trading app service. Second, the usefulness of the used trading app service will have a moderating effect on the effect of the authenticity of the used trading app service on the satisfaction of the used trading app service. Third, the ease of the used trading app service will have a moderating effect on the authenticity of the used trading app service on the satisfaction of the used trading app service. As a result of the study, the authenticity of the used trading app service significantly affected the satisfaction of the used trading app service. Appeared to be The results of this study will help understand used transaction app services where consumption of used products occurs from the viewpoint of product circular use behavior and can be used as a strategic plan to promote the use of used transaction apps in the future.