• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.44
• /
• pp.85-107
• /
• 2009

L/C allows the exporter to have a bank's payment undertaking against shipping documents required by L/C. This means that the exporter can take export proceeds from a L/C issuing bank regardless of importer's payments and therefore the L/C better mitigate importer's credit risk compared to remittance and collections. Recently the use of L/C has been on down trend in line with increasing use of T/T, causing a big change of payment system. This tells that the payment method change in Korea is positive as the change also happens same in developed countries. This however gives more buyer's credit risk to exporters and therefore a systematic solution to this negative effect is required. In Korea, export credit insurance has been widely used to cover the buyer's credit risk. But the export credit insurance is limited because of lack of government's financial support and strict evaluation of buyer and exporter. Now Korea is ranked 10the largest trading country and therefore the exporters shall find another source for credit risk protection elsewhere. And as such this paper suggest International Factoring as a tool for the credit risk protection. The International Factoring gives advantages to the exporter in terms of credit protection and advances by purchasing account receivables on a without recourse basis.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.58
• /
• pp.149-177
• /
• 2013

This article introduces and briefly examines the Uniform Rules for Forfaiting (URF)(ICC Publication No. 800), which were prepared by a joint project of the Banking Commission of the International Chamber of Commerce (ICC) and the International Forfaiting Association (IFA), and became effective on January 1, 2013. Forfaiting is a kind of trade financing technic performed by way of a sale and purchase of payment claim between its seller and its buyer, the forfaiter, on a without recourse basis. URF is designed to facilitate global trade finance and embraces all the international payment instruments which are currently used and will be newly developed in the future. URF is expected to be a set of standardized terms and conditions for both the primary and secondary forfaiting markets. In this context, this article first looks into the concept of the forfaiting and certain features and structure of forfaiting transactions. Then this article moves to discussing URF itself. For this it examines (i) the nature and scope of URF and some important definitions provided in URF, (ii) some provisions of URF that apply to the delivery of documents to the forfaiter, the examination, and the acceptance or refusal, of such documents by the forfaiter, and (iii) the payment of purchase price by the forfaiter to its seller, including the matter of "payment under reserve" and repurchase by the seller from the forfaiter. Finally, this article examines liabilities of the parties concerned, before conclusion.

• Journal of the Korea Furniture Society
• /
• v.27 no.2
• /
• pp.80-90
• /
• 2016

The idea of Sustainable, first mentioned in "Our Future (Bruntdland)" from the United Nations report released in 1987 has been highly affect design disciplines in developed countries in 21st century. It relocated industrial society and structure's attentions to nature and recourse conservation and reuse. Designed and manufactured products eventually disposed and it leads to waste of resources as well as creates environmental issues. Unfortunately, vast majority of designers starts designing without anticipation of this matter and produce more believing this leads to more sales. However shorter life of a product will create bigger increase of resource consumption and waste than, importance of re-usage and recycle will eventually increase. In modern furniture industry metal and plastics are frequently used beside wood that material has been diverse than in past. However, there are lack of plans and regulations of re-usage of those material due to difficulties of separating each different materials and collecting due to it's size. This study would like to look into recycling rate, methods and usage of three major materials (wood, metal, plastic) that is typically used in current furniture industries. Furthermore, see the potential of sustainable furniture by analyzing furniture practices made by each different recycled material from old furniture and what designers should consider to achieve feasibility of sustainable furniture.

• The Journal of Information Technology
• /
• v.8 no.3
• /
• pp.159-176
• /
• 2005

The Purpose of this Article is to analyze the special settlement and electronic settlement system in the international trade. First, Factoring is a fast, easy and flexible way to improve a company's cash flow and generate working capital for the company. Factoring can be short-term or part of an ongoing financing program. New companies can benefit as well, since there is no requirement for a long-term credit history. Second, Forfaiting is a method of trade financing that allows exporters to obtain cash and be free of all risks by selling their medium term receivables on a 'without recourse' basis. Forfaiting can be an alternative to export credit or insurance cover, especially for those transactions in which the export credit agency is not open to a particular country and/or bank. Third, The Bolero System is jointly financed by SWIFT(Society for World International Financial Telecommunications) which handles most of the electronic funds transfer for banks, and the Through Transport Mutual Assurance Association(the TT Club), a mutual insurance association most of whose members are drawn from the Multimodal transport industry or transport intermediaries. Fourth, TradeCard is a payment and settlement system that is an alternative to letters of crdeit. That is, TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet.

• Elastomers and Composites
• /
• v.34 no.2
• /
• pp.177-182
• /
• 1999

SBS thermoplastic elastomers offer an inexpensive alternative to vulcanised rubbers for many undemanding applications. They are, however, particularly susceptible to attack from atmospheric ozone leading to cracking as soon as any strain is applied. In most rubber applications some strain is unavoidable. In this paper a compounding approach to protecting SBS thermoplastic rubbers against ozone is described. An explanation is offered for why a protective effect Is observed only when certain combinations of additive are used. SBS elastomers are the most affordable class of thermoplastic rubbers. To achieve finished products resistant to ozone and without compromising the light colours often demanded, recourse must be made to blending with other saturated elastomers or replacement by hydrogenated (SEBS) types. The latter is a significantly more expensive alternative. Under laboratory conditions where the rate of ozone attack is increased by several decades, unprotected SBS begins to crack within a few hours. Several different protective agents are examined here, the best of which, a cyclic enol ether, $Vulkazon^{(R)}$ AFD, can extend the resistance to any cracking to several weeks by the use of a few percent by weight of additive. The systems reported neither discolour the polymer nor stain other materials with which it may be in contact. Use of the protective systems described here could enable SBS elastomers to compete in many applications with the more expensive SEBS polymers.

• Journal of the Korea Concrete Institute
• /
• v.20 no.1
• /
• pp.51-58
• /
• 2008

Analytical probabilistic vulnerability analysis requires extensive computing effort as a result of the randomness in both input motion and response characteristics. In this study, a new methodology whereby a set of vulnerability curves are derived based on the fundamental response quantities of stiffness, strength and ductility is presented. A response database of coefficients describing lognormal vulnerability relationships is constructed by employing aclosed-form solution for a generalized single-degree-of-freedom system. Once the three fundamental quantities of a wide range of structural systems are defined, the vulnerability curves for various limit states can be derived without recourse to further simulation. Examples of application are given and demonstrate the extreme efficiency of the proposed approach in deriving vulnerability relationships.

• The KIPS Transactions:PartB
• /
• v.11B no.1
• /
• pp.63-70
• /
• 2004

Port operation is largely divided into gate operation, yard operation and berth operation. Operation strategy and optimal resource allocation for three parts are important in the productivity of the port operation.. Especially the resource allocation planning in berth operation needs optimization, because it is directly connected with the processing time in shipping. Berth planning is not independent on recourse allocation but interrelated with yard stacking area allocation. Therefore, we design the optimized module of berth planning and give priority to interrelationship with yard space allocation, while existing studies design independent resource allocation in berth planning. We suggest constraints by mathematical method, and they are related to yard stacking area allocation with existing constraints. Then we look for solutions, use tabu search to optimize them, and design optimized the berth planning module. In the performance test of optimized module design of berth planning, we find that the berth planning with yard stacking area allocation takes less processing time than without yard stacking area allocation.

• Journal of Arbitration Studies
• /
• v.17 no.3
• /
• pp.31-56
• /
• 2007

The purpose of this thesis lies on building the foundation for the further activation of trade among the Northeast Asian countries such as South Korea, Japan, China, Russia, and North Korea through an analytical comparison of their arbitration systems. Further activation of trade cannot be reached without previously building safety measures on the negotiation of exports, the control on defective imported merchandise, the returns on investments, and the stable management of businesses. Throughout this thesis an analytical comparison of these five countries' most important areas on arbitration will be carried out. These areas are the arbitration laws and organizations; the structures of the laws; scope of arbitration; form of arbitration agreement, appointment of arbitratiors, place of arbitration, hearing, court assistance in taking evidence, governing law, decision making by panel of arbitrators, form and contents of awards, effective of award, recourse against award, recognition and enforcement of awards. etc. It was found in each of the areas cases to be identical, similar or verydifferent; also, cases unable to arbitrate. This phenomenon was found to occur due to the differences in political and economic systems and perception of arbitration among these countries. Additionally, this thesis points out what should each country do for its integration. It is also suggested the organization of a common arbitration research body to continue the efforts for raising the awareness, building trust, and mutual recognition among the countries to ultimately create a common arbitration system. Lastly, it is a personal will that this thesis will serve as the starting point for in depth researches in each of the presented areas.

• Journal of Digital Convergence
• /
• v.12 no.5
• /
• pp.79-87
• /
• 2014

In general, at the relationship between claim and obligation if debtor does not fulfill its obligations arbitrarily the creditor can claim to debtor such as lawsuit. It means, despite the debtor ordered payment through the judgment, if debtor disobey that judgment, compulsory execution can be performed by the force of the country. In the end, fulfillment of obligation is enforced by national authorities in principle. However, exceptionally, even it established as a valid debt, if debtors fulfill themselves, they may not be protected from the national authorities. That is the natural obligation. The natural obligation originated from the Roman law which enforces strict type legal system and it is exceptional phenomenon in modern civil law which is made up as that all the bonds are likely to recourse. Therefore, in Korean theory acknowledge that debt is natural obligation and there is no exception. However, there are still controversy about the presence and occurrence of natural obligation. So, in this paper, want to review about its extent and effect including the concept of natural obligation.

• Journal of Korean Philosophical Society
• /
• no.94
• /
• pp.163-192
• /
• 2011

A posteriori physicalists criticize non-physicalist arguments based on the framework of two-dimensional semantics. Most of them argue for physicalism based on the analogy between scientific identity statements and psychophysical identity statements. This paper argues for another version of aposteriori physicalism, so called physicalism employing 'phenomenal concept strategy' or 'exceptionalist strategy', which appeals to merely the nature of phenomenal concept without recourse to a semantic framework. Loar's phenomenal concept strategy employs the aspect of our recognitional ability of objects in criticizing non-physicalism, leading to the argument that phenomenal concepts are 'exceptional' in applying conceivability-possibility link. I critically examine Stoljar's, Chalmers', Raffman's criticisms against Loar's exceptionalists strategy. Loar's phenomenal concept strategy reflects well our psychological aspects surrounding the acquisition and the possession of 'phenomenal concept'. In several respects, Loar's exceptionalist version of a posteriori physicalism is the best explanation for accounting for both the explanatory gap and the a posteriority of psychophysical identity.