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The purpose of this paper is to highlight the importance of independence principle of refund guarantees (RGs) and how to make the best of an arbitration clause in the guarantees so that a Korean shipbuilder, a guarantor and an export credit agency (ECA) may possibly protect themselves from buyers’ unlawful demand.

This paper firstly introduces a brief elucidation about RG and the concept of independence principle. By way of presenting factual backgrounds, legal and policy evaluation and analyses, this paper covered all issues and disputes arising out of one shipbuilding contract and the independent RG drawn from the shipbuilding contract, through in-depth cases studies of a judicial case on the matter of independence principle of RG between the beneficiary (the buyer or its assignee) and the guarantor reviewed by an English court, an arbitration case regarding whether the beneficiary (the buyer or its assignee) has any right of refund in the event of the acceptance of a repudiatory breach by the applicant (the builder) in the London Maritime Arbitrators Association, and the beneficiary (the buyer or its assignee)’s appeal to an English court against the award and a judicial case reviewing whether the guarantor has right of reimbursement in accordance with the terms of the export bond insurance with the Korean ECA.

While most RGs, in practice, are drawn as an independent guarantee which is payable on call without any evidence of default, there is another payment scheme in RGs, such as payment upon the submission of an arbitral award which may enhance the application of RGs in shipbuilding contracts. The paper suggested that under these circumstances, Korean builders may opt to make their shipbuilding contract be governed by Korean laws, with the Korean Commercial Arbitration Board as a competent arbitral jurisdiction and forum as far as possible.

This paper proposes prudent approaches and considerations in the issuance and application of RGs which are independent from shipbuilding contracts. The hope is to increase awareness in the utility of arbitration system as well as for fiduciary Korean banks and ECAs to play a more pivotal role in guiding shipbuilding industry stakeholders.

The purpose of this paper is to review characteristics and functions of an advance payment guarantee (AP-Bond), and to analyse some legal and practical issues concerning a “reduction clause” in an AP-Bond under an overseas construction contract.

This paper compares relevant provisions of the URDG 758, the UN Convention, the ISP 98, and the FIDIC Silver Book, and also cites relevant case laws of the USA, UK and Korea. This paper also refers many Korean scholars’ views on characteristics of an independent guarantee including an AP-Bond.

A demand for payment under an AP-Bond shall not be honoured in the event that an employer wrongfully refuses to issue documents required for reduction of an AP-Bond. A beneficiary shall not be favoured by independence nature of an AP-Bond in case of fraud or abuse of right.

This paper originally analyzes a “reduction clause” in an AP-Bond. This paper provides logics that a demand for payment shall not be honoured in the event that a beneficiary wrongfully refuses to issue documents required for reduction of an AP-Bond.

In many Third World countries tourism is an economic activity the importance of which can hardly be ignored 1). Thus it is obvious that the governments of those countries, besides paying attention to the usual sectors such as agriculture, industry, mining, transport and communication, public health and hygiene and education, should also engage in sectoral programs with regard to tourism. Since “a sector comprises, for the most part, the producing or operating units in the economy that share a common function or output” 2), tourism lays claim to a sectoral approach. In tourism there clearly exists a common function of activities, comprising both Services and production of goods ‐Pertot speaks of a mixed commodity‐service exchange 3) — for the sake of the tourist. The separate activities together constitute the compound tourist product.

The restructuring of shipping and shipbuilding companies in the midst of rapidly shrinking global shipping demand has become a prominent issue in Korea. In shipping finance, loan syndication featuring many creditors surges as the preferred option. However, increasing the numbers of creditors in the syndicate results in two opposite effects. First is the beneficial effect from their enhanced monitoring power. On the other hand, there is the adverse effect resulting from increased difficulty in coordination when syndicate members increase, particularly in bankruptcy. Our aim of this paper is to analyze the role of finance in the shipping and shipbuilder markets, and determine the theoretical optimal number of creditors for the shipping finance syndicate based on Bolton and Scharfstein (1996). The two issues above result from moral hazard and non-verifiability: coordination among many creditors for collection of bonds in case of default, and the enhancement of monitoring private benefit exploitation by the ship-owner during default. Considering the two conflicting forces result from an increase in creditor membership, we draw conclusions on determining the optimal number of creditors by considering trade-offs between these two factors: More creditors are preferred when the monitoring effect dominates. Otherwise, less creditors are preferred.

Data has become one of the most significant instruments in e-commerce innovation. Benefits to the entire society can be summarized as following: from the government’s perspective - to assess the impact of e-commerce to the economy; for merchants - to understand consumers’ needs; and for consumers - to be offered with the right product he/she is looking for. The digital revolution in the past five years has shown the need to offer more differentiated services than the physical stores, when consumers are not able to try and touch products. It is for this reason that e-commerce has continuously developed and transformed Research Online, Purchase Offline into a true experience. Considering the future of e-commerce is to enhance economic development and growth, this research will discuss the disruption of Research and Development through big data. The core objective of this research is to propose a predictive model to deeply understand consumer behavior by analyzing new regulations and transaction records.

The purpose of this study is to examine differences in consumers’ perceptions of an acceptable price range and their responses to the advertised reference price in terms of internal reference price, price‐search intention, and perceived value between online and offline retail channels. This research uses a 2 (plausible and implausible reference prices) x 2 (online and offline retail channels) between‐subjects experimental design. A convenient sample of 151 Taiwanese graduate students that have prior experience shopping online are recruited as subjects. Results are shown and managerial implications and directions for future research are then discussed.

The new Fair Trading measure aims at the establishment of a strong, bioadly‐based central direction of consumer protection; a new Director‐General of Fair Trading with wide responsibilities “for protecting consumers” with authority to “make proposals for the exercise of order‐making powers in relation to trading practices which adversely affect consumer interests”, and “to act against those who persistently follow a course of conduct unfair to consumers”. This supremo is to work closely with the Monopolies and Mergers Commission and the Restrictive Practices Board, and no less than five junior Ministers are to be given special responsibilities for protecting consumer interests, handling these aspects of the new system in their own departments.

Introduction Hastily, I beat the editor to it by writing “These are the personal views of the author, and do not necessarily represent the views of the editor of this journal.” Indeed, I take it further. The article does not necessarily, in general manner or particular phrase, represent the views of the National Committee of National Library Week. It's a great disappointment to me that to date neither the National Committee nor myself has had to disown the other. Our opinions, to date, coincide on all salient points. No blows have been exchanged between Committee and Organiser. Since concord should often be more rightly spelt “c‐o‐m‐p‐l‐a‐c‐e‐n‐c‐y”, I regret this. All, however, may yet be well. My full views as Organiser of NLW 1969 follow: I shall state them with the most forthright candour and the most furious conviction; and the fisticuffs may well follow, as sure as Library fines. If the editor considers this preamble, too … well, too ambling … I proffer one excuse. As organiser, I'm as over‐worked and time‐pressed as any librarian, and my defence is therefore borrowed from Flaubert: “Forgive a long letter—I had no time to write a short one.” (Reference librarians, please check this quotation. I'm too busy.) Finally, there are those who write very lightly when they wish to state their most serious belief. Into this maladjusted and misjudged fraternity, I was myself born.

This paper aims to study the reaction of construction project managers in coping with workforce productivity challenges that arise from the COVID-19 pandemic.

Quantitative research via questionnaires targeting the project managers from G7 contractor companies in Malaysia was carried out in the data collection process. In total, 182 responses have been analysed descriptively and inferentially using SPSS software.

The research discovers that most of the construction projects and their workforce productivity were adversely impacted by the COVID-19 pandemic. Besides, the strategies adopted by project managers in Malaysia and the ranking of strategies based on their effectiveness were indicated.

The findings of this research have contributed to a new understanding of the construction workforce productivity during the COVID-19 era from the perspective of project managers in Malaysia. A guideline established from the ranking of strategies would be useful to ensure the survival of the industry in Malaysia aftermath of the COVID-19 pandemic.