the case of carriage forward, a shipper signs a contract of freight insurance and when freight charge will be paid at destination, a shipowner signs a contract. Freight insurance targets not only freight charge being paid by a third party but also conjecturable fare while shipowner transfers shipowner's cargo to owner's ship. But passenger's fares exclude from the aim of freight insurance because
Case abstract
RUSSIAN FEDERATION: Award in Case No. 166/1995 of 12 March 1996 of the Arbitration Tribunal of Russian Federation Chamber of Commerce and Industry
Case law on UNCITRAL texts (CLOUT) abstract no. 461
Reproduced with permission of UNCITRAL
Abstract prepared by Alexander Komarov, National Correspondent
Under an agreement concluded in October 1993, a Russian company, the seller,
▪ RISK ASSESSMENT
The economy was hard hit on account of its dependence on the financial markets
The economy suffered badly from the crisis on account of its specialization in financial services focused purely on international business (40% of GDP.
Trends for all components of the economy were negative in 2009, with the exception of public demand, which benefited from massive financial s
A country of High CR
▪ A country of High CR: China
▪ RISK ASSESSMENT
Good resilience in 2009 thanks to the economic stimulus programme with a rebound expected in 2010
The economy began to slow in 2008 due mainly to domestic imbalances (overcapacity in several sectors) and policies that remained restrictive too long. And these domestic factors were compounded by the cont
ⅱ) Insolvency of enterprise and bank
- Insolvency of enterprise
In 1997, average debt ratio of Korea enterprises was 333%. It was relatively higher than that of USA(159%) and Japan(206%)
It caused insolvency of the enterprises, which lead to major companies went bankrupt.
- Insolvency of bank
at that time, Many Chiefs of financial organizations was sent from above(낙하산 인사).