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A Study on the Effect of Rescission of Shipbuilding Contract

  • DONG-A LAW REVIEW
  • 2018, (78), pp.307-342
  • DOI : 10.31839/DALR.2018.02.78.307
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law
  • Received : December 31, 2017
  • Accepted : February 27, 2018
  • Published : February 28, 2018

Nam, Do Hyun 1

1금융감독원

Accredited

ABSTRACT

Korea's shipbuilding industry, which had grown rapidly from the 1970s to the mid-2000s, suffered the serious downturn by the aftermath of the 2008 global financial crisis. Especially, the dispute related to the rescission of existing shipbuilding contracts has increased due to the depression of the world shipbuilding and shipping industry. However, the Commercial Act of Korea does not have specific provisions on the shipbuilding contract, except the provision for mortgages of ship under construction, and most shipbuilding contracts are written using international standard contract forms such as SAJ Form, and specific condition or items for the individual contract are added as amendments. Therefore, regarding the shipbuilding contract or the rescission of the shipbuilding contract, the detail provision of the shipbuilding contact is analysed the interpretation of the international standard contract form used as the basic form at the conclusion of the contract between the parties, and the decision of the international arbitration or related cases of the English law. In this paper, first, the definition, legal nature, and important contents of shipbuilding contract will be examined in detail , and then causes and effect of rescission of shipbuilding contact both by buyer and builder are reviewed based on the definition or condition generally accepted in international standard contract forms and cases of the English law in order to provide the deeper understanding for the future negotiations on shipbuilding contracts and reasonable resolution to potential disputes on contracts.

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