GUIDELINES FOR TOTAL PROJECT COST MANAGEMENT

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "GUIDELINES FOR TOTAL PROJECT COST MANAGEMENT"

Transcription

1 GUIDELINES FOR TOTAL PROJECT COST MANAGEMENT March 2013 MINISTRY OF STRATEGY AND FINANCE

2 TABLE OF CONTENTS CHAPTER Ⅰ GENERAL PROVISIONS Article 1 (Purpose)... 1 Article 2 (Definition of Total Project Cost)... 1 Article 3 Article 3 (Projects subject to Total Project Cost Management)... 1 CHAPTER Ⅱ BASIC DIRECTION OF TOTAL PROJECT COST MANAGEMENT Article 4 (Management of Project Implementation by Phases)... 2 Article 5 (Management by Work Types and Work Items)... 2 Article 6 (Management of Project Period)... 3 Article 7 (Total Project Cost Management for Projects Funded with Continuing Expenditure)... 3 Article 8 (Total Project Cost Management for Projects Not subject to Management)... 3 CHAPTER Ⅲ PROCEDURE FOR TOTAL PROJECT COST MANAGEMENT SECTION 1 Phase of Project Conception Article 9 (Determination of Appropriate Project Size)... 3 SECTION 2 Phase of Preliminary Feasibility Study Article 10 (Preliminary Feasibility Study)... 4 Article 11 (Review of Appropriateness of a Project Plan)... 4 Article 12 (Guidelines for Operation of Preliminary Feasibility Study)... 4 SECTION 3 Phase of Feasibility Study and Establishment of Basic Plan Article 13 (Feasibility Study)... 4 Article 14 (Establishment of Basic Plan)... 4 Article 15 (Holding of Design Contests, etc.)... 5 Article 17 (Basic Designing Process)... 5 Article 18 (Completion of Basic Design)... 6 SECTION 5 Phase of Engineering Design Article 19 (Engineering Design Process)... 6 Article 20 (Reflection of Results from Consultation with Related Agencies, etc.)... 6 Article 21 (Design Review)... 6 Article 22 (Review on Design Price)... 6 Article 23 (Completion of Engineering Design)... 6 SECTION 6 Phase of Awarding and Execution of Contracts Article 24 (Notification of Results of Adjustment of Total Project Cost)... 7 Article 25 (Procurement Contracts)... 7 Article 26 (Reduction of Difference in Successful Bid Price)... 7 SECTION 7 Phase of Construction Article 27 (Consultation on Total Project Cost Prior to Amendment of Construction Contract). 8 Article 28 (Consultation on Total Project Costs of Projects to be Completed Next Year)... 8 Article 29 (Consultation on Total Project Cost upon Application for Budgetary Incentive)... 9 Article 30 (Consultation on Total Project Cost in Emergency Situation)... 9 SECTION 8 Total Project Cost Management for Turn-Key Projects, etc. Article 31 (Completion of Basic Plan)... 9 Article 32 (Basic and Engineering Designs) Article 33 (Subsequent Adjustments after Awarding Contract) SECTION 9 Total Project Cost Management for Informatization Projects Article 33-2 (Consultation on Total Project Cost) 10 SECTION 4 Phase of Basic Designing Article 16 (Service Period, etc.)... 5

3 CHAPTER Ⅳ RE-ASSESSMENT OF ESTIMATED SOC DEMAND SECTION 1 Overview of Re-assessment of Estimated Soc Demand Article 34 (Purposes of Re-assessment of Estimated Demand) Article 35 (Projects subject to Re-assessment of Estimated Demand Article 36 (Entity to Conduct Re-assessment of Estimated Demand) Article 37 (Time to Conduct Re-assessment of Estimated Demand Article 38 (Requirements for Re-assessment of Estimated Demand) SECTION 2 Procedure for Re-assessment of Estimated Demand Article 39 (Demand to Conduct Re-assessment of Estimated Demand) Article 40 (Conduct of Re-assessment of Estimated Demand) Article 41 (Services for Re-assessment of Estimated Demand) Article 42 (Notification of Results for Re-assessment of Estimated Demand, etc.) Article 43 (Application Mutatis Mutandis) CHAPTER Ⅴ RE-ASSESSMENT OF FEASIBILITY STUDY SECTION 1 Overview of Re-assessment of Feasibility Study Article 44 (Purposes of Re-assessment of Feasibility Study) Article 45 (Standard Guidelines for Re-assessment of Feasibility Study) SECTION 2 General Guidelines for Re-assessment of Feasibility Study Article 46 (Projects subject to Re-assessment of Feasibility Study) Article 47 (Entity to Conduct Re-assessment of Feasibility Study) Article 48 (Time to Conduct Re-assessment of Feasibility Study) Article 49 (Requirements for Re-assessment of Feasibility Study) Article 49-1 (Review of Appropriateness of a Project Plan) Article 50 (Re-assessment of Feasibility Study Services) Article 51 (Matters subject to Re-assessment of Feasibility Study) Article 52 (Standard Guidelines for Re-assessment of Feasibility Study by Sectors) Article 53 (Notification of Results of Re-assessment of Feasibility Study, etc.) CHAPTER Ⅵ GUIDELINES FOR ADJUSTMENT OF TOTAL PROJECT COST SECTION 1 Basic Principle of Adjustment Article 54 (Basic Principle) Article 55 (Restrictions on Scope of Works) Article 56 (Adjustment by Work Types and Work Items) Article 57 (Review on Appropriateness of Design) 19 Article 58 (Preliminary Feasibility Review on Design Modifications) Article 59 (Consultation on Relevant Acts and Subordinate Statutes, etc.) Article 60 (Application Mutatis Mutandis of Guidelines for Adjustment) SECTION 2 Detailed Guidelines for Adjustment of Expenses SUBSECTION 1 Guidelines for Adjustment of Construction Cost Article 61 (Definition of Construction Cost) Article 62 (Designing Phase) Article 63 (Contracting Phase) Article 64 (Construction Phase) SUBSECTION 2 Guidelines for Adjustment of Compensation Cost Article 65 (Definition of Compensation Cost)... 22

4 Article 66 (Adjustment of Compensation Cost according to Results of Appraisal) Article 67 (Adjustment of Compensation Cost pursuant to Acts and Subordinate Statutes, etc.) SUBSECTION 3 Guidelines for Adjustment of Incidental Expenses for Facilities Article 68 (Definition of Incidental Expenses for Facilities) Article 69 (Guidelines for Adjustment of Design Fee) Article 70 (Guidelines for Adjustment of Supervision Fee) Article 71 (Guidelines for Adjustment of Incidental Expenses for Facilities) Article 72 (Guidelines for Adjustment of Other Incidental Expense) SECTION 3 Detailed Guidelines for Adjustment by Sectors SUBSECTION 1 Roads Article 73 (Restrictions on Scope of Works)24 Article 74 (Detailed Guidelines for Adjustment according to Results of Design of Road Project) Article 75 (Installation of Interchanges) Article 76 (Widening of Roads Accessible to Interchanges) Article 77 (Substitution of Earth work Sections with Bridges) Article 78 (Construction of Multi-Level Road Intersections) Article 79 (Reflection of Other Civil Petitions) SUBSECTION 2 Railroads Article 80 (Restrictions on Scope of Works) Article 81 (Adjustment of Basic and Engineering Designs) Article 82 (Construction of New Railroad Stations)29 Article 83 (Construction of New Transit Stations). 29 Article 84 (Construction of New Depots) Article 85 (Application Mutatis Mutandis of Guidelines for Adjustment of Roads) SUBSECTION 3 Water Resources Article 86 (Installation of Water Supply Pipelines) 30 Article 87 (Basic and Engineering Designs for Rivers) Article 88 (Design Modifications after Commencement of River Works, etc.) Article 89 (Transplantation of Native Trees and Plants in Dam Submerged Areas) Article 90 (Administrative Expense) SUBSECTION 4 Architectural Works Article 91 (Size of Architectural Works, etc.) Article 92 (Unit Construction Cost) Article 93 (Underground Parking Lots, etc.) SUBSECTION 5 Information Sector Article 94 (Limitation of the Task) Article 95 (Adjustment Standard) SUBSECTION 6 Other Sector Article 96 (Application Mutatis Mutandis of Guidelines for Adjustment to Road, Railroads, Architectural Work, etc.) CHAPTER Ⅶ AUTONOMOUS ADJUSTMENT OF CENTRAL GOVERNMENT AGENCIES SECTION 1 Overview of Autonomous Adjustment of Central Government Agencies Article 97 (Definitions) Article 98 (Phases Eligible for Application of Autonomous Adjustment) Article 99 (Projects subject to Autonomous Adjustment)... 34

5 SECTION 2 Items subject to Autonomous Adjustment of Central Government Agencies, etc. Article 100 (Items subject to Autonomous Adjustment) Article 101 (Restrictions on Autonomous Adjustment, etc) Article 102 (Establishment of Ceilings on Autonomous Adjustment) Article 103 (Autonomous) SECTION 3 Notification of Results of Autonomous Adjustment and Ex Post Facto Evaluation) Article 104 (Notification of Results of Autonomous Adjustment) Article 105 (Ex Post Facto Evaluation of Results of Autonomous Adjustment) Article 106 (Reflection of Results of Total Project Cost Management) CHAPTER Ⅸ ADDENDA Article 1 (Enforcement Date) Article 2 (Transitional Provisions) CHAPTER Ⅷ ADMINISTRATIVE MATTERS SECTION 1 Procedure for Demanding Adjustment of Total Project Cost, etc. Article 107 (Submission of Details of Projects subject to Management) Article 108 (Principle of Occasional Adjustment).. 38 Article 109 (Demand for Adjustment of Total Project Cost) Article 110 (Reporting on Completion of Project). 39 SECTION 2 Sanctions for Violations of Guidelines, etc. Article 111 (Sanctions for Violations of Guidelines, etc.) Article 112 (Sanctions against Related Public Officials) Article 113 (Sanctions for Breach of Procurement Contract) Article 114 (Sanctions against Designers, etc.)... 40

6 CHAPTER Ⅰ GENERAL PROVISIONS Article 1 (Purpose) The purpose of these Guidelines is to enhance the efficiency of fiscal spending by reasonably adjusting and managing, by each project phase, total project costs of large projects funded with the national budget or fund under Article 50 of the National Finance Act and Articles 21 and 22 of the Enforcement Decree of the same Act. Article 2 (Definitions of Total Project Cost) (1) The term "total project cost" in these Guidelines means all costs and expenses required for a construction project, which shall consist of construction cost, compensation cost, and incidental expenses for facilities. (2) The total project cost under paragraph (1) shall include a portion borne by the State, a portion borne by local governments (hereinafter referred to as "local governments"), a portion borne by public institutions, and a portion borne by private sector. (Note 1) The portion borne by private sector pursuant to the Act on Public-Private Partnerships in Infrastructure shall not be included in the total project cost of a project subject to the total project cost management under these Guidelines. (Note 2) The project cost for a part implemented independently by a local government or another entity for certain facilities ineligible for the subsidization from the national treasury, for the purpose of creating demands or running a profitable business by investing its own financial resources or inviting private sector for investment, shall not be included in the total project cost of a project subject to the total project cost management under these Guidelines. (3) Total project cost by the project types are as the following: 1. Construction projects: all costs relating to construction of civil engineering or construction projects, such as construction cost, compensation cost, and incidental expenses for facilities. 2. Informatization projects: Equipment purchase and rent expense, software development cost and all the other relating to the construction of a system. Article 3 (Projects subject to Total Project Cost Management) (1) To become subject to the total project cost management under these Guidelines (hereinafter referred to as "project subject to the management"), a project shall be either a civil engineering project with a project period no shorter than two years and a total cost of not less than 30 billion won or a construction project with a total cost of not less than 10 billion won (including costs and expenses for incidental works, such as electrical, mechanical, and plumbing works), among projects implemented directly by the State, projects entrusted by the State, projects implemented by a local government, a public institution (a public enterprise, a quasi-governmental agency, or other public institution under Article 5 of the Act on the Management of Public Institutions), or a private institution that receive a subsidy or an aid from the national budget or fund. (2) In principle, each project subject to the total project cost management shall correspond to a "sub-program" under the program budgeting system, and a 'work item" in a lower layer, which constitutes a sub-program, may be specified as a project subject to the management, if necessary for the purpose of total project cost management. (3) Civil engineering projects and construction projects under paragraph (1) shall be classified as in "Annex 1" of attached Table 2. (4) In principle, the total project cost of a package project that consists of a multiple number of individual projects, such as projects for the development of local areas or tourist attractions, shall be managed by individual projects. 1

7 (5) A project for which the budget is allocated in a lump sum pursuant to Article 37 of the National Finance Act and Article 12 of the Enforcement Decree of the same Act shall be included in projects subject to the management, if it meets the requirements under paragraph (1). (6) Notwithstanding paragraphs (1) through (5), a project that falls under any of the following subparagraphs shall be excluded from projects subject to the management: 1. A project for which a fixed amount is subsidized from the national treasury; 2. A loan program; 3. A project that is related to national security or that requires security, such a project for a military operation base under the jurisdiction of the Ministry of National Defense; 4. A project with investments from private sector under the Act on Public-Private Partnerships in Infrastructure; 5. A project with the strong nature of operating expenses, which is implemented within the budget for each year, such as a project for the simple amelioration or the maintenance and repairing of an existing facility for enhancing the utility of such a facility; 6. Other projects recognized by the Minister of Strategy and Finance that it is of no practical use to include them in projects subject to the management. CHAPTER Ⅱ BASIC DIRECTION OF TOTAL PROJECT COST MANAGEMENT Article 4 (Management of Project Implementation by Phases) (1) In principle, the head of each independent government body or central government agency under Article 6 of the National Finance Act (hereinafter referred to as "head of each central government agency") shall implement a project by phases of preliminary feasibility study, feasibility study, basic planning, basic designing, engineering designing, awarding and execution of a contract, and construction, and the detailed management of each phase of project implementation shall be carried out in compliance with these Guidelines. (2) The details and methods of, and the procedure for, the project implementation by phases shall be governed by the National Finance Act, the Act on Contracts to which the State is a Party, the Government Procurement Act, the Construction Technology Management Act, Electronic Government Act and other relevant Acts and subordinate statutes as well as the "Guidelines for Formulation of Budget Bill and the Fund Management Plan" determined by the Minister of Strategy and Finance for the pertinent year. Article 5 (Management by Work Types and Work Items) (1) The head of each central government agency shall ensure to manage independently not only the size of the total project cost of each project but also the project cost for each work type and for each work item and shall not adjust the project cost for each work type or for each work item by commingling in awarding contracts. (2) The size of total project cost shall be calculated in accordance with attached Table 3, "Statement of Total Project Cost," in the course of the establishment of the project plan and designing, but the work processes and details vital to project implementation shall not be understated or omitted. (Notes) 1. Projects for which the management by work types is required: Projects for railroads and rapid-transit railroads: (Examples of work types) Work processes stated separately in attached Table 3, "Standard 2

8 Statement by Sectors." Roadbed, track, architectural works, electricity, telecommunications, signals, depots, etc. 2. Projects for which the management by items is required: Harbors, airports, and development for agriculture (Examples of details) Details stated separately in attached Table 3, "Standard Statement by Sectors." Harbors: Breakwaters, access roads, dredging, quay walls, etc. Airports: Development of sites, landside, airside, passengers' terminal, facilities for the safety of navigation, etc. Development for agriculture: Tidal gates, sea walls, access roads, etc. Article 6 (Management of Project Period) (1) The head of a central government agency shall, when the size or total project cost of a project is changed, review the adjustment of the project period as well and shall consult with the Minister of Strategy and Finance thereon. (2) Where only the project period is changed without any change in the size or total project cost of a project, the consultation with the Minister of Strategy and Finance thereon shall also take place. (Note) A project period shall begin in the year during which the project commences with the reflection of the government budget for the first time and shall end in the year scheduled for completion that has been determined in consultation with the Minister of Strategy and Finance as at the time the budget was reflected. Article 7 (Total Project Cost Management for Projects Funded with Continuing Expenditure) As regards projects funded with continuing expenditure under Article 23 of the National Finance Act, among projects subject to the total project cost management, any revision to the project plan or the extension of the project period accompanied by a change in the total project cost shall be made, except where such a revision or extension is inevitable. Article 8 (Total Project Cost Management for Projects Not subject to Management) The head of each central government agency shall apply these Guidelines mutatis mutandis to the total project cost management for projects which are not subject to the management. CHAPTER Ⅲ PROCEDURE FOR TOTAL PROJECT COST MANAGEMENT SECTION 1 Phase of Project Conception Article 9 (Determination of Appropriate Project Size) (1) The head of each central government agency shall appropriately determine the size, total project cost, and period of a project and other factors at the phase of project conception, by referring to similar project cases. (2) The head of each central government agency shall, when he/she determines the total project cost, etc. under paragraph (1), take into full consideration the conditions and situations in the implementation of the project to minimize changes in the total project cost at the phases of designing and construction in the future. 3

9 SECTION 2 Phase of Preliminary Feasibility Study Article 10 (Preliminary Feasibility Study) (1) If the total project cost of a project is estimated to be not less than 50 billion won and the amount of the financial support from the State is estimated to be not less than 30 billion won at the phase of project conception, the head of the competent central government agency shall request the Minister of Strategy and Finance to conduct a preliminary feasibility study on the project. (2) If the total project cost proposed by the head of a central government agency is less than 50 million won but it is objectively obvious that the estimated total project cost is likely to be not less than 50 million won, when taking into consideration the unit prices of similar projects, the volume of the project, etc., the Minister of Strategy and Finance may conduct a preliminary feasibility study even without a request therefore from the head of the central government agency. Article 11 (Review of Appropriateness of a Project Plan) (1) The Minister of Strategy and Finance may, if necessary, conduct a review of appropriateness of the plan on a project exempted from the preliminary feasibility study, such as a project for statutory facilities, to examine the appropriate size and total project cost of the project, efficient alternatives, etc. to the extent similar to the preliminary feasibility study. Article 12 (Guidelines for Operation of Preliminary Feasibility Study) In regard to the preliminary feasibility study and the review of appropriateness of the project plan, matters that are not provided for in these Guidelines shall be governed by the Guidelines for the Operation of Preliminary Feasibility Study separately prescribed by the Minister of Strategy and Finance. SECTION 3 Phase of Feasibility Study and Establishment of Basic Plan Article 13 (Feasibility Study) (1) The head of each central government agency shall conduct a feasibility study on the whole life cycle of each facility that is to be built as a result of a construction project, taking into consideration necessary elements such as technology, environment, society, finance, sites, transportation, etc.: Provided, That the foregoing shall not apply to cases where the total project cost of a construction project is estimated to be less than 50 billion won and where the head of the competent central government agency concludes that the feasibility study is not necessary in the light of the characteristics of the construction project. (2) If the head of a central government agency finds that the results of a feasibility study differs from those of the preliminary feasibility study in the aspect of the size, total project cost, or period of the project, he/she shall consult with the Minister of Strategy and Finance on changes in the total project cost, etc. Article 14 (Establishment of Basic Plan) (1) The head of a central government agency shall, when he/she formulates a basic plan pursuant to relevant Acts and subordinate statutes, take into full consideration the 4

10 impact on urban management plans and the environment as well as the relevancy to other Acts and subordinated statutes. (2) If the head of a central government agency establishes a basic plan, he/she shall consult with the Minister of Strategy and Finance on the size, total project cost, and period of the project and other matters before the basic plan is notified to the public. Article 15 (Holding of Design Contests, etc.) (1) The head of a central government agency shall, if he/she intends to implement a project through a design contest (including international design contests; hereinafter referred to as "design contest"), clearly state the construct cost and design cost, on which the Ministry of Strategy and Finance agreed, in publicly notified terms and conditions and shall manage the contest so that the project can be implemented within the maximum of the total project cost. (2) Notwithstanding the provision of paragraph (1), a project that is intended to be implemented through a design contest may be promoted under the condition that the additional project cost that may be incurred as a result of selecting a prize-winning design in excess of the project cost agreed with the Minister of Strategy and Finance shall be borne by the competent local government, public institution, or private institution itself. SECTION 4 Phase of Basic Designing Article 16 (Service Period, etc.) (1) The head of each central government agency shall give an adequate service period and service fee necessary for basic designing works to prevent design modifications that may occur otherwise in the course of construction later as a result of inadequate research. (2) The head of each central government agency shall hear opinions from residents, interested parties, and related agencies in advance during the basic designing period to minimize citizens' complaints that are anticipated to be raised in the course of the implementation of a project. Article 17 (Basic Designing Process) (1) In conducting basic designing works, the head of each central government agency shall endeavor to make sure that designing works in detail are properly managed in view of the total project cost determined in the preliminary feasibility study, the feasibility study, and the basic plan. (2) The head of each central government agency shall ensure that the volume of a project is not excessively over-estimated or that unnecessary functions are not included in the basic designing process, and he/she shall not change the originally contemplated size of a project without any reasonable ground. (3) The head of each central government agency shall, if a significant change in the details and size of a project occur during the basic designing process, consult with the Minister of Strategy and Finance on the size, total project cost, and period of the project and other matters. (Note 1) Significant change may include installment of large scale structures, change in number of lanes (road, rail) in certain sections, addition of new details and construction type, and change in more than one-third of the full route, etc. 5

11 Article 18 (Completion of Basic Design) The head of each central government agency shall, when basic designing services are completed, consult with the Minister of Strategy and Finance on the size, total project cost, and period of the project and other matters before awarding a contract for engineering design services, along with a report and a summarized report on the results of the basic designing services. SECTION 5 Phase of Engineering Design Article 19 (Engineering Design Process) (1) The head of each central government agency shall not change the originally contemplated size of a project in the engineering design process without an adequate and reasonable ground. (2) If a significant change occurs in the details and size of a project during the engineering design process, the head of the competent central government agency shall consult with the Minister of Strategy and Finance in advance on the size, total project cost, and period of the project, etc. (Note 1) Significant change may include installment of large scale structures, change in number of lanes (road, rail) in certain sections, addition of new details and construction type, and change in more than one-third of the full route, etc. Article 20 (Reflection of Results from Consultation with Related Agencies, etc.) The head of each central government agency shall reflect in the engineering design process, the results of the environmental impact assessment, the traffic impact assessment, the consultation with local governments, etc., which have been conducted pursuant to relevant Acts and subordinate statutes. Article 21 (Design Review) The head of each central government agency shall conduct a design review in detail (design value engineering) under Article 64 (Review on Economic Feasibility of Design, etc.) of the Enforcement Decree of the Construction Technology Management Act at least once before designing works are completed so as to prevent the excessive over-estimation of the volume of the project or the inclusion of unnecessary functions in the engineering design. Article 22 (Review on Design Price) (1) The head of each central government agency shall request the Administrator of the Public Procurement Service to review the appropriateness of unit prices on the results of an engineering design before he/she initiates a consultation process on a change in the total project cost. (2) Paragraph (1) shall not apply to projects for which a request for the execution of a contract shall be made to the Administrator of the Public Procurement Service (projects executed directly by a State agency, etc.). (3) The Administrator of the Public Procurement Service shall, upon receiving a request for the review on an engineering design, notify the head of the competent central government agency of his/her opinion on the review as soon as possible. Article 23 (Completion of Engineering Design) The head of each central government agency shall, upon the completion of engineering design 6

12 services, consult with the Minister of Strategy and Finance on the size, total project cost, and period of a project and other matters, along with the following documents, before he/she makes a request to execute a project contract: 1. A report and a summarized report on the results of engineering design services; 2. Causes of a difference, if any, in the total project cost between the basic design and the engineering design and explanatory materials thereon (the person who carried out the engineering design services shall prepare the materials in his/her personal name thereon); 3. A written review opinion of the Administrator of the Public Procurement Service on the results of the engineering design: Provided, That projects for which the review by the Administrator of the Public Procurement Service on design price under Article 22 (2) is waived shall be exceptional; 4. The results of the environmental and traffic impact assessments, the results of the consultation with local governments, etc., which have been reflected in the engineering design. SECTION 6 Phase of Awarding and Execution of Contracts Article 24 (Notification of Results of Adjustment of Total Project Cost) The Minister of Strategy and Finance shall notify the head of the competent central government agency and the Administrator of the Public Procurement Service of the total project cost adjusted through the consultation with the head of the central government agency. Article 25 (Procurement Contracts) (1) The head of a central government agency shall request the Administrator of the Public Procurement Service to make contracts, along with the statement of total project cost on which the consultation with the Minister of Strategy and Finance is completed. (2) In calling for bids and awarding a contract for a project, the Administrator of the Public Procurement Service shall determine expected prices within the maximum of the total project cost on the budget pursuant to Article 8 (2) of the Enforcement Decree of the Act on Contracts to which the State is a Party. (3) The Administrator of the Public Procurement Service shall, upon receiving a request from the head of a central government agency to award a contract, consult with the Minister of Strategy and Finance before giving public notice of a tender, if the total project cost on the request for awarding a contract exceeds the total project cost notified by the Minister of Strategy and Finance. (4) In regard to a project for which a government-funded or government-invested institution has the authority for awarding a contract independently, the awarding department of the institution shall consult with the head of the competent central government agency and the Minister of Strategy and Finance before giving public notice of a tender, if the total project cost on the request from the department in charge of the project for awarding a contract exceeds the total project cost notified by the Minister of Strategy and Finance. Article 26 (Reduction of Difference in Successful Bid Price) (1) If a difference between the amount appropriated from the total project cost and the actual contract amount (hereinafter referred to as "difference in the successful bid price") occurs after executing a contract, the head of the competent central government agency shall autonomously adjust the difference in accordance with the procedure prescribed in Chapter VII, "Autonomous Adjustment of Central Government Agencies," within 90 days from the execution date of the contract. (2) The head of each central government agency shall make an adjustment to reduce 7

13 incidental expenses for facilities as well, when he/she demands a reduction of a project cost by a difference in the successful bid price under paragraph (1). In the case of a project for which establishing ceilings on autonomous adjustment is required, the ceilings on autonomous adjustment shall be also established pursuant to Article 101. (3) The head of each central government agency shall verify if autonomous adjustment to a difference in the successful bid price was made on projects which the project contract was concluded. (4) The head of each central government agency shall take measures to reduce a difference in the successful bid price if it has not been reduced as according to paragraph (3) (5) The head of each central government agency shall not use a difference in the successful bid price in his/her discretion without prior consultation with the Minister of Strategy and Finance. SECTION 7 Phase of Construction Article 27 (Consultation on Total Project Cost Prior to Amendment of Project Contract) (1) The head of a central government agency shall, when he/she intends to change the size, total project cost, or period of a project due to an unavoidable cause, consult with the Minister of Strategy and Finance prior to an amendment of the project contract. (2) The head of each central government agency shall, when he/she intends to initiate a consultation process on a change in the total project cost pursuant to paragraph (1), submit a statement of the needs of design modifications, drawings (including the unit construction price for each work type in detail), a comprehensive work progress schedule, and other documents that clearly inform of the details of the calculation of the construction cost. (3) For those projects that are subject to worth more than 5 billion won design modification due to construction of or change to structure, the head of each central government agency, prior to consultation on total project cost, shall request the Administrator of the Public Procurement Service to review unit prices. (Example) Substitution of earthwork sections with bridges, construction of multi-level road intersection, installation of interchanges, construction of new stations, construction of tunnel on large cut section, construction of culvert and underground road, reinforcement of slope, etc. (4) The Minister of Strategy and Finance, if he/she deems necessary, may request the Administrator of the Public Procurement Service to review unit prices from design modifications. Article 28 (Consultation on Total Project Costs of Projects to be Completed Next Year) (1) The head of a central government agency shall, if it is inevitably necessary to change the size, total project cost, or period of a project to be completed in the following year, request the Minister of Strategy and Finance to change the total project cost or other matter not later than the end of June of the current year so that the change can be taken into consideration in detail and can be reflected in the Government's budget bill or the Fund Management Plan for the following year. If it is autonomous adjustment then it should make the adjustments by end of June and notify the performance to the minister of Ministry of Strategy and Finance. (2) The head of a central government agency shall, when he/she intends to make a demand 8

14 for changing a total project cost or other matters pursuant to paragraph (1), analyze the requirements for the completion of remaining work processes meticulously and reflect the results from the analysis in the demand so as to avoid additional changes in the total project cost, and no change to the total project cost or changes to autonomous adjustment shall be permitted during the year of scheduled completion in principle, unless any extraordinary ground exists. (3) Notwithstanding the provision of paragraph (1) and (2), if an adjustment of a total project cost is needed in or after July of the year prior to the year of scheduled completion in order to reflect a statutory expense therein or due to an unforeseeable cause, the adjustment of the total project cost may be requested within the maximum of the spendable budget of the competent central government agency or an autonomous adjustment may be made in accordance with the procedure prescribed in Chapter VII "Autonomous Adjustment of Central Government Agencies." Article 29 (Consultation on Total Project Cost upon Application for Budgetary Incentive) (1) The head of each central government agency shall, when he/she intends to apply for the payment of the budgetary incentive under Article 49 of the National Finance Act as an incentive in return for saving expenditures by an improvement of the method or system for budget execution or otherwise, consult with the Minister of Strategy and Finance in advance on an adjustment of the total project cost or other matters of the project at issue. (2) If the cause of an adjustment of total project cost under paragraph (1) constitutes an item subject to the autonomous adjustment under Article 99, the head of the competent central government agency shall autonomously adjust the total project cost as prescribed in Article 103 and shall notify the Minister of Strategy and Finance of the results. Article 30 (Consultation on Total Project Cost in Emergency Situation) (1) The head of each central government agency may adjust a total project cost without prior consultation with the Minister of Strategy and Finance, if a change of the total project cost is urgently required to prevent disasters or restore damage urgently, or secure the safety of facilities. (2) The head of a central government agency shall, if he/she adjusted a total project cost pursuant to paragraph (1), submit to the Minister of Strategy and Finance a report on the grounds for the adjustment of the total project cost and the details of the adjustment within 60 days from the date of adjustment. SECTION 8 Total Project Cost Management for Turn-Key Projects. etc. Article 31 (Completion of Basic Plan) (1) As regards a project implemented through a package tender for designing and construction (hereinafter referred to as "turn-key project"), the head of the competent central government agency shall consult with the Minister of Strategy and Finance on the size, total project cost, and period of the project and other matters after a basic plan is established but before a contract for the turn-key project is awarded. (2) Paragraph (1) shall also apply where some of work types or items out of the whole volume of a project are implemented as a turn-key project. 9

15 Article 32 (Basic and Engineering Designs) (1) The head of each central government agency shall endeavor to avoid exceeding the originally contemplated size, total project cost, and period of a turn-key project in the basic and engineering design processes for the project. (2) Notwithstanding paragraph (1), the head of a central government agency shall, if it is inevitably necessary to change the size, total project cost, or project period specified in the original basic plan, consult with the Minister of Strategy and Finance in advance before the final successful bidder is selected. Article 33 (Subsequent Adjustments after Awarding Project Contract) (1) As regards a turn-key project or a project implemented through an alternative tender, the head of each central government agency shall make autonomous adjustments in accordance with the procedure prescribed in Chapter VII, "Autonomous Adjustment of Central Government Agencies." (2) As regards a turn-key project or a project implemented through an alternative tender, the contract amount shall not be increased, except where a cause for which the Government is liable or an event beyond control, such as a natural disaster, occurs. SECTION 9 Total Project Cost Management for Informatization Projects Article 33-2 (Consultation on Total Project Cost) (1) The head of each central government agency shall, when each stage stipulated under the following subparagraph is completed, consult with the Minister of Strategy and Finance, along with a report and a summarized report. 1. Establishment of Basic Plans (Informatization Strategy Planning) 2. System buildup (Analysis Design) 3. Other similar project stage (2) The head of each central government agency shall, if necessary to change the size, total project cost, or period of a project during the course of project implementation, consult with the Minister of Strategy and Finance, along with a details. CHAPTER Ⅳ SECTION 1 RE-ASSESSMENT OF ESTIMATED SOC DEMAND OVERVIEW OF RE-ASSESSMENT OF DEMAND FORECAST Article 34 (Purposes of Re-assessment of Demand Forecast) The purposes of the re-assessment of estimated demand for SOC (hereinafter referred to as "re-assessment of estimated demand") are to enhance the efficiency of fiscal investment and prevent a potential waste of budget through the meticulous management of changes in demands for large public investment projects phase by phase, each of which takes a long time from the phase of project conception until the completion. Article 35 (Projects subject to Re-assessment of Demand Forecast) Projects for the construction of social infrastructure, such as roads, railroads, airports, harbors, and water resources, among the projects subject to the management under Article 3, shall be subject to Re-assessment of Demand Forecast. 10

16 Article 36 (Entity to Conduct Re-assessment of Demand Forecast) The re-assessment of demand forecast for a project shall be conducted by the Minister of Strategy and Finance, if the total project cost is not less than 50 billion won, or by the head of the competent central government agency, if the total project cost is less than 50 billion won. Article 37 (Time to Conduct Re-assessment of Demand Forecast) (1) The re-assessment of demand forecast shall be conducted for each stage of project implementation under the following subparagraphs, if the requirements for the re-assessment of demand forecast are met: 1. The stage of completion of the basic plan or feasibility study; 2. The stage of completion of the basic design; 3. The stage of completion of the engineering design; 4. The stage of construction. (2) Notwithstanding paragraph (1), the Minister of Strategy and Finance or the head of a central government agency may conduct the re-assessment of demand forecast prior to or during the feasibility study or designing, if he/she considers it necessary to conduct the re-assessment of demand forecast. Article 38 (Requirements for Re-assessment of Demand Forecast) (1) The re-assessment of demand forecast shall be conducted for a project, if a significant change in the demand forecasted in a preceding phase is anticipated to occur in any of the following cases: 1. Where a big international event, a new city development plan, a neighboring housing site development plan, etc. directly related to the demand for the project at issue, has been cancelled or changed; 2. Where the construction of an alternative transportation means which may be in competition with the project at issue, has been promoted and thus a significant change in the demand for the project at issue is anticipated to occur; 3. Where a plan for the extension or new installation of the section connecting to the front or rear of the section at issue of a road or railroad project has been cancelled or changed; 4. Where the demand is anticipated to significantly decrease as a result of a change in the methodology for demand estimation; 5. Where a project that has been promoted as a private investment project is changed to a fiscal investment project and thus it is considered necessary to review the estimated demand; 6. Where a project has a gap of not less than five years in the time to implement each phase of the project under Article 4 (1); (Example 1) A project for which basic design works (including the feasibility study and basic plan) are carried out five years after the preliminary feasibility study. (Example 2) A project for which engineering design works are carried out five years after the completion of the basic design. (Example 3) A project for which construction works commence five years after the completion of the engineering design. 7. Where the Minister of Strategy and Finance or the head of a central government agency considers it necessary to conduct the re-assessment of demand forecast on any other ground. (Note 1) The phase of preliminary feasibility study shall be deemed the preceding phase of the phase of basic plan or feasibility study, the phase of basic design, and the phase of engineering design, if a preliminary feasibility study has been conducted, while the immediately preceding phase in which the demand for the relevant project is objectively estimated, such as a medium- and long-term investment plan, shall be deemed the preceding phase of such phases, if a preliminary feasibility study has not been conducted: Provided, That if the size and total project cost of a project has been adjusted according to the results of an objective demand estimation, obtained through services provided by a specialized institution subsequent to the formulation of a medium- and long-term investment plan or the conduct of a preliminary feasibility study, the time of such 11

17 adjustment shall be deemed the preceding phase. (Note 2) If, during the construction phase, the size and total project cost of a project has already been adjusted according to the results of an objective demand estimation after the phase of engineering design, the time of such adjustment shall be deemed the preceding phase. (2) Where a project subject to the management is included in a medium- and long-term investment plan for each sector, such as roads, railroads, airports, harbors, and water resources, and there is a remarkable change in social and economic indices of population, the number of motor vehicles owned, traffic volume, cargo traffic in ports and harbors, and other factors, which served as the premise of a demand estimation conducted for the formulation of the plan, another re-assessment of demand forecast may be conducted for the medium- and long-term investment plan. SECTION 2 Procedure for Re-assessment of Demand Forecast Article 39 (Demand to Conduct Re-assessment of Demand Forecast) (1) If the total project cost of a project under the jurisdiction of the head of a central government agency is not less than 50 billion won and the project meets the requirements for the re-assessment of estimated demand under Article 38, the head of the competent central government agency shall demand the Minister of Strategy and Finance to conduct the re-assessment of demand forecast, clearly stating the details and size of the project, the reasons for the re-assessment of demand forecast, and other relevant matters. (2) If it is found that the estimated demand for a project has decreased in the course of the establishment of a basic plan, the feasibility study, and the basic design or engineering design by not less than 30/100 in comparison with the estimated demand as of the preceding phase, the head of a central government agency shall demand the Minister of Strategy and Finance to re-conduct the feasibility study, notwithstanding paragraph (1). Article 40 (Conduct of Re-assessment of Estimated Demand) As regards a project for which a re-assessment of demand forecast has been demanded pursuant to Article 39 (1) or a project that meets the requirements for the re-assessment of demand forecast in the course of total project cost management, the Minister of Strategy and Finance may review the necessity of the re-assessment of demand forecast and then request a research institute with expertise to conduct the re-assessment of demand forecast. Article 41 (Services for Re-assessment of Demand Forecast) (1) The institution to which the re-assessment of demand forecast is entrusted entirely shall have overall control over research to secure the objectiveness and transparency of the re-assessment of demand forecast and may have universities, colleges, research institutes, or other specialized institutions with expertise in relevant areas participate jointly in the re-assessment of demand forecast. (2) A service provider for the re-assessment of demand forecast shall hold a meeting, before submitting final results, with the Ministry of Strategy and Finance, the Ministry with the jurisdiction over the project at issue, and other related agencies and give them opportunities to fully express their opinions. (3) In principle, the service period for a re-assessment of demand forecast shall be three months but may be adjusted flexibly, taking into account the nature of the project at issue, the level of difficulty in analysis, and other circumstances. 12

18 Article 42 (Notification of Results of Re-assessment of Demand Forecast) (1) The Minister of Strategy and Finance shall, upon the completion of a re-assessment of demand forecast, notify the head of the competent central government agency of the results thereof. (2) If it is found as a result of a re-assessment of demand forecast that the demand for a project has decreased by not less than 30/100 in comparison with the previously estimated demand, the Minister of Strategy and Finance shall conduct a Re-assessment of Feasibility Study in accordance with the procedure under Chapter V, "Re-assessment of Feasibility Study," and shall notify the head of the competent central government agency of the fact. (3) As regards a project on which the head of a central government agency has demanded pursuant to the provision of Article 39 (2) to conduct a Re-assessment of Feasibility Study or a project for which it is found in the course of total project cost management that the estimated demand has decreased by not less than 30/100 in comparison with the estimated demand as of the preceding phase, the Minister of Strategy and Finance may conduct a Re-assessment of Feasibility Study in accordance with the procedure under Chapter V, "Re-assessment of Feasibility Study." Article 43 (Application Mutatis Mutandis) The head of each central government agency shall apply Articles 40 and 41 mutatis mutandis where he/she conducts a re-assessment of demand forecast for a project with a total project cost of less than 50 billion won under his/her jurisdiction. CHAPTER Ⅴ SECTION 1 RE-ASSESSMENT FEASIBILITY OF STUDY Overview of Re-assessment of Feasibility Study Article 44 (Purposes of Re-assessment of Feasibility Study) The purposes of a Re-assessment of Feasibility Study are to curb unnecessary increases in the project cost and so enhance the efficiency of fiscal spending by conducting the Re-assessment of Feasibility Study in an objective manner on a project that meets specified requirements in the course of implementing the project. Article 45 (Standard Guidelines for Re-assessment of Feasibility Study) The Minister of Strategy and Finance shall enact and enforce the "Standard Guidelines for Re-assessment of Feasibility Study" in order to prescribe the standards, methods, and procedure that shall be followed in conducting a Re-assessment of Feasibility Study, and the Standard Guidelines shall be consisted of the following: 1. General guidelines: Standards that shall be applied in common to each Re-assessment of feasibility study, such as requirements for a Re-assessment of feasibility study, the implementation system and details of a Re-assessment of feasibility study; 2. Guidelines for each sector: Detailed provisions on the methods of, and the procedure for, a Re-assessment of feasibility study or each project sector, such as roads, railroads, and architectural works. SECTION 2 General Guidelines for Re-assessment of Feasibility Study 13

19 Article 46 (Projects subject to Re-assessment of Feasibility Study) Projects subject to a Re-assessment of feasibility Study shall be projects subject to the management under Article 3: Provided, That if the Minister of Strategy and Finance considers it necessary, a Re-assessment of Feasibility Study may be conducted for projects that are excluded from projects subject to total project cost management under Article 3 paragraph (6) which fall under subparagraph 1. Article 47 (Entity to Conduct Re-assessment of Feasibility Study) The Minister of Strategy and Finance shall conduct a Re-assessment of Feasibility Study where the requirements for the Re-assessment of Feasibility Study under Article 49 are met. Article 48 (Time to Conduct Re-assessment of Feasibility Study) (1) A Re-assessment of Feasibility Study shall be conducted where the requirements for the Re-assessment of Feasibility Study are met at any of the following stages in implementing a project: 1. The stage of completion of the basic plan or feasibility study; 2. The stage of completion of the basic design; 3. The stage of completion of the engineering design; 4. The stage of construction. (2) Notwithstanding paragraph (1), the Minister of Strategy and Finance if he/she considers it necessary to conduct a Re-assessment of Feasibility Study, conduct the Re-assessment of feasibility Study even before a feasibility study or designing works commences or while conducting a feasibility study or carrying out design works. Article 49 (Requirements for Re-assessment of Feasibility Study) (1) In principle, the Minister of Strategy and Finance shall conduct a Re-assessment of Feasibility Study in any of the following cases: 1. Where no preliminary feasibility study has been conducted because the total project cost of a project did not reach the size subject to the preliminary feasibility study but the total project cost has increased to the size subject to the preliminary feasibility study in the course of implementing the project; 2. Where a project subject to the preliminary feasibility study was reflected in the budget or fund management plan and has been implemented without a preliminary feasibility study; 3. Where the total project cost of a project, excluding price increases and increases in compensation cost for losses on the land and other property necessary for the implementation of a public interest project, has increased by not less than 20/100 in comparison with the total project cost fixed through the consultation with the Minister of Strategy and Finance; (Note 1) The total cost that has been fixed through the consultation with the Minister of Strategy and Finance is the total project cost (excluding the reserve fund) during the preliminary feasibility study. Provided, That if the project has not gone through the preliminary feasibility study then it shall be judged whether the total project cost reflected on the budget at the time has increased by not less than 20/100 in comparison with the initial total project cost. (Note 2) If the project has gone through reassessment study of feasibility, then it shall be judged whether the total cost has increased by not less than 20/100 in comparison with the total project cost during the reassessment study of feasibility. (Note 3) "Increases in compensation cost for losses on the land and other property" mean the price changes as a result of an appraisal, etc., excluding the portion accruing according to changes in the volume subject to compensation. 4. Where it is found as a result of a re-assessment of demand forecast that the estimated demand for a project has decreased by not less than 30/100 in comparison with the estimated demand as of the preceding phase or where it is found in the course of a feasibility study or basic or engineering design works that the estimated demand has decreased by not less than 30/100 in 14

20 comparison with the estimated demand as of the preceding phase; 5. Where a project was reported to the Budget Waste Reporting Center in the Ministry of Strategy and Finance as a budget waste case and the Minister of Strategy and Finance concludes that it is highly probable that the project will become a waste of budget as a result of overlapping investments, etc.; 6. Where the Board of Audit and Inspection of Korea requests to conduct a Re-assessment of Feasibility Study on a project as a result of its audit or where the National Assembly demands to conduct a Re-assessment of Feasibility Study on a project by its resolution; 7. Where the Minister of Strategy and Finance or the head of each central government agency concludes on other ground that a Re-assessment of Feasibility Study is required. (Example 1) Where the feasibility of a project was analyzed as unsatisfactory as a result of a preliminary feasibility study but the project has been implemented without another preliminary feasibility study. (Example 2) Where there is a significant difference between the results of a feasibility study conducted pursuant to Article 18 of the National Transport System Efficiency Act and the results of a preliminary feasibility study and thus the implement or of a project for the development of traffic facilities demands the Minister of Strategy and Finance to take necessary measures there for pursuant to Article 19 (3) of the National Transport System Efficiency Act through the consultation with the Minister of Land, Transport and Maritime Affairs. (2) The Minister of Strategy and Finance may choose not to conduct a Re-assessment of Feasibility Study, if he/she concludes that the Re-assessment of Feasibility Study is of no practical use due to any of the following grounds, notwithstanding paragraph (1); 1. Where a substantial part of a project has been executed and thus the share of the sunk cost is large; 2. Where the main cause of an increase in the total project cost of the project at issue consists in an external cause, such as a change in a plan at a higher level and the reflection of statutory matters; 3. Where a project is implemented for the balanced regional development or for the purpose of coping with an economic or social emergency situation; 4. Where it is urgently required to implement a project to prevent a disaster, assist in restoration works, or secure safety; 5. Project exempted from the preliminary feasibility study pursuant to Article 13 paragraph 2 of the National Finance Act and Article 11 of the Guidelines for the Operation of Preliminary Feasibility Study. 6. A civil engineering project and informatization project for which the amount of the financial support from the State is less than 30 billion won. (3) Projects pursuant to the Article 48(2) 3 of the Act is as follows: 1. Projects which need to be undertaken for the purpose of balanced regional development: projects supporting infrastructure facilities and so forth that are implemented to redress serious regional imbalance and promote balanced provincial development. 2. Projects which need to be undertaken under national policies for the purpose of coping with urgent socioeconomic conditions: projects pursued urgently in order to respond to grave changes in the conditions inside and outside of the country, including, but not limited to, an economic recession, mass unemployment and sharp fluctuations in foreign exchange rates. Article 49-1 (Review of Appropriateness of a Project Plan) (1) Where a Re-assessment of Feasibility Study was waived because a project falls under any subparagraph of Article 49 (2), the Minister of Strategy and Finance may conduct a review of appropriateness of the project plan to examine the appropriate project size, total project cost, efficient alternatives, etc. in a manner similar to the Re-assessment of Feasibility Study. (2) Notwithstanding paragraph (1), if the Minister of Strategy and Finance deems it necessary to examine the appropriate size and total project cost of the project, efficient alternatives, etc. the review of appropriateness of project plan shall be conducted to the 15

CHAPTER I. GENERAL PROVISIONS

CHAPTER I. GENERAL PROVISIONS Disclaimer: The following English version of the Trade Insurance Act is for reference purposes only. The Korean language version shall be binding and enforceable on all parties at all times. In no event

More information

TRADE INSURANCE ACT CHAPTER I GENERAL PROVISIONS

TRADE INSURANCE ACT CHAPTER I GENERAL PROVISIONS TRADE INSURANCE ACT Act No. 2063, Dec. 31, 1968 Amended byact No. 2167, Jan. 1, 1970 Act No. 2422, Dec. 30, 1972 Act No. 2952, Dec. 31, 1976 Act No. 3107, Dec. 5, 1978 Act No. 3399, Mar. 27, 1981 Act No.

More information

The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Ship Act in the Korean language will prevail regarding authorization and permission SHIP ACT [Enforcement

More information

ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT

ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT WhollyAmended bypresidential Decree No.14410, Nov. 5, 1994 Amended bypresidential Decree No.14438, Dec. 23, 1994 Presidential Decree No.15296, Feb. 28, 1997

More information

FINANCIAL STATEMENT ACT

FINANCIAL STATEMENT ACT FINANCIAL STATEMENT ACT This Act, comprising of Thirty-Two Articles was enacted and promulgated by Governmental Orders on August 9, 1938; and come into force on January 1, 1941 The entire Twenty-nine Articles

More information

Foreign Investment Promotion Act (Republic of Korea)

Foreign Investment Promotion Act (Republic of Korea) Foreign Investment Promotion Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on September 16, 1998 as Act No. 5559, repealing

More information

SOCIAL ENTERPRISE PROMOTION ACT

SOCIAL ENTERPRISE PROMOTION ACT SOCIAL ENTERPRISE PROMOTION ACT Enacted by Act No. 8217, Jan. 3, 2007 Amended by Act No. 8361, Apr. 11, 2007 Article 1 (Purpose) The purpose of this Act is to contribute to the integration of society as

More information

Enforcement Rule of the Aviation Safety and Security Act

Enforcement Rule of the Aviation Safety and Security Act The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Enforcement Rule of the Aviation Safety and security act in the Korean language will prevail regarding

More information

ENFORCEMENT DECREE OF THE SHIP INVESTMENT COMPANY ACT. [Effective May 5, 2010] [Presidential Decree No , May 4, 2010, Amendment of

ENFORCEMENT DECREE OF THE SHIP INVESTMENT COMPANY ACT. [Effective May 5, 2010] [Presidential Decree No , May 4, 2010, Amendment of The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Enforcement Decree of the Ship Investment Company Act in the Korean language will prevail regarding

More information

JUVENILE WELFARE SUPPORT ACT

JUVENILE WELFARE SUPPORT ACT JUVENILE WELFARE SUPPORT ACT Act No. 7164, Feb. 9, 2004 Amended by Act No. 7421, Mar. 24, 2005 Act No. 7799, Dec. 29, 2005 Act No. 8852, Feb. 29, 2008 Act No. 9932, Jan. 18, 2010 Act No.10297, May 17,

More information

ENFORCEMENT DECREE OF THE BASIC LOGISTICS POLICY ACT. [Effective May 7, 2009] [Presidential Decree No. 21464, Apr 30, 2009, Partial Amendment]

ENFORCEMENT DECREE OF THE BASIC LOGISTICS POLICY ACT. [Effective May 7, 2009] [Presidential Decree No. 21464, Apr 30, 2009, Partial Amendment] The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Enforcement Decree of the Basic Logistics Policy Act in the Korean language will prevail regarding

More information

327 PROMOTION OF INVESTMENTS ACT

327 PROMOTION OF INVESTMENTS ACT LAWS OF MALAYSIA REPRINT Act 327 PROMOTION OF INVESTMENTS ACT 1986 Incorporating all amendments up to 1 January 2006 PUBLISHED BY THE COMMISSIONER OF LAW REVISION, MALAYSIA UNDER THE AUTHORITY OF THE REVISION

More information

Act on Regulation of Commodity Investment (Article 2 unenforced, etc.)

Act on Regulation of Commodity Investment (Article 2 unenforced, etc.) Act on Regulation of Commodity Investment (Article 2 unenforced, etc.) (Act No. 66 of May 2, 1991) Table of Contents Chapter I General Provisions (Articles 1 and 2) Chapter II Regulation of Commodity Investment

More information

Striving for IP Excellence Korea s National Strategy for Intellectual Property FRAMEWORK ACT ON INTELLECTUAL PROPERTY

Striving for IP Excellence Korea s National Strategy for Intellectual Property FRAMEWORK ACT ON INTELLECTUAL PROPERTY 01 Striving for IP Excellence FRAMEWORK ACT ON INTELLECTUAL PROPERTY CHAPTERⅠGENERAL PROVISIONSAND PROMOTION SYSTEM THEREOF CHAPTERⅠGENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to

More information

Act for Appropriate Provision of Hematopoietic Stem Cells to be Used in Transplantations

Act for Appropriate Provision of Hematopoietic Stem Cells to be Used in Transplantations Act for Appropriate Provision of Hematopoietic Stem Cells to be Used in Transplantations Contents Chapter 1 General Provisions (Article 1 Article 8) Chapter 2 Basic Policy (Article 9) Chapter 3 Measures

More information

MODEL LAW ON MOTOR VEHICLE INSPECTION BY INDEPENDENT CONTRACTORS AND SELF INSPECTORS

MODEL LAW ON MOTOR VEHICLE INSPECTION BY INDEPENDENT CONTRACTORS AND SELF INSPECTORS MODEL LAW ON MOTOR VEHICLE INSPECTION BY INDEPENDENT CONTRACTORS AND SELF INSPECTORS Section 1. Definitions.-- As used in this act, the term: (1) "Contractor" means any person, corporation, or partnership

More information

ACT ON MORTGAGE OF SPECIFIC MOVABLES INCLUDING AUTOBOBILE. [Enforcement Date: Sep. 26, 2009] [Act No. 9525, Mar. 25, 200, Enactment]

ACT ON MORTGAGE OF SPECIFIC MOVABLES INCLUDING AUTOBOBILE. [Enforcement Date: Sep. 26, 2009] [Act No. 9525, Mar. 25, 200, Enactment] The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Act on Mortgage of Specific Movables Including Autobobile in the Korean language will prevail regarding

More information

ACT ON THE PROMOTION OF CREATION OF FAMILY-FRIENDLY SOCIAL ENVIRONMENT

ACT ON THE PROMOTION OF CREATION OF FAMILY-FRIENDLY SOCIAL ENVIRONMENT ACT ON THE PROMOTION OF CREATION OF FAMILY-FRIENDLY SOCIAL Act No. 8695, Dec. 14, 2007 Amended by Act No. 8852, Feb. 29, 2008 Act No. 9932, Jan. 18, 2010 CHAPTER GENERAL PROVISIONS Article 1 (Purpose)

More information

Rules on Default Settlement Regarding Clearing Participants in Relation to IRS Clearing Business. Chapter 1 General Provisions

Rules on Default Settlement Regarding Clearing Participants in Relation to IRS Clearing Business. Chapter 1 General Provisions Rules on Default Settlement Regarding Clearing Participants in Relation to IRS Clearing Business Chapter 1 General Provisions (Article 1 Purpose) The purpose of these Rules on Default Settlement Regarding

More information

PATENT ATTORNEY ACT Article 1 (Purpose) Article 1-2 Article 2 (Business) Article 3 (Qualifications) Article 4 (Disqualifications)

PATENT ATTORNEY ACT Article 1 (Purpose) Article 1-2 Article 2 (Business) Article 3 (Qualifications) Article 4 (Disqualifications) PATENT ATTORNEY ACT Act No. 864, Dec. 23, 1961 Amended byact No. 2510, Feb. 8, 1973 Act No. 2957, Dec. 31, 1976 Act No. 4541, Mar. 6, 1993 Act No. 5454, Dec. 13, 1997 Act No. 5815, Feb. 5, 1999 Act No.

More information

(Act No. 66 of May 23, 1986) Chapter I General Provisions

(Act No. 66 of May 23, 1986) Chapter I General Provisions Act on Special Measures concerning the Handling of Legal Services by Foreign Lawyers (The amendment act comes into effect as from March 1, 2016 (Act No. 69 of 2014 comes into effect as from April 1, 2016)

More information

PUBLIC-PRIVATE PARTNERSHIP ACT (ZJZP)

PUBLIC-PRIVATE PARTNERSHIP ACT (ZJZP) PUBLIC-PRIVATE PARTNERSHIP ACT (ZJZP) PART I: GENERAL 1. GENERAL PROVISIONS Article 1 (subject of the Act) (1) This Act regulates the purpose and principles of private investment in public projects and/or

More information

PART 252 SERVICE-DISABLED VETERAN-OWNED-BUSINESS ENTERPRISE PROGRAM. (Statutory authority: Executive Law, 200, 369-i[5])

PART 252 SERVICE-DISABLED VETERAN-OWNED-BUSINESS ENTERPRISE PROGRAM. (Statutory authority: Executive Law, 200, 369-i[5]) PART 252 SERVICE-DISABLED VETERAN-OWNED-BUSINESS ENTERPRISE PROGRAM Sec. (Statutory authority: Executive Law, 200, 369-i[5]) 252.1 Definitions. 252.2 State agency responsibilities: purpose, scope and applicability.

More information

CHAPTER 318C SMALL BUSINESS DEVELOPMENT

CHAPTER 318C SMALL BUSINESS DEVELOPMENT 1 L.R.O. 2002 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Definitions. 3. Small business. 4. Approved small business

More information

Electricity Business Act

Electricity Business Act Electricity Business Act (Act No. 170 of July 11, 1964) Table of Contents Chapter 1 General Provisions Chapter 2 Electricity Business Section 1 Business License, etc. Section 2 Services Subsection 1 Supply

More information

AUTOMOBILE LIABILITY SECURITY ACT

AUTOMOBILE LIABILITY SECURITY ACT AUTOMOBILE LIABILITY SECURITY ACT & RELATED CABINET ORDER, MINISTERIAL ORDINANCE AND NOTIFICATION Including: Policy Conditions for Automobile Liability Insurance As of May 2, 2011 Translated and published

More information

Civil Servant and Teacher Insurance Act

Civil Servant and Teacher Insurance Act Civil Servant and Teacher Insurance Act Article 1 This Act is enacted in order to provide security of the lives of civil servants and teachers, and to process the insurance of civil servants and teachers

More information

15 LC 39 0962 A BILL TO BE ENTITLED AN ACT

15 LC 39 0962 A BILL TO BE ENTITLED AN ACT Senate Bill 169 By: Senators Gooch of the 51st, Williams of the 19th, Beach of the 21st, Mullis of the 53rd, Miller of the 49th and others A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14

More information

ACT ON GUARANTEE OF COMPENSATION FOR LOSS CAUSED BY AUTOMOBILE. [Enforcement Date: Feb. 7, 2010] [Act No. 9450, Feb. 6, 2009, Partial Amendment]

ACT ON GUARANTEE OF COMPENSATION FOR LOSS CAUSED BY AUTOMOBILE. [Enforcement Date: Feb. 7, 2010] [Act No. 9450, Feb. 6, 2009, Partial Amendment] The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Act on Guarantee of Compensation for Loss Caused by Automobile in the Korean language will prevail

More information

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012 Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt

More information

POSTAL SAVINGS AND INSURANCE ACT

POSTAL SAVINGS AND INSURANCE ACT POSTAL SAVINGS AND INSURANCE ACT Act No. 3610, Dec. 31, 1982 Amended by Act No. 5454, Dec. 13, 1997 Act No. 5563, Sep. 17, 1998 Act No. 6062, Dec. 28, 1999 Act No. 6529, Dec. 19, 2001 Act No. 6891, May

More information

TELECOMMUNICATIONS BUSINESS ACT

TELECOMMUNICATIONS BUSINESS ACT TELECOMMUNICATIONS BUSINESS ACT CHAPTER 0: GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the promotion of public welfare by encouraging sound development of telecommunications

More information

Futures Trading Act (Republic of Korea)

Futures Trading Act (Republic of Korea) Futures Trading Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on December 29, 1995, as Act No. 5041, in order to contribute

More information

Number 27 of 2006 ARRANGEMENT OF SECTIONS. PART 1 Preliminary and General

Number 27 of 2006 ARRANGEMENT OF SECTIONS. PART 1 Preliminary and General Number 27 of 2006 PLANNING AND DEVELOPMENT (STRATEGIC INFRASTRUCTURE) ACT 2006 ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section 1. Short title, collective citation and commencement. 2. Definitions.

More information

Trade Insurance and Investment Act

Trade Insurance and Investment Act Trade Insurance and Investment Act (Act No. 67 of March 31, 1950) Table of Contents Chapter I General Provisions (Article 1 and Article 2) Chapter II The Incorporated Administrative Agency Nippon Export

More information

Loan Service Terms and Conditions

Loan Service Terms and Conditions Loan Service Terms and Conditions Article 1 (Scope of Application) These Terms and Conditions shall apply only to the customers using a card loan service (hereinafter referred to as the Loan Service )

More information

ELECTRICAL CONSTRUCTION BUSINESS ACT

ELECTRICAL CONSTRUCTION BUSINESS ACT ELECTRICAL CONSTRUCTION BUSINESS ACT WhollyAmended byact No. 5726, Jan. 29, 1999 Amended byact No. 6578, Dec. 31, 2001 Act No. 7171, Feb. 9, 2004 Act No. 7741, Dec. 23, 2005 Act No. 8852, Feb. 29, 2008

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority CREDIT RATING AGENCIES REGULATIONS KINGDOM OF SAUDI ARABIA Capital Market Authority CREDIT RATING AGENCIES REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution

More information

Gas Business Act Act No. 51 of March 31, 1954

Gas Business Act Act No. 51 of March 31, 1954 This English translation of the Gas Business Act has been prepared up to the revisions of Act No. 87 of 2005 Effective May 1, 2006 in compliance with the Standard Bilingual Dictionary March 2006 edition.

More information

Rules for Category I Designated Telecommunications Facilities Interconnection Accounting (Ordinance of the Ministry of Posts and Telecommunications No. 91-December 19, 1997) Latest Revision: Ordinance

More information

International Money Transfer Service Terms and Conditions

International Money Transfer Service Terms and Conditions International Money Transfer Service Terms and Conditions Article 1 (Scope of Application) The International Money Transfer Service offered by Seven Bank (hereinafter referred to as the Bank ) shall be

More information

(Act No. 170 of July 11, 1964)

(Act No. 170 of July 11, 1964) Electricity Business Act (Act No. 35 of June 12, 2013: a comparison of the prior and amended article provisions, Act No. 35 of 2013 unenforced, Act No. 74 of 2013 partly unenforced) (Act No. 170 of July

More information

05 SB270/AP. Senate Bill 270 By: Senators Williams of the 19th, Whitehead, Sr. of the 24th and Kemp of the 46th A BILL TO BE ENTITLED AN ACT

05 SB270/AP. Senate Bill 270 By: Senators Williams of the 19th, Whitehead, Sr. of the 24th and Kemp of the 46th A BILL TO BE ENTITLED AN ACT Senate Bill 0 By: Senators Williams of the th, Whitehead, Sr. of the th and Kemp of the th AS PASSED A BILL TO BE ENTITLED AN ACT To amend Article of Chapter of Title of the Official Code of Georgia Annotated,

More information

ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. CHAPTER I GENERAL PROVISIONS

ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. CHAPTER I GENERAL PROVISIONS ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. Wholly Amended by Act No. 6360, Jan. 16, 2001 Amended by Act No. 6585, Dec. 31, 2001 Act No. 6797,

More information

GAS INDUSTRY ACT 2001 COST RECOVERY ORDER IN COUNCIL

GAS INDUSTRY ACT 2001 COST RECOVERY ORDER IN COUNCIL GAS INDUSTRY ACT 2001 COST RECOVERY ORDER IN COUNCIL The Lieutenant-Governor as the Governor s deputy, with the advice of the Executive Council, under section 68 of the Gas Industry Act 2001 ( the Act

More information

PUBLIC FINANCE MANAGEMENT ACT

PUBLIC FINANCE MANAGEMENT ACT LAWS OF KENYA PUBLIC FINANCE MANAGEMENT ACT CHAPTER 412C Revised Edition 2014 [2013] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

More information

Journal of Laws No. 19-2117 - Item 101. The Act on Concession for Works or Services 1 2 of 9 January 2009. Chapter 1 General Provisions

Journal of Laws No. 19-2117 - Item 101. The Act on Concession for Works or Services 1 2 of 9 January 2009. Chapter 1 General Provisions Journal of Laws No. 19-2117 - Item 101 101 The Act on Concession for Works or Services 1 2 of 9 January 2009 Chapter 1 General Provisions Art. 1.1. This Act specifies the rules and procedures for concluding

More information

Offenders Rehabilitation Services Act

Offenders Rehabilitation Services Act Offenders Rehabilitation Services Act (Act No. 86 of May 8, 1995) Table of Contents Chapter I General Provisions (Articles 1 to 3) Chapter II Juridical Person for Offenders Rehabilitation Section 1 General

More information

arrangements typified by joint working between the public and private sectors covering all types of collaboration across the private-public sector

arrangements typified by joint working between the public and private sectors covering all types of collaboration across the private-public sector 20//204 PUBLIC PARTNERSHIP PRIVATE on Institutional Arrangement and Policy Implications Case Studies from the Republic of Korea November 8, 204 Seung-Jin Baek Economic Development Division UN ECLAC What

More information

Regulation on the implementation of the European Economic Area (EEA) Financial Mechanism 2009-2014

Regulation on the implementation of the European Economic Area (EEA) Financial Mechanism 2009-2014 the European Economic Area (EEA) Financial Mechanism 2009-2014 adopted by the EEA Financial Mechanism Committee pursuant to Article 8.8 of Protocol 38b to the EEA Agreement on 13 January 2011 and confirmed

More information

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act Slovak Investment and Trade Development Agency Address: Trnavská cesta 100, 821 01 Bratislava, Slovak Republic Tel.: +421 2 58 260 100, Fax: +421 2 58 260 109, E-mail: invest@sario.sk, www.sario.sk Act

More information

Foreign Exchange Transactions Act of South Korea. Act No.5550,Sep.16,1998

Foreign Exchange Transactions Act of South Korea. Act No.5550,Sep.16,1998 Foreign Exchange Transactions Act of South Korea Act No.5550,Sep.16,1998 CHAPTER グ GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the sound development of the national

More information

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: House File 2453 AN ACT RELATING TO THE ADMINISTRATION OF THE HISTORIC PRESERVATION AND CULTURAL AND ENTERTAINMENT DISTRICT TAX CREDIT PROGRAM BY THE DEPARTMENT OF CULTURAL AFFAIRS, PROVIDING FOR FEES,

More information

So You Want to Do Business with the Saudi Government

So You Want to Do Business with the Saudi Government So You Want to Do Business with the Saudi Government Doing business with the Saudi government can be as cumbersome and time consuming as dealing with any national government. Moreover, doing business with

More information

REGULATION ON INDEPENDENT AUDITING IN INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES

REGULATION ON INDEPENDENT AUDITING IN INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES REGULATION ON INDEPENDENT AUDITING IN INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: 12.07.2008-26934 Issued By: Prime Ministry (Undersecretariat of Treasury)

More information

INSURANCE REQUIREMENTS FOR FEDERAL CONTRACTORS

INSURANCE REQUIREMENTS FOR FEDERAL CONTRACTORS INSURANCE REQUIREMENTS FOR FEDERAL CONTRACTORS This document is provided to supply you with information regarding insurance requirements on Government contracts. Please be advised that the samples are

More information

ARTICLES OF INCORPORATION

ARTICLES OF INCORPORATION TRANSLATION ARTICLES OF INCORPORATION (Amended as of June 23, 2016) CHIYODA CORPORATION TRANSLATION ARTICLES OF INCORPORATION Chiyoda Corporation (Amended as of June 25, 2015) CHAPTER I GENERAL PROVISIONS

More information

Revised Version of the German Military Complaints Regulations

Revised Version of the German Military Complaints Regulations Page 2 2009 FMOD Gazette (Translation) No. 1 2009 FMOD Gazette p. 2 Revised Version of the German Military Complaints Regulations With Article 5, Act to Amend Military Law and other regulations (2008 Military

More information

Commercial Registration Act

Commercial Registration Act Commercial Registration Act (Act No. 125 of July 9, 1963) Chapter I General Provisions (Article 1 and Article 1-2) Chapter I-II Registry Office and Registrar (Article 1-3 to Article 5) Chapter II Registry,

More information

on Electronic Signature and change to some other laws (Electronic Signature Act) The Parliament has hereby agreed on this Act of the Czech Republic:

on Electronic Signature and change to some other laws (Electronic Signature Act) The Parliament has hereby agreed on this Act of the Czech Republic: 227/2000 Coll. ACT of 29 th June 2000 on Electronic Signature and change to some other laws (Electronic Signature Act) Amendment: 226/2002 Coll. Amendment: 517/2002 Coll. Amendment :440/2004 Coll. Amendment:

More information

HOUSE BILL No. 2087. By Committee on Insurance 1-26. AN ACT enacting the Kansas professional employer organization licensing

HOUSE BILL No. 2087. By Committee on Insurance 1-26. AN ACT enacting the Kansas professional employer organization licensing Session of 00 HOUSE BILL No. 0 By Committee on Insurance - 0 0 AN ACT enacting the Kansas professional employer organization licensing act. Be it enacted by the Legislature of the State of Kansas: Section.

More information

Employment Insurance Act

Employment Insurance Act Employment Insurance Act (Act No. 116 of December 28, 1974) CONTENTS Chapter I General Provisions (Articles 1 to 4) Chapter II Covered Undertakings, etc. (Articles 5 to 9) Chapter III Benefits for Unemployment,

More information

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 CHAPTER I. General Provisions

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 CHAPTER I. General Provisions INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 Amended by Act No. 4826, Aug. 28, 1997 Act No. 5881, Feb. 8, 1999 Act No. 6100, Dec. 31, 1999 CHAPTER I General Provisions Article

More information

Terms and Conditions of International Money Transfer Transactions

Terms and Conditions of International Money Transfer Transactions Terms and Conditions of International Money Transfer Transactions When conducting transactions with SBI Remit Co., Ltd. (hereinafter referred to as the Company ), such transactions shall be made based

More information

No. 1634 ACT. ON BONUS FOR HOME SAVERS December 30, 1992. Section 1 Objective

No. 1634 ACT. ON BONUS FOR HOME SAVERS December 30, 1992. Section 1 Objective Unofficial translation Ministry of the Environment No. 1634 ACT ON BONUS FOR HOME SAVERS December 30, 1992 Section 1 Objective Home saving agreements as laid down in this Act can be made in order to improve

More information

Informative material for MSS service providers on the frequency use authorisation procedure in Hungary and their related obligations

Informative material for MSS service providers on the frequency use authorisation procedure in Hungary and their related obligations Informative material for MSS service providers on the frequency use authorisation procedure in Hungary and their related obligations 1. Objective of This Informative Material 1 On 13 May 2009, the European

More information

Amended Act on the Protection of Personal Information (Tentative Translation)

Amended Act on the Protection of Personal Information (Tentative Translation) Amended Act on the Protection of Personal Information (Tentative Translation) This is the translation of the amended Act on the Protection of Personal Information, coming into force within 2 years from

More information

Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014

Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014 Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014 adopted by the Norwegian Ministry of Foreign Affairs pursuant to Article 8.8 of the Agreement between the Kingdom of Norway

More information

CHAPTER 318C SMALL BUSINESS DEVELOPMENT

CHAPTER 318C SMALL BUSINESS DEVELOPMENT 1 L.R.O. 2007 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Small business. 4. Approved small business

More information

EMPLOYEE WELFARE FUND ACT

EMPLOYEE WELFARE FUND ACT EMPLOYEE WELFARE FUND ACT Act No. 4391, Aug. 10, 1991 Amended by Act No. 4917, Jan. 5, 1995 Act No. 5247, Dec. 31, 1996 Act No. 6454, Mar. 28, 2001 Act No. 8372, Apr. 11, 2007 Act No. 8407, Apr. 27, 2007

More information

DIVISION 9 PURCHASING

DIVISION 9 PURCHASING DIVISION 9 PURCHASING Chapter 1 Purchasing General CHAPTER 1 PURCHASING GENERAL Article 1 Purchasing Requirements and Procedures 2 Stores Requirements and Procedures 3 Printing 4 Standards ARTICLE 1 PURCHASING

More information

Act on Asbestos Health Damage Relief

Act on Asbestos Health Damage Relief Act on Asbestos Health Damage Relief Table of Contents Chapter 1 General Provisions (Articles 1 and 2) Chapter 2 Relief Benefit Section 1 Payment, etc. (Articles 3 to 30) Section 2 Expense Subsection 1

More information

Certified Public Accountants Act

Certified Public Accountants Act This English translation of the Certified Public Accountants Act has been prepared (up to the revisions of Act No.99 of 2007 (Effective April 1, 2008) in compliance with the Standard Bilingual Dictionary

More information

Estonian Health Insurance Fund Act

Estonian Health Insurance Fund Act Issuer: Riigikogu Type: act In force from: 23.03.2014 In force until: 31.12.2016 Translation published: 02.04.2014 Amended by the following acts Passed 14.06.2000 RT I 2000, 57, 374 Entry into force 01.01.2001,

More information

BOAT REGISTRATION CHAPTER 277 BOAT REGISTRATION ARRANGEMENT OF SECTIONS

BOAT REGISTRATION CHAPTER 277 BOAT REGISTRATION ARRANGEMENT OF SECTIONS [CH.277 1 CHAPTER 277 LIST OF AUTHORISED PAGES 1 4 LRO 1/2006 5 12 Original 13 14 LRO 1/2006 ARRANGEMENT OF SECTIONS SECTION PART I PRELIMINARY 1. Short title. 2. Interpretation. PART II REGISTRATION OF

More information

NEW JERSEY ADMINISTRATIVE CODE Copyright 2015 by the New Jersey Office of Administrative Law

NEW JERSEY ADMINISTRATIVE CODE Copyright 2015 by the New Jersey Office of Administrative Law Page 1 NEW JERSEY ADMINISTRATIVE CODE Copyright 2015 by the New Jersey Office of Administrative Law *** This file includes all Regulations adopted and published through the *** *** New Jersey Register,

More information

Smartphone Authentication Service Terms and Conditions

Smartphone Authentication Service Terms and Conditions Smartphone Authentication Service Terms and Conditions Article 1 (Definitions) For the purpose of these Terms and Conditions, the following terms shall have the meanings set forth below. (1) Smartphone

More information

CHAPTER 2016-138. Committee Substitute for Committee Substitute for Committee Substitute for House Bill No. 1033

CHAPTER 2016-138. Committee Substitute for Committee Substitute for Committee Substitute for House Bill No. 1033 CHAPTER 2016-138 Committee Substitute for Committee Substitute for Committee Substitute for House Bill No. 1033 An act relating to information technology security; amending s. 20.61, F.S.; revising the

More information

CHAPTER 2014-86. Committee Substitute for Committee Substitute for Senate Bill No. 708

CHAPTER 2014-86. Committee Substitute for Committee Substitute for Senate Bill No. 708 CHAPTER 2014-86 Committee Substitute for Committee Substitute for Senate Bill No. 708 An act relating to insurance claims; amending s. 627.3518, F.S.; conforming a cross-reference; amending s. 627.409,

More information

Act on the Structural Improvement of the Financial. Industry (Republic of Korea)

Act on the Structural Improvement of the Financial. Industry (Republic of Korea) Act on the Structural Improvement of the Financial Industry (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on March 8, 1991

More information

TOURIST ATTRACTION SIGNS GENERAL INFORMATION & APPLICATION

TOURIST ATTRACTION SIGNS GENERAL INFORMATION & APPLICATION TOURIST ATTRACTION SIGNS GENERAL INFORMATION & APPLICATION Dear Applicant: Enclosed is a copy of MassDOT - Highway Division's Tourist Attraction Signs General Information and Application. Please refer

More information

CREDIT REPORTING BILL EXPLANATORY NOTES

CREDIT REPORTING BILL EXPLANATORY NOTES CREDIT REPORTING BILL EXPLANATORY NOTES INTRODUCTION These explanatory notes are intended as a guide to the proposed new Act. They are not meant as a substitute for a careful reading of the Bill itself.

More information

IC 4-22-2 Chapter 2. Adoption of Administrative Rules

IC 4-22-2 Chapter 2. Adoption of Administrative Rules IC 4-22-2 Chapter 2. Adoption of Administrative Rules IC 4-22-2-0.1 Application of certain amendments to chapter Sec. 0.1. The amendments made to this chapter by P.L.44-1995 apply as follows: (1) The amendments

More information

INTERNAL RULES FOR THE ACTIVITY ON SETTLEMENT OF CLAIMS REGARDING INSURANCE CONTRACTS CONCLUDED

INTERNAL RULES FOR THE ACTIVITY ON SETTLEMENT OF CLAIMS REGARDING INSURANCE CONTRACTS CONCLUDED INTERNAL RULES FOR THE ACTIVITY ON SETTLEMENT OF CLAIMS REGARDING INSURANCE CONTRACTS CONCLUDED BY CHARTIS EUROPE S.A. (BULGARIA BRANCH) Sofia city August 2008 І. GENERAL PROVISIONS 1.1. These Internal

More information

Queensland Government Insurance Fund (QGIF) Insurance Policy (Version 6 - Effective 1 July 2014)

Queensland Government Insurance Fund (QGIF) Insurance Policy (Version 6 - Effective 1 July 2014) Queensland Government Insurance Fund (QGIF) Insurance Policy (Version 6 - Effective 1 July 2014) This policy is for the following Insurances: Section 1 - Property Section 2 - Business Interruption Section

More information

Any civil action exempt from arbitration by action of a presiding judge under ORS 36.405.

Any civil action exempt from arbitration by action of a presiding judge under ORS 36.405. CHAPTER 13 Arbitration 13.010 APPLICATION OF CHAPTER (1) This UTCR chapter applies to arbitration under ORS 36.400 to 36.425 and Acts amendatory thereof but, except as therein provided, does not apply

More information

Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006)

Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006) Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006) Section 1 General Provisions (Name) Article 1 The name of the Company is FUJI ELECTRIC HOLDINGS CO., LTD. (Purpose)

More information

APPENDIX D MOTOR VEHICLE TRADE UNITED STATES. Appendix Party means either Japan or the United States, as the case may be;

APPENDIX D MOTOR VEHICLE TRADE UNITED STATES. Appendix Party means either Japan or the United States, as the case may be; Article 1 1. For the purposes of this Appendix, APPENDIX D MOTOR VEHICLE TRADE UNITED STATES Appendix Party means either Japan or the United States, as the case may be; motor vehicle(s) means any good(s)

More information

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation)

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. GENERAL PROVISIONS Article 1 This Law governs the status, organization, powers

More information

Securities Investment Company Act (Republic of Korea)

Securities Investment Company Act (Republic of Korea) Securities Investment Company Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on September 16, 1998, as Act No. 5557,

More information

Law to Promote Specified Nonprofit Activities

Law to Promote Specified Nonprofit Activities A Note: Major revisions marked in bold print [UNOFFICIAL TRANSLATION] Law to Promote Specified Nonprofit Activities Promulgated on March 25, 1998 (Including all revisions with the latest made on April

More information

RULES FOR ADMINISTRATION OF THE LIST OF APPROVED CONTRACTORS FOR PUBLIC WORKS

RULES FOR ADMINISTRATION OF THE LIST OF APPROVED CONTRACTORS FOR PUBLIC WORKS Revision B-11 dated 1 September 2013 SECTION 2 RULES FOR ADMINISTRATION OF THE LIST OF APPROVED CONTRACTORS FOR PUBLIC WORKS 2.1 General 2.1.1 The List of Approved Contractors for Public Works (the List)

More information

DRAFT ENVIRONMENTAL IMPACT ASSESSMENT RULES

DRAFT ENVIRONMENTAL IMPACT ASSESSMENT RULES DRAFT ENVIRONMENTAL IMPACT ASSESSMENT RULES The Government of the Union of Myanmar Ministry of Environmental Conservation and Forestry Notification No. /12 Nay Pyi Taw, the Day of, 1374 M.E. (, 2012) In

More information

ARTICLE XII FISCAL ADMINISTRATION

ARTICLE XII FISCAL ADMINISTRATION (l) The voters declare that the provisions of this Section are not severable, and none would have been enacted without the others. Should any portion of this Section 1111 be enjoined or declared invalid,

More information

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT Ministry of Justice of the Republic of Slovenia 2010 MINISTRY OF JUSTICE OF SLOVENIA LEGISLATION Disclaimer:

More information

CONFORMED COPY CREDIT NUMBER 2932 YEM

CONFORMED COPY CREDIT NUMBER 2932 YEM CONFORMED COPY CREDIT NUMBER 2932 YEM Development Credit Agreement (Emergency Flood Rehabilitation Project) between REPUBLIC OF YEMEN and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated December 30, 1996 DEVELOPMENT

More information

CORPORATE TAX ACT CORPORATE TAX ACT CHAPTER Ⅰ GENERAL PROVISIONS CHAPTER Ⅱ CORPORATE TAX ON INCOME OF DOMESTIC CORPORATIONS FOR EACH BUSINESS YEAR

CORPORATE TAX ACT CORPORATE TAX ACT CHAPTER Ⅰ GENERAL PROVISIONS CHAPTER Ⅱ CORPORATE TAX ON INCOME OF DOMESTIC CORPORATIONS FOR EACH BUSINESS YEAR CORPORATE TAX ACT Wholly Amended by Act No. 5581, Dec. 28, 1998 Amended by Act No. 6047, Dec. 28, 1999 Act No. 6259, Feb. 3, 2000 Act No. 6293, Dec. 29, 2000 Act No. 6558, Dec. 31, 2001 Act No. 6852, Dec.

More information

REGULATIONS ON INVESTMENT PROFESSIONALS AND QUALIFYING EXAMINATIONS

REGULATIONS ON INVESTMENT PROFESSIONALS AND QUALIFYING EXAMINATIONS REGULATIONS ON INVESTMENT PROFESSIONALS AND QUALIFYING EXAMINATIONS Formulated on November 18, 2008. Amended on January 23, 2009. Amended on February 26, 2009. Amended on March 24, 2009. Amended on July

More information

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA FINANCE ACT, No. 12 OF 2013 [Certified on 23rd April, 2013] Printed on the Order of Government Published as a Supplement to Part II of the Gazette

More information

ELECTRICITY SUPPLY/ TRADE LICENSE KORLEA INVEST A.S

ELECTRICITY SUPPLY/ TRADE LICENSE KORLEA INVEST A.S Hamdi Mramori Street, No 1 Prishtina 10000 Kosovo Tel: +381 (0) 38 247 615 ext. 103 Fax: +381 (0) 38 247 620 e-mail: info@ero-ks.org www.ero-ks.org ELECTRICITY SUPPLY/ TRADE LICENSE GRANTED TO: KORLEA

More information