Legal issues with Korean companies - civil litigation, Korean lawyer

 

How do foreign companies resolve disputes with Korean companies?

1. Adjustment

In order to resolve differences over the parties' disputes, a foreign corporation may request mediation in Korea. This method allows the parties to resolve the problem a little faster. It is to make an agreement through a lawyer or to adjust the case through a court. However, an agreement is essential in solving the case, and if there is no agreement, the case cannot be resolved. The parties should consider an agreement acceptable to both sides before starting the mediation process.

2. Arbitration

Foreign corporations can also choose arbitration as an alternative dispute solution if the parties fail to resolve their differences through mediation. The parties must first sign an arbitration agreement before selecting an arbitrator or arbitration court in accordance with the laws and procedural provisions to apply to the case. In Korea, disputes over business-to-business transactions are mainly resolved through the Korean Commercial Arbitration Board (KCAB). In order to solve the case at the KCAB, an agreement on arbitration must be reached through a transaction contract. In the case where the case is handled by the KCAB, unlike the lawsuit, the case is terminated by one judgment and cannot be objected.

3. Litigation

If foreign companies fail to resolve their differences in other ways, they may file lawsuits as a last resort. The lawsuit may take at least one year and run until the third trial. In the party's transaction contract, the provisions of the "Compliance Act" and "Jurisdiction" determine which country and which court to file a lawsuit. Either attorney may initiate legal action by submitting appropriate documents to the court or administrative agency depending on the circumstances.

 

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Do you want more information? You can consult with a good law firm in Korea. Click on the link below!

https://foreigner.lawfirmy.com/

Ye&Partners, Korean Lawfirm