The Amended Product Liability Act of Korea was published in April of 2017. This Korean Product Liability Act shall be promulgated in April of 2018. The major amendments to the Act are:
- Allows Judges to Award Punitive Damages; and
- Lowers the Burden of Proof.
- Create a Nuanced Internal Compliance Program;
- Mandate that your Distributors and Agents Notify you of any Reported Defects by Customers;
- Create Detailed Warning Labels for all Products;
- Create a Recall Procedure with Specific Triggers;
- Revise your Distribution/Agent Agreement based on these New Risks;
- Consider Purchasing Product Liability Insurance; and
- Have a Dedicated Complaint Department in Korea.
We shall update the reader when more information comes available.
Sean Hayes may be contacted at: [email protected]
Sean is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw. Sean is known for his proactive New York-style street-market advice and his aggressive and non-conflicted advocacy. Sean works with some of the leading retired judges, prosecutors and former government officials working in Korea.
Sean’s profile may be found at: Sean C. Hayes
- Korean Lawyers Support Class Action Lawsuits and Punitive Damage
- Duty to Report Product Defects in Korea
- Waivers of Liability in Korea: Civil Liability Basics
- Enforcing Punitive & Liquidated Damages Awards against Korean Companies via Contracts with Foreign Subsidiaries of Korean Companies
- Liquidated Damages vs. Penalty Damages: Korean Contract Law Basics
- Liquidated (Penalty) Damages Necessary in Most Korean NDA and Non-Compete Agreements
- Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics
- Suing Directors for Company Loses in Korea: Korean Corporate Compliance Basics
- Piercing the Corporate Veil in Korea: Suing Shareholders of a Corporation
- Consequences of a Business Transfer in Korea: Employee Transfer?