The period of the Korean statute of limitation varies based on the type of wrong/breach, type of parties to the case and details of the matter. The list below is a non-exclusive list of the major Korean Statute of Limitations.
The following is an overview of the major periods of the statute of limitations in Korea. Statute of Limitation law is considered a part of the substantive law and not mere procedural law in Korea. The following is a list of the major Korean statute of limitations. The list is not exhaustive.
10-Year Statute of Limitation in Korea
- Contractual Claims not involving “commercial activities”; and
- Contractual Claims not involving “commercial” litigants.
5-Year Statute of Limitation in Korea
- Contractual Claims involving “commercial activities”; and
- Contractual Claims involving “commercial” litigants.
Three-Year Statute of Limitation in Korea
- Insurance claims;
- Tort claims;
- Salary claims; and
- Rent claims;
One-Year Statute of Limitation in Korea
- Hotel Fees;
- Restaurant fees;
- Manufacturer Implied Warranties (from date of delivery); and
- Seller Warranties (Six months – from discovery of defect)
Known for his proactive street-smart advice & non-conflicted advocacy, NY Attorney Sean Hayes works with leading retired Korean judges, prosecutors and experienced Korean attorneys in leading contentious and transactional matters in Asia. First non-Korean lawyer employed by the Korean Court System. SeanHayes@ipglegal.com
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