Leading Commercial Arbitration Law Firm in Korea

IPG is one of the leading Korean law firms retained for international arbitration matters by multinational companies in need of efficient, proactive and non-conflicted advocacy in Korea, North America and East Asia. IPG was recently ranked as a top Dispute Resolution Law Firm. We work on complex international commercial arbitration disputes, investor-State arbitration disputes, construction arbitration disputes, and a myriad of other commercial disputes for international companies doing business in Korea and/or with Korean companies. Locally Connected – Globally Experienced: International Arbitration Team IPG is, often, chosen over the ubiquitous Korean-based law firms when non-conflicted, aggressive and efficient advocacy is necessary for success. We are, intentionally, different from the crowd. All international arbitration matters are personally handled by attorneys with significant international and local experience. Our attorneys have judicial, large law firm, in house and/or government experience and most have studied and practiced law in Korea & abroad. IPG shall

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IPG Korea Dispute Resolution Law Firm of the Year

IPG’s Korean Office was awarded the distinction as the Korea Dispute Resolution Law Firm of the year by a well-known international business journal in the United Kingdom. The journal is known for producing tailored news and guides for multinational companies doing business in Asia, North America and Europe. IPG is thrilled that, based on feedback from a survey, our frankness, street-smart advice, non-conflicted advocacy and efficiencies created by a cutting-edge case management system was highly appreciated by our clients. For a consultation with an attorney in Korea please: Contact IPG.

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Korean Arbitration Basics: Links to Relevant Resources in Korea.

IPG, over the next couple of weeks, shall be updating readers of the The Korean Law Blog on issues concerning arbitration in Korea and against Korean companies. We have posted over a dozen articles to date. We shall be posting more article on arbitration over the next couple of weeks. This present post is simply a few arbitration-related links in Korea. We shall be updating this list when more useful and credible information is available. Korean Arbitration Links Korean Commercial Arbitration Board Korean Arbitration Act Seoul International Dispute Resolution Center Korea Medical Dispute Meditation & Arbitration Center Articles on Korean Arbitration (Korean Law Blog) Substantive quality information on arbitration, in Korea, is not easily obtainable in English (and even in Korean), thus, we here at IPG felt the need to share more information on Korean arbitration. If anyone has any topics that are of interest, please Contact Us. We plan

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Korean Statute of Limitation in Civil Cases in Korea

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

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Korean Smart City Opportunities for Foreign and Domestic Companies Doing Business in Korea

The Korean government’s “2020 Smart Challenge” is officially rolling out with the Act on the Promotion of Smart City Development and Industry of Korea. The Act is coming into effect on Feb. 27, 2020. The Korean government is, specifically, launching three separate projects called: Korean City Challenge Open to large, SMEs and startup companies. Intended to encourage creative and technological solutions to problems in cities. Smart-mobility may be a large focus of the governments initiative. Korean Town Challenge Open to large, SMEs and startup companies. Intended to encourage businesses to create localized solutions to issues facing towns. Korean Solution Challenge Open to large, SMEs and startup companies. Intended to encourage the creation of smart solutions to issues facing towns and cities. such as smart crosswalks, smart playgrounds and other one-off solutions to issues. This 2020 Smart Challenge initiative shall be under a regulatory sandbox (an enclosed environment, supported by a

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U.S. Franchise Law: Covenants Against Competition in Franchise Agreements

I just got my hands on the ABA’s book entitled Covenants Against Competition in Franchise Agreements edited by Michael R. Gray and Natalma M. McKnew. We work with a number of Korean and Chinese franchisors and I found the book an excellent tool for the tailoring of our franchise agreements to the specific States.  The book, also, has decent chapters for Mexico and Canada. The book aforementioned along with the Franchise Law Compliance Manual and the FTC Franchise Rule are must for all Franchise Law professionals. These books can be bought via the American Bar Association website at: www.ShopABA.org.  Highly recommended Books.  The three books will set you back around USD 400 if you are a member of the ABA Forum on Franchise Law.  Take a look.

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Korea prepares itself for Big Data-driven 4th Industrial Revolution: Korean Data Protection Laws Revised

On January 9, 2020, the National Assembly of Korea passed the “Three Data Act” of Korea. Implementation of the Act shall begin in June of 2020. The Korean Three Data Act iterates protections for, in general: personal information; information and communication; and business & individual credit information. IPG shall be writing more on this data protection issue over the next couple of months, please check back for more details. Three Data Act of Korea According to an article entitled the “Major Revisions and Significance of The Three Data Act” from the Legal Times, there are four major changes. “1. The personal information system shall be clearly divided into three sub-categories: personal information, pseudonym information, and anonymous information. Specifically, for pseudonym information, detailed regulations shall be established. 2. The Personal Information Protection Commission’s role shall be changed to a unified supervisory organization over all personal information. 3. All provisions related to

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Expanding your business into Asia? Use Korea as a Test Bed

So you want to expand into China, Japan, Korea, Southeast Asia (Asia)? We here at IPG suggest considering Seoul, Korea as a Test Bed for your Asian expansion. The following article’s focus is on Luxury Goods and Fintech, but IPG believes that the Korean Market is, also, an excellent stepping off point for other industries including F & B, Defense, Franchise, Automotive, High Tech, New Tech, Retail and Fourth Industrial Revolution industries. Another article that may be of interest, that we posted a few years back, is an article on Using Korea as a Test Market for Asian Expansion: The Facebook Example. If you have any questions, we are always here for a consultation. Korea as a Test Market/Test Bed for your Company’s Asian Expansion Many savvy companies have, successfully, utilized the Seoul, Korean market to test the Asian waters. For example, luxury powerhouse, Louis Vuitton, opened a uniquely designed

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Korean Commercial Liens versus Korean Civil Liens

Korea, in short, has two major types of liens – Commercial Liens and a Civil Liens.  For example, in a dispute between a contractor and a landowner or developer, a contractor make execute a Commercial Lien or Civil Lien.  A Commercial Lien is governed by the Korean Commercial Code while a Civil Lien is governed by the Korean Civil Code.  I shall for ease, utilize the contractor and landowner (developer) for example purposes only.  For explanation of Korea’s law on attachment please see: Preliminary Attachments in Korea Korean Civil Liens Korean Civil Liens are governed by the Korean Civil Code.  The code mandates that the contractor, to execute the lien, must be in possession of the subject property and the monetary claim must have a nexus to the subject property.  It is interesting to note that the subject property does not need to be owned by the debtor. Korean Commercial

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Avvo Top-Rated Lawyer: Sean Hayes

Avvo, a website that eases the challenge of finding the right lawyer, rated Sean Hayes at the top with the highest achievable score. This superb rating is significant in the fact that it is determined after taking various factors into consideration: experience, background, legal community recognition, legal thought leadership and discipline. Reiterating a little bit of his background: over his 16+ years in Korea, Sean is known for his aggressive advocacy and candid NY-style street-smart advice. He is also one of the few attorneys in Asia with experience managing non-consulting companies and working as an interim HR Manager. Please refer to his Avvo account for more information. Congratulations, Sean!

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BCCK Christmas Lunch 2019

Through the Christmas Lunch 2019, the British Chamber of Commerce in Korea (BCCK) lived up to its claim that “even Santa knows it’s the best event in Seoul.” The BCCK event was comprised of the whole package: festive food, drinks, music, games, gifts, an auction and sing-alongs. IPG proudly won three charity prize auctions and Sean Hayes, attorneys from IPG, guests and friends of IPG attended the event and are looking forward to more events from the BCCK this coming year. Setting Christmas “jumpers” and colorful “trousers” (the British way of saying sweaters and pants:) as this year’s theme brightened up the whole atmosphere and increased the level of merriment. The BCCK is a non-profit organization promoting the development of British trade, commerce and investment in Korea through its business services and networking opportunities. It is, also, encompasses a great group of people. Refer to the BCCK website for more

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Deutscher Club Seoul: Christmas Dinner 2019

As Christmas day is nearing this holiday season, numerous Christmas events are taking place around the city of Seoul. One of the best events that we at IPG Legal are proud to be a corporate sponsor of this event by the Deutscher Club. The Deutscher Club Seoul (the German Club Seoul) once again organized a ‘Weihnachtsdinner’ (Christmas dinner), celebrating the season with good drinks and food. The Deutscher Club created a great platform for people with a common interest to come together and partake in events around Seoul. Besides festivities, the Deutscher Club Seoul also enables its members to discover Seoul culturally through various organized events. Visit Deutscher Club for more information. We, highly, recommend all interested in Germany, the German language and meeting a cadre of great individuals to consider the event.

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52-Hour Workweek Delayed in Korea for SMEs: Korean Labor Law Update

The Korean government delayed the implementation of the 52-hour workplace system for certain small and medium size companies. This System is intended to apply to all companies in Korea and mandates that no employee may work for an employer for more than 52-hours in any one week. The Ministry of Employment and Labor of Korea announced, on December 11, 2019, that the 52-hour workplace system is suspended for SMEs (Employers with less than 300 workers) until the end of 2020. The Korean Ministry of Employment and Labor made the announcement, because of fears that the measure may harm these businesses. We are of the opinion that because of recent changes in the enforcement of Korean labor laws, it is advisable to revise company employment rules, agreements and have a compliance audit for your company in Korea. If you would like a call with an attorney at IPG, please schedule a

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Mandatory Registration of Long-term Trips Abroad – Korean Registration of Korean Nationals Residing Abroad Act of 2019

The Amendment to the Korean Registration of Korean Nationals Residing Abroad Act (hereinafter as “Amendment to the Registration of Korean Nationals Abroad Act”) shall enter into force at the end of 2019. The Amendments major focus is on collecting more information about Korean nationals staying or residing abroad. For a related update related to Korean Passports, please see: Korean Passports. Key-facts about the Registration of Korean Nationals Residing Abroad Act The Korean Registration of Korean Nationals Residing Abroad Act facial purpose is to “…understand the current status of the nationals of the Republic of Korea residing or staying abroad by having them registered, in order to promote conveniences of their activities at home and abroad, execute relating administrative affairs properly, thereby contributing to the formulation of protective policies for them.”. In accordance with the Act, Korean nationals shall register their stay in foreign countries as soon as the duration exceeds

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Korea Enhances its Scope of Eligible Persons under the Framework Act on International Development Cooperation: Korean Aide to Developing Countries

The Amendment to the Korean Framework Act on International Development Cooperation (hereinafter as “Act”) was proposed by the Korean Foreign Affairs and Unification Committee at the end of last year. The law intent is to improve the human rights of juveniles in developing countries by the establishment of a variety of international development cooperation programs for at risk and impoverished children. Main Objectives of the Korean Framework Act on International Development Cooperation The major purpose of the Act is to enhance “…the appropriateness of policies for international development cooperation and the effectiveness of implementation thereof, and effectively achieve the policy objectives of international development cooperation by providing for basic matters concerning international development cooperation, thus contributing to the co-prosperity of humanity and to world peace.” (Art 1). The cooperation partners included are either based on bilateral (f.i. cooperation partners of the State, local governments or public institutions) or multilateral (international

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Korean Waste Control Act Amendments of 2019

As a reaction to several accidents in waste storage facilities, the Korean National Assembly passed an an Amendment to the Korean Waste Control Act on March 28, 2019. The amendment puts in place, a more transparent measures and rules for waste-storage facilities. Major Amendments to the Korean Wastes Control Act Set of safety measures for waste-collecting vehicles. More specific safety rules for waste-storage facilities. Implementation by the Korean Ministry of Environment to conduct an annual safety inspection and survey on waste treatment business facilities. Violation of Safety Measures as per the Amended Waste Control Act A violation of these safety regulations can result in a partial or total suspension of the waste business operations of the concerning company. Additionally, shareholders and directors may be criminally punished for up to two years or a fine of up to KRW 20,000,000. For the current Waste Control Act of Korean please see: Korean

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Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics

The courts of the Republic of Korea, for years, has struggled to find a consistent interpretation of an “Ordinary Wage.”  The definition of Ordinary Wage, under Korean Law, was clarified by the Korean Supreme Court in two decisions handed down on December 18, 2013.  The calculation of Ordinary Wages is important, since it is utilized to calculate statutory entitlements, and thus has an impact on the aggregate amount of contributions necessary to be paid to employees. For example, according to Article 56 of the Korean Labor Standards Act, an employer must pay 50% of the Ordinary Wage plus the Ordinary Wage for overtime, night and weekend work performed by the employee. Because of the potential for a large unknown future liability, this issue became the most significant issue, in the last few years, among domestic and foreign employers in labor and employment law in Korea. The basic Korean test is

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The Korean Corporate Restructuring Promotion Act of 2018: Korean Insolvency Law Updates

The recently enacted Korean Corporate Restructuring Promotion Act (hereinafter as “CRPA”) focuses on facilitating “…constant corporate restructuring and promotes the stabilization of financial markets and the development of the national economy, by providing for matters necessary to promptly and efficiently implement corporate improvement of enterprises with signs of insolvency.” (Art 1 (Purpose) CRPA). The CRPA is intended to facilitate out-of-Korean-court restructuring procedures. Often, debtors prefer out-of-court proceedings over in-court proceeding, because the belief that out-of-court proceedings shall lead to more flexibility and less costs. In October 2018 a revised version of CRPA 2016 entered into force. The revised CRPA, provides eased legal conditions for creditor banks. The key amendments to Korean CRPA 2018 are noted below. Liability-Exemption for Creditors Acts and Omissions Creditor financial institutions, their officers and employees have liability while restructuring a debtor company. But they shall not be responsible for the results, if they properly fulfilled their

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