Korean Arbitration: An Introduction

Korean Arbitration has come a long way since the ratification of the New York Convention in 1973. The Korean Commercial Arbitration Board (KCAB) went from a small organization handling a handful of cases to, now, and organization handling hundred of arbitration cases each year. The number of international arbitrations is, also, on the rise. This article shall give readers the backstory of how Korean arbitration as a dispute mechanism tool has developed over the years in Korea; review the key industries involved in arbitration; and provide a quick overview of the mainstay arbitration institution in Korea: the KCAB. 1973 – 2020: Arbitration in Korea Over the Years The Korea Arbitration Act was enacted into law in 1966. The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, aka the “New York Arbitration Convention” or “New York Convention,” is the Magna Carta of international arbitration. The New Arbitration Convention was

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Challenging an Arbitrator at the Korean Commercial Arbitration Board

In our last post we discussed, at length, the benefits of arbitration in Korea over litigation in a Korean court. We shall be updating the reader of numerous issues related to arbitration over the next couple of weeks. The following posts concerns challenging of an arbitrator at the Korean Commercial Arbitration Board. Thus, what happens in a situation when you, as a party in a Korean arbitration, feel that the arbitrator is acting in a manner inconsistent with his or her duties as an arbitrator? At a minimum, all arbitrator should be “independent and impartial” and “capable” – the vast majority of arbitrators are independent, impartial and capable. However, issues can sometimes arise that require the challenging of the arbitrator – we suggest proceeding with caution and care – an unsuccessful challenge can, of course, prejudice your case. Impartiality/Independence of an Arbitrator in Korea Korean Law lays out the duties

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The Case for Arbitration over Litigation in Korea

Many of you are prospectively weighing the options of executing contracts with and without arbitration clauses in Korean contracts (aka setting yourself up for prospective litigation battles in Korean courts or resolving a dispute in Korea with the help of an arbitration panel). Thus, this article is intended to consider the option of arbitration over litigation in Korea. In most cases, IPG recommends arbitration over litigation for expat companies doing business in Korea and/or with Korean companies. While of course every case is unique, we at IPG have found great success over the years fighting for our clients amidst the backdrop of arbitration. Our Korean International Arbitration Team was, recently, ranked the top Dispute Resolution Firm in Korea. Benefits of Korean Arbitration over Litigation in Korean Courts Language: If you are not a native to Korea, there is a high chance that you do not speak the Korean language fluently

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Arbitration against Korean Government Agencies in Korea: Korean Arbitration Law Basics.

The Korean National Assembly amended the Act on Contract to Which the State is a Party, partially, on December 1, 2017.  The amendment was intended to encourage the Korean Government to arbitrate more disputes with parties that have contracted with the Korean Government.  To date, few cases have been resolved via Arbitration when disputes occur between the Korean Government and parties to a contract with the Korean Government.  The reason stems, mainly, from realities within many Korean-based law firms, within in house legal teams at government agencies and the lack of knowldge of the benefits of arbitration for the Korean court system, Korean government agencies and those doing business with the Korean government.  For a general article on Arbitration in Korea, please see: Arbitration in Korea.  ACT ON CONTRACTS TO WHICH THE STATE IS A PARTY Article 28-2 (Settlement of Dispute Resolution) (1) The head of each central office or

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English-Speaking Arbitration Attorneys in Korea

International arbitration between Korean companies and American, Australian, British, Chinese, Indian, German and other nation companies is on the increase.  Regrettably, few Korean attorneys are capable of handling international arbitration cases in the English language, because of the lack of experience in complex international arbitration and the lack of adequate English language skills.  The reality is Korea has few English-speaking arbitration attorneys capable of handling complex international arbitration matters, thus, many firms have turned to foreign attorneys to fill this glaring gap.   Sean Hayes is the author of the he Korean Law Blog .  English-speaking Korean attorneys contribute to this blog.  Sean Hayes, his retired Korean judge partner, a senior associate and other international attorneys for IPG are engaged in international arbitration at the Korean Commercial Arbitration Board and other international arbitration board for multinational companies for cases against Korean companies.   Clients engaged us for construction, manufacturing, joint venture and

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