Non-disclosure agreements (NDAs) are legal in South Korea and enforceable. A legally enforceable agreement known as an NDA forbids the publication of sensitive information between two or more parties. In business dealings, employment contracts, and collaborations involving sensitive information, NDAs are frequently employed.NDAs may be subject to contract law or intellectual property law in South Korea. Confidential information and trade secrets are protected under the Korean Commercial Code (KCC) and the Korean Intellectual Property Office (KIPO). For an article onContinue reading
Tag: Korean Contract Law
Force Majeure Jurisprudence in the Republic of Korea
Korea has recently been affected by typhoons and severe flooding caused by the heaviest rainfall in centuries. These issues led to the loss of life, property, business and the livelihood of many individuals. Many alleged defaulting/breaching parties to an agreement have claimed Force Majeure as a defense to non-performance of contractual obligations. A Korean court recognized Force Majeure Event offers relief to the alleged defaulting/breaching party, in Korea, if the party fulfils the legal requirements noted below. Force Majeure DefinedContinue reading
Contract Drafting in South Korea
The following post considers some of the basics of contract drafting in South Korea. The following post is meant to be, only, a basic explanation of the basics of a good Korean contract based on a few observations. This post is not meant to be an exhaustive explanation of this issue, books have been written on contract drafting and we will not be drafting a book with this post. The main purpose of drafting a contract is to avoid aContinue reading
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