If you would like to avoid Korean court expenses and headaches related to your business in Korea, please do yourself a favor and have you Korean contracts drafted by an experienced Korean professional prior to doing business with a Korean company. Many of the standard agreements utilized in the West are not adequate for Korea. We handle litigation and arbitration matters for many clients that either used a Korean attorney without adequate experience or that have foregone the use ofContinue reading
Tag: Korean Contracts
Adhesion Contract in South Korea: Regulating Unfair Terms and Conditions
Adhesion Contract is a contract drafted by a party with stronger bargaining power and signed by a party with lesser bargaining power. The party that has weaker bargaining power does not have the capacity to negotiate the terms and conditions of the contract and they just adhere completely to what the party with the upper hand has to offer. In South Korea, in order to avoid such unfair one-way contract and prevent business persons from imposing unfair terms and conditionsContinue reading
Material Breach of Korean Contracts Under Korean Law: Primary Obligations vs. Secondary Obligations in Korea Courts
In most Western nations a “material” breach of a contract leads to the non-breaching party not having to perform its obligations under the contract, while allowing the non-breaching party to immediately sue for all damages (or performance).The Restatement (Second) of Contracts 241 notes that the following criteria can be used to determine whether a specific action/inaction constitutes a material breach: “In determining whether a failure to render or to offer performance is material, the following circumstances are significant: (a) theContinue reading
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