As the scope of the Korean economy has been expanding rapidly, disputes in commercial transactions have also dramatically increased. Furthermore, as Korea has grown into one of the world’s largest international trading countries, disputes over contracts with foreign companies continue to increase. Against this backdrop, there has been a strong tendency to resolve more and more disputes through arbitration proceedings instead of lawsuits through the court system.
Commercial arbitration is a means of resolving legal disputes pursuant to an arbitration proceeding which is often presided over by an arbitrator who will hear the case and grant an award to one of the disputing parties. An arbitral award generally has the same effect as a court judgment but does not allow appeals or retrials, while it guarantees the confidentiality of personal and corporate secrets since arbitrations are generally closed proceedings and allows the parties to agree on the arbitrator and other procedural matters of the arbitration. Accordingly, the arbitration system enables the parties in a dispute to receive binding decisions from experts in the relevant areas and to save considerable time and cost in resolving disputes compared to lawsuits.
JeongSe Law Firm has attorneys who are currently serving as arbitrators for the Korean Commercial Arbitration Board as well as attorneys who have extensive experience in handling arbitration cases in various areas such as disputes between private parties, corporate disputes, large size construction disputes, M&A, and finance and securities. In particular, the firm’s specialized arbitration practice group has extensive experience in handling cases in various areas including corporate law, intellectual property, antitrust, international transactions, M&A, finance, securities and insurance, and the laws of China and United States. Attorneys in this group provide clients with expert and effective professional legal advisory services regarding domestic and international arbitration proceedings.