A legal problem arose with a business partner. Do I really have to file a lawsuit?
There is an 'arbitration' system that can resolve disputes between parties without going to trial.
In principle, arbitration can be decided by agreement of the parties, but there are exceptional cases where arbitration must be used.
Arbitration decisions are made by arbitrators who are experts in each field, and unlike traditional litigation, arbitration is conducted as a single trial, saving significant time and cost.
Additionally, once a third-party arbitrator's decision is made, the parties are legally bound to follow it, and it has the same effect as a court's final decision.
In the case of Korea, Article 32 of the Civil Act (Establishment and Permission of Non-Profit Corporations) and Ministry of Trade, Industry and Energy Establishment Permit No. 142 are issued for the purpose of establishing order in commercial transactions and promoting public convenience by resolving or preventing disputes arising from domestic and international commercial transactions. The Korean Commercial Arbitration Board (KCAB), established pursuant to (March 21, 1970), is in charge of arbitration.
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