Delay in performance of contract - transactions with Korean companies
If a Korean company delays the execution of a contract, the following countermeasures can be considered::
1. Confirmation of contract terms
You need to make sure that the contract contains a provision for delay. Contracts usually specify the duration of the engagement, penalties incurred in the event of delays, and how to deal with the delays. In particular, we need to confirm prior agreements on which country's legal regulations and courts to resolve the dispute. If it is specified that the dispute will be settled in Korea, the dispute can be settled through the Korean court.
2. Raising objections
It is recommended that you challenge the enterprise to determine the reason for the delay. This helps you understand why your business is delaying its transition. Under Korean law, if the performance is delayed due to the party's responsible reasons, the party who delayed the performance will be liable for damages and other legal responsibilities. Otherwise, if the performance is delayed for a considerable period of time, we can cancel the contract and get back the money we paid in advance. In addition, you can claim damages for damages.
Within the contractual fulfillment period, you can request fulfillment and try to negotiate. Negotiations allow the two sides to reach mutually beneficial agreements. Ye&Partners operates these negotiating legal services. Please contact us right now.
4. Legal Response
Penalty or legal action may be attempted according to the contract. To do this, you need to consult with a Korean lawyer to decide how to respond.
1) Arbitration and Mediation: If the contract specifies the arbitration and mediation procedures, you can try following them. There is an arbitration agency called "KCAB" in Korea, which is the Korean Commercial Arbitration Board.If the contract between the parties stipulates that the dispute should be settled at KCAB, the dispute should be settled at KCAB, not at the court.
2) Contract Termination: Contract may be terminated if delays are severe or inevitable. However, in this case, it is recommended that you decide to terminate the contract after preparing a legal response. There is a clause in Korean law regarding the termination of the contract, and this clause must be applicable to cancel the contract. You should know that simply delaying implementation does not mean it will be released immediately.
How to deal with delayed contract performance may vary depending on the situation. Therefore, it is important to consult your lawyer to determine the appropriate response.
Are there any legal issues involved?
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