Procedures for Foreign Companies to reolve Disputes in Korea
To resolve disagreements, foreign corporations may request mediation in Korea. Through this method, parties are encouraged to resolve their differences amicably rather than through litigation or arbitration. Parties must agree to mediate and select a mediator who is regarded properly by both parties before the mediation process can begin.
Foreign corporations can also choose arbitration as an alternate dispute resolution option if the parties are unable to settle their disagreement through mediation. The parties must first sign an arbitration agreement before choosing an arbitrator or arbitral tribunal in accordance with the statutes and procedural regulations that will apply to the case.
If foreign corporations are unable to resolve their disagreement through other means, they may resort to litigation as a last resort. A complaint could be made in a Korean court or administrative body that has jurisdiction over the situation as part of litigation. Either party's attorneys may begin legal action by submitting the appropriate paperwork to the court or administrative body, depending on the circumstances.
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