Trade Disputes in South Korea
- Recognized under Korean law as a legitimate method for settling disputes, used specifically in the field of international transactions.
- Arbitration Law
Arbitration Rule (Dec.13. 2004)
International Arbitration Rules (Jan 25, 2007)
- Conformity to International Commercial Arbitration Rules
Party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Party to the Geneva Protocol on Arbitration Clauses.
Party to the Geneva Convention of the Execution of Foreign Arbitral Awards.
- Appointment of Arbitrators
- Free determination of the number (minimum 3) and the method of appointment by the parties.
- Arbitration Procedure
After hearing the parties, the arbitrator makes an award.
No appeal is allowed against an award except if it has been made on false evidence. In this case, it can be cancelled by the law.
- Permanent Arbitration Bodies
Korean Commercial Arbitration Board (KCAB)
Korea International Trade Association (KITA)
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