Case Studies
[Legal Review] Bond Conversion Note Acquisition Agreement
Company A operates an investment fund and requested Law Firm Veat to review whether the investment terms listed in the term sheet were reflected in the contract and to conduct a general legal review of the contract. Law firm Veat reviewed the 텀시트 (Termsheet) and CB investment agreements with **investment terms listed** and examined whether there were any insufficient or wrongly reflected parts during the process of including the investment terms in the contract. It also conducted a comprehensive legal review of the contract to identify any legal risks or deficiencies in the contract terms. Law firm Veat has been consistently ranking in the top 10 of the M&A league table (capital market legal advisory ranking) published by domestic and foreign capital media companies for two consecutive quarters in the second quarter of 2020, and is building abundant experience in legal advisory related to investments. If you are looking for legal advisory on the drafting of CB acquisition agreements, considering common investment terms and investment structures, please contact Law firm Veat. Thank you. Law firm Veat, wishing you well.
[Seoul Economy] The business is not settling well…venture facing lawsuits.
Disputes related to outsourced projects are also frequently occurring. Startups are unable to collaborate with external companies due to a lack of internal personnel, and cases where contract terms are handled carelessly and then escalate into lawsuits are numerous. Law firm Veat representative attorney, Choi Seong-ho, said, “We were commissioned to have a mobile application developed by an outsourced developer, but when the requested specifications differed from the actual results, it even went to court. Despite winning the case, there's still a significant loss of time and cost.” Read the full article: Venture companies plagued by lawsuits despite successful business implementation…
[Korean Bar Association News] It's happening! Solving YouTube, SNS, and content copyright issues.
DaedanByeophyunseonmun is introducing the new book by senior attorney Oh Seungjong, published in May, [It’s Done! YouTube · SNS · Content Copyright Issue Resolution]. Please refer to the “Peek at the Latest Legal Publications” article for detailed information about the article, and Please check the details of the new book at [It’s Done! YouTube · SNS · Content Copyright Issue Resolution]. Thank you. Law Firm Veat
[Consultation] Whether separate sales of software developed during SI project process]
Law firm Veat conducted a legal review regarding whether the software developed during SI business processes could be sold separately. A Co. inquired about whether B System, developed upon customer request during the operation of SI business projects that integrate systems tailored to customers, could be packaged and sold in the market after development. In this case, the question of whether B System could be packaged and sold separately depends on the contract A Co. has with its customer and relevant laws such as the “Copyright Act”, so Law firm Veat reviewed the specific clauses of related contracts based on the “Copyright Act” and provided an opinion. Law firm Veat provides specialized legal counsel for IT startups and companies based on its experience in providing legal advice to various IT companies. If you need legal counsel while operating IT startups and companies, please feel free to contact Law firm Veat anytime. Thank you. Law firm Veat Dream
[Consultation] Revision of Terms of Service and Privacy Policy due to the introduction of the member account system.
A, a software development company, introduced a membership account system to restrict the service usage range of non-members. Accordingly, Law Firm Veat provided terms and conditions by adding ▲Membership registration and deletion procedures, ▲ID • Password management, ▲ Provisions on the obligations and responsibilities of members, and ▲Personal Information Protection Policy by adding personal information items collected at the time of membership registration to the Personal Information Protection Policy, in order to reflect A’s request. Furthermore, in accordance with the “Act on the Regulation of Contracts” (Contract Regulation Act), when the Terms and Conditions and the Personal Information Protection Policy are revised, a detailed explanation was provided regarding the procedures for mandatory notice. The Fair Trade Commission imposes a duty to prohibit the use of unfair contract terms on all businesses and imposes sanctions such as correction recommendations and fines. Recently, the Fair Trade Commission has recommended that even platform businesses that do not directly trade goods, cannot unfairly exempt themselves from the duty of care as a manager operating the platform in accordance with the relevant laws. If you need legal advice on the Terms and Conditions and the Personal Information Protection Policy, please contact Law Firm Veat . Thank you. Law Firm Veat
[Consultation] Review of Legality Regarding Exercise of Conversion Rights of Venture Capital Investment Trust for New Technology Business]
Law firm Veat conducted a review of legality regarding the exercise of convertible bonds related to the Venture Investment Trust’s convertible bond exercise. A Venture Investment Trust commissioned a legality review to ensure there were no legal issues before exercising its convertible bond rights, which it previously held. Accordingly, Law firm Veat reviewed key regulations including ▲“Financial Institutions Act (Finance Act)” and ▲“Act on Support for Venture Business Finance” focusing on them, and, considering that the Venture Investment Trust’s legal nature corresponds to a civil law association, it reviewed ▲“Civil Act” Article 706 and relevant precedents together in order for A Venture Investment Trust to approach potential legal issues that may arise when exercising the convertible bonds from various angles. Convertible bonds are securities that give the holder the right to exchange them for shares of a company that issued the security, subject to certain conditions. As convertible bonds combine the advantages of both securities and debt instruments, they are widely used by investors. Law firm Veat provides advice based on its extensive experience in various investment-related matters, offering clients the optimal direction and providing advice from the perspective of experienced experts by thoroughly reviewing the issues faced by clients. Please feel free to contact Law firm Veat if you need any legal advice related to these matters. Thank you. Law firm Veat.
[Veat News] Law firm Veat's M&A League Table, Established in the Top 10 Group for Two Consecutive Years
Law firm Veat has been named in the top 10% for two consecutive years in the Bloomberg Korea M&A League Tables (Capital Market Legal Advisory Ranking) released by domestic and foreign media companies for the second quarter of 2020 (based on announced M&A transactions).Veat Law Firm achieved 8th place in the M&A legal advisory field of the Bloomberg Korea M&A League Tables (2019) based on the total transaction volume.Veat Law Firm will continue to demonstrate consistent performance in the M&A sector and actively participate in the capital market legal advisory ranking. Thank you. Veat Law Firm.
[Domain Name Dispute] Proof of Delivery regarding Domain Transfer Claim
A is a company operating virtual currency exchanges at home and abroad, using the domain www. A. kr to operate A’s exchange. Despite this, V, which has no relation to A, was causing confusion to consumers by connecting V’s virtual currency exchange through the A.kr domain. Therefore, A commissioned Law Firm Veat for legal advice regarding a solution to V’s illegal act. Law Firm Veat sent a certified letter demanding that V, which was using the same A.kr domain name as A’s brand name for illicit purposes, immediately cease use of the domain and transfer the domain, based on Article 12 of the Internet Address Source Act (Internet Address Source Act) and Article 2 of the Act on Unfair Competition and Protection of Trade Secrets (Unfair Competition Act). Domain names are created to make internet protocol addresses easier for people to remember on the internet; however, as in this case, there are many disputes regarding the registration, holding, and use of domain names. If there is a competitor using a domain name by utilizing another company’s brand name without justifiable reason, please consult with Law Firm Veat to resolve domain name disputes. Thank you. Law Firm Veat
[Legal Review of Personal Information Collection and Use Consent Form for Job Applicants]
A Company requested Law Firm Veat to review the legal validity of its draft personal information collection and usage consent form as it intended to collect personal information of the direct supervisors and colleagues of job applicants as part of its reference checks prior to new hiring. Law firm Veat provides an opinion on reviewing the personal information collection and usage consent form, noting that when a personal information processor collects personal information from those other than the principal, it must inform the principal in accordance with the Personal Information Protection Act if the principal requests it. Legal review of the personal information collection and usage consent form, which is inevitably received during the recruitment process, is necessary because, since the “Fair Recruitment Procedure Act” (hereinafter referred to as the Recruitment Procedure Act) came into effect in July 2019, a fine of up to 500만원 may be imposed if personal information unrelated to the job is collected. If you are a person who needs legal review of the personal information collection and usage consent form for the new recruitment process, please contact Law firm Veat. Thank you. Law firm Veat.
[Consultation] Review of standard contracts needed when signing a management contract with an MCN company and a creator channel operating agency.
Law firm Veat prepared and provided English standard contracts necessary when drafting contracts for management agency contracts between MCN companies and creator channels. A Corporation, which operates various video platforms such as online video production and content production, requested a legal guide regarding issues confirmed during practical operations when concluding contracts with creators over the past year. In response, Law firm Veat conducted the preparation of English standard contracts including clauses regarding breach of unauthorized contracts or termination by creators, and clauses regarding channel ownership when drafting contracts between MCN companies and creators. Recently, there were legal disputes between famous creators and MCN companies regarding management agency contracts for channels and profit settlements. Due to this negative issue, the damage to the image was a difficult loss for both parties, highlighting the need for the preparation of standard contracts after consulting with experts in advance. Based on the experience of analyzing various rights and obligations, Law firm Veat proposes solutions that allow both the MCN company and the creator to mutually benefit, by coordinating the requirements of both sides. If you need legal advice regarding the operation of MCN businesses and the review of channel management agency contracts, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat