Case Studies
[Consultation] Points to Note When Drafting Standard Entry Contracts
Law firm Veat undertook a legal review of the entry agreement based on a request from A, a company operating a communication sales agency. A requested a review of a standard agreement that it could use when entering into an entry agreement with a seller it wanted to enter into a store with. Law firm Veat reviewed the entry agreement, considering that A, operating a communication sales agency, was a party to the sale under the Electronic Commerce Act, and added provisions regarding liability and obligations for a communication sales agency. Generally, when drafting an entry agreement, it is necessary to clearly outline the roles and responsibilities of a company operating a communication sales agency and a sales agency. For example, liability clauses regarding problems arising from sales by a sales agency and obligations that a sales agency must comply with should be reflected in the agreement. It is recommended to seek professional advice from a lawyer, especially in cases involving disputes between a sales agency and consumers purchasing products. If it is difficult to reflect liability clauses, compensation clauses, and penalty clauses in the entry agreement, we recommend seeking professional advice from a lawyer. Please contact Law firm Veat if you need assistance with drafting and executing an entry agreement. Thank you. Law firm Veat.
Law Legal Advice Provided for Logistics Service Contracts
Law firm Veat provided legal counsel to S Company in relation to the execution of a logistics service contract, as S Company, which operates an e-commerce business, requested legal advice regarding the potential for unfavorable terms in the contract before signing the contract with a logistics company concerning delivery, returns, and other related matters. Law firm Veat revised and deleted excessively unfavorable discretionary clause and penalty clause provisions within the logistics service contract, and conducted multi-faceted legal review of other contract provisions. Furthermore, considering the “Act on the Protection of Consumers in Electronic Transactions” and the Korea Fair Trade Commission’s Standard Contract for Express Delivery, Law firm Veat provided professional legal counsel regarding the logistics service contract. Law firm Veat has extensive experience providing expert counsel on various legal issues based on its rich startup-related advisory experience. If you have any needs for legal review regarding the preparation of logistics service contracts, please contact Law firm Veat. Thank you. Law firm Veat
[202006] Monthly Veat June Issue_Startup Contracts, Things You Need to Know
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[Consultation] Review of the legality of providing data including location information and device information, etc.
Law firm Veat conducted a review of the legality of providing data including location information and device information, etc. A Corp, operating IT•Software development and security services, commissioned Law firm Veat to review the legality of collecting location information and device information, etc. on behalf of its clients in order to provide additional solutions. Accordingly, Law firm Veat conducted a review focusing on whether the data collected by A Corp – including the age group, gender, terminal model information, OS information, app installation number, etc. – could lead to the identification of a specific individual, and whether it could be re-identified when combined with other information. If the data falls under the definition of “personal information” as stipulated in the revised Personal Information Protection Act, as A Corp will be acting as a data recipient collecting personal information on behalf of its clients, it must ensure that the clients obtain consent from the personal information subjects and take measures such as providing notices through privacy policies. Ahead of the implementation of the revised Personal Information Protection Act on August 5, 2020, which revised the definition of “personal information” and allows companies to utilize the data for purposes such as statistical reporting, scientific research, and public interest record retention when combining personal information with additional information so that it is impossible to identify a specific individual, companies are paying attention to the utilization and management of personal information. Changes in the revised Personal Information Protection Act and the impact it will have on companies, as detailed in here, please refer to Law firm Veat’s legal guide if you have any questions, and contact Law firm Veat if you require legal advice regarding the revised Personal Information Protection Act and the Data 3 Act. Thank you. Law firm Veat.
Will the shareholder meeting held via video conference have legal effect?
COVID-19 spread has led to the holding of shareholder meetings via video conferencing or remote methods, and you have requested legal advice regarding whether this is legally effective. Based on this legal opinion, it only covers general legal facts and if you require accurate legal advice, please contact Law firm Veat. Law firm Veat’s expert opinion Shareholder meetings are occasions where shareholders holding stock gather to discuss and decide on major matters, as stipulated by the Commercial Code, therefore they must be conducted in compliance with the relevant procedures and requirements. Currently, under the Commercial Code, there are three ways a shareholder can exercise voting rights without directly attending a shareholder meeting: ① Exercising voting rights through a proxy ② Submitting a written request before the shareholder meeting, if the shareholder meeting is held in a specific location and the shareholder attends in accordance with the procedures. ③ Exercising voting rights through electronic means. There are a total of three methods. Article 391 of the Commercial Code allows the board of directors to participate in decisions via telecommunications means with all directors simultaneously transmitting and receiving audio, except where the articles of incorporation specify otherwise. However, this regulation applies only to the board of directors. It is impossible to hold a “remote (including video conferencing) shareholder meeting” in which shareholders attend in real-time via telecommunications means instead of holding a shareholder meeting in a specific location, based on the current Commercial Code. Law firm Veat provides practical assistance in preventing and resolving issues and disputes that inevitably arise in a company's growth stage, and strives to be a partner that grows alongside its clients. If you require more detailed legal advice, please contact Law firm Veat. Thank you. Law firm Veat.
[Platform] AllSign-Law Firm Veat, 'Startup Contract Kit' Revised Edition Distribution
For busy startup employees struggling with demanding workloads, Veat and Law firm Veat are planning to distribute the 2020 revised edition of the Startup Contract Kit through a webinar. This revised Startup Contract Kit edition will be pre-released to webinar applicants for the ‘Startup Contract: What You Need to Know’ event-us webinar series (7th event). We appreciate your attention and support. Veat Law Firm
[202005] Monthly Veat - May Issue_How Startups Survive in the Uncontacted Era
Law firm Veat
[Jeju Creative Economy Innovation Center] Regulatory Sandbox for Venture & Startup Companies
Law firm Veat’s partner attorney Songdo-yeong wrote a special article to the J-Connect Creative Economy Innovation Center of Jeju on the topic of ‘Regulatory Sandbox for Venture · Startups.’ For detailed information about the article, please refer to the Magazine. Thank you. Best regards from Law firm Veat. What laws are involved in a regulatory sandbox? First, you must know that the Korean regulatory sandbox system consists of multiple laws, not a single law, depending on the company’s business model (BM). This is because the applicable laws, the responsible ministries, supporting organizations, application procedures, and application forms differ completely depending on the business model. A considerable number of cases occur where the incorrect legal basis is judged, resulting in a delay in the review period. Who can apply? When an operator applies as a venture · startup, there is a particularly important point to note, which is the case when a ‘platform operator’ applies. This is because platform operators are not directly subject to the regulations of permits and licenses. While most platform operators accept applications, in some situations, cooperation with a specific company is essential, and it is better to apply as a consortium together with that company, such as in the case of KT and KakaoPay’s mobile electronic notification services, which applied for a temporary license together with a ‘self-identification institution’ for CI conversion. Is there a grant for the preparation of a regulatory sandbox application or for cost support? Because the regulatory sandbox recognizes exceptions to the existing legal system, the procedures and documents required are quite complex, and considering the reality of venture · startups, it is very difficult for one to carry out all the procedures alone. Therefore, if a venture startup is considering applying to a regulatory sandbox, it is good to actively utilize free consultation services operated by the government, local governments, and industry · organizations.
[Lecture] Legal lecture held for young entrepreneurs.
Law firm Veat conducted legal lectures targeting aspiring entrepreneurs and business owners with less than one year of operation at the ‘Yeonsu 4th Industrial Revolution Youth Startup Support Center’ hosted by the startup education event on May 27th. Established in November of last year, the ‘Yeonsu 4th Industrial Revolution Youth Startup Support Center’ is a business to nurture young global startups in the 4th industrial field. It has been discovering young startup entrepreneurs in 20 integrated ICT fields such as artificial intelligence, big data, O2O, and Internet of Things and providing various support programs. In this education, lectures were conducted for 15 teams selected for residence in 2020. Law firm Veat conducted lectures on general startup-related laws, startup investment and legal contracts, O2O service terms and conditions and obligations, and protection of personal information and trade secrets during this startup lecture. Law firm Veat, led by CEO and Partner Attorney Choi Seongho, who previously served as a Startup Legal Support Team member of the Korean Bar Association, and Partner Attorney Songdo-yeong, who is currently an ICT Startup Legal Mentor at the Ministry of Science and ICT, and Partner Attorney Jo Eun-byeol, conducted a practical, results-oriented education for early startup entrepreneurs utilizing actual startup cases to provide customized consulting to ICT integrated startup entrepreneurs residing within the center. Law firm Veat, possessing abundant experience and know-how in the ICT field, intends to actively cooperate with various support programs, including the Yeonsu 4th Industrial Revolution Youth Startup Support Center business, if it can be helpful for young businesspeople. "
[Consultation] Providing legal advice regarding issues related to the transfer of a database concerning personal information.
Law firm Veat provided legal advice regarding personal information databases for a personal information related database to a client company A. Company A maintains the personal information database under entrustment to Company B, which it wants to form a business alliance with Company C. In this situation, Company C requested a question about whether there would be legal risks if the personal information related database was transferred to Company C. Therefore, Veat reviewed the legal risks that could arise between Company B and Company C, considering that even though Company A currently maintains the personal information database, under the “Personal Information Protection Act,” Company B is the data processor as the controller, and then conducted a review of legal risks that could also affect the trustee Company A, which stemmed from this. Through in-depth review, Veat identified that the actual data processor, Company B, would entrust the personal information related database to Company C without the consent of the personal information subject, and provided a solution to minimize legal risks by identifying the liability of the trustee Company A regarding the personal information subject. Law firm Veat strives to provide the best legal advice to clients by conducting in-depth legal review for each case. If you need a personal information related legal consultation, please contact Law firm Veat. Thank you. Law firm Veat.