Case Studies
Startup investment attraction essential guide 'Review of Convertible Preferred Stock (RCPS) Subscription Agreement'.
Law firm Veat received a request from A, a fisheries company based on AIoT solutions (hereinafter "Client"), and reviewed the stock subscription contract related to the issuance of Convertible Redeemable Preferred Shares (RCPS). One of the important turning points in a startup's growth process is securing investment. Especially when a startup targeting the global market seeks to attract new investors or redefine its relationship with existing investors, complex legal issues often arise, such as drafting a stock subscription contract. The Client, preparing for global business expansion based on aquaculture AI technology, wanted to conduct follow-up investment by issuing additional shares of Convertible Redeemable Preferred Shares (RCPS) and requested a legal review of the investment contract with existing shareholders, including foreign investors, and new investors. Law firm Veat reviewed the Convertible Redeemable Preferred Shares (RCPS) stock subscription contract, which involved multiple stakeholders, and provided legal guidance on the key issues related to the stock subscription contract. Convertible Redeemable Preferred Shares (RCPS) RCPS is an abbreviation for "Convertible Redeemable Preferred Shares," meaning preferred shares that allow investors to convert them into common stock under certain conditions or request redemption. Conversion Right: The right for investors to convert the Convertible Redeemable Preferred Shares (RCPS) they hold into common stock at a certain ratio. Redemption Right: The right for investors to receive principal amount under certain conditions. Priority Right: The right to prioritize dividends and distribution of remaining assets over common stock. Convertible Redeemable Preferred Shares (RCPS) are used as an important means of reconciling the interests of startups and investors, but can lead to restrictions on company management or complications in the interests of existing shareholders depending on the clauses specified in the contract. Law firm Veat reviewed the investment structure faced by the Client, minimized the legal risks, and provided guidance to lead favorable negotiations with investors. Review and Revision of Investment Contract The startup's perspective was reviewed for any excessive authority demands or unfavorable conditions in the existing investment contract and the new stock subscription contract. Preemptive Right Preemptive Right means the right for existing shareholders to preferentially subscribe to newly issued shares when the shares are issued. This right is granted to existing shareholders in accordance with the Commercial Code, and failure to comply with it may lead to legal disputes. When a company issues new shares, written confirmations from existing shareholders waiving their preemptive rights are required to streamline the investment process, fulfill the conditions of the new investor, and prevent disputes with existing shareholders. We provided guidance on obtaining written waivers from existing shareholders through proper procedures and provided the forms needed to systematically manage the consent of existing shareholders with a legally binding format. Limitation of Damages and Liability The scope of damages liability is an important issue between investors and the company in the investment contract. We suggested revisions to limit the scope of damages and other liabilities in the contract to an appropriate level to prevent such burden in the future if disputes arise. Notice and Approval Requirements for Existing Investors Notice or approval requirements for existing investors are often stipulated in the stock subscription contract and other investment contracts when follow-up investment is made. Failure to comply with this may be deemed a breach of contract, resulting in legal risks. Therefore, we thoroughly reviewed the existing contract to ensure that follow-up investment would not violate the existing contract and provided guidance on timely notice to existing investors and obtaining necessary approvals. The issuance of Convertible Redeemable Preferred Shares (RCPS) and investment contracts can significantly affect the company's future management rights, shareholder rights, and the interests of investors. Expert review and consultation are essential when dealing with complex legal documents such as Convertible Redeemable Preferred Shares (RCPS), Preemptive Right, and stock subscription contracts. Various legal issues arise in securing investment, and it is important to reconcile the interests of investors and establish appropriate investment conditions, especially when new investors participate. Law firm Veat has helped in this negotiation process, considering the interests of existing and new investors, and supported the establishment of the best investment structure by reviewing investment contracts from various angles. Law firm Veat ranked 5th in the 2024 first half Bloomberg M&A league table in terms of deal volume and has successfully executed various investment contracts and M&A projects from the perspective of startups, VCs, and investors. Boasting unique expertise based on abundant legal advisory experience focused on startups, technology convergence capabilities, and domestic and international investor networks, and successfully leading numerous IT and startup companies' investments and M&A, effectively resolving legal issues in complex mergers and acquisitions. If you need advice on Convertible Redeemable Preferred Shares (RCPS) stock subscription contract review or other investment-related matters for your startup, please feel free to contact Law firm Veat. Thank you. Law firm Veat
NFC based service legal risk management cases
Law firm Veat provided professional legal advice to prevent legal risks in the process of a domestic entity (hereinafter “customer”) providing new digital services utilizing NFC technology. NFC technology is an abbreviation for ‘Near Field Communication,’ meaning a short-range wireless communication technology. This NFC technology is widely used in everyday life in the form of digital door locks, controlling entrance, electronic payments like transportation cards, etc. This case involves reviewing the personal information processing policy and terms of service for the customer's NFC-based service to minimize the customer's legal risks. Features and Precautions for Providing NFC-based Services 1. Features of Providing NFC-based Services This case stemmed from a customer's request to review their personal information processing policy and terms of service for an entity operating a product with NFC functionality that connects users with specific webpages and content. Since the customer's service is structured to allow users to tag a product via NFC technology and immediately connect to designated content, legal elements such as collection and processing of user personal information must be considered during the service provision process. 2. Precautions for Providing NFC-based Services 1) Writing Easy and Clear Terms Act on Regulation of Standard Clause Contracts Article 1 (Ease of Understanding of Standard Clause) Business entities shall draft standard clause contracts in Korean so that customers can easily understand the contents thereof, use standardized and systematized terms, and clearly indicate important content of the standard clause contracts by means of symbols, colors, and bold and large letters so that customers may readily understand the standard clause contracts. Article 1 (General Principle) A standard clause provision that violates the principle of good faith and fairness loses its fairness. Provisions specifying the contents equivalent to any of the following items shall be presumed to lose their fairness. 1. A provision that is disadvantageous to the customer in an unreasonable manner. 2. A provision that the customer cannot reasonably anticipate in view of all circumstances related to the transaction. 3. A provision that unreasonably restricts the essential rights accompanying the contract so as to make it impossible to achieve the purpose of the contract. According to the “Act on Regulation of Standard Clause Contracts” (hereinafter “Standard Clause Act”), business entities must draft standard clause contracts in Korean so that customers can easily understand the contents and clearly indicate important content so that customers can easily understand the standard clause contracts. Furthermore, provisions that customers cannot reasonably anticipate may be deemed unfair and may lose legal effect. In the case of NFC-based services, there is a high possibility that people will not accurately understand the content and process of providing the service, as it is a recently emerged service. Therefore, it is necessary to draft the terms of service so that users can easily understand the contents by clearly defining new terms such as NFC product, connection link, arrival link, and redirect link. Law firm Veat considered the Standard Clause Act and the stance of relevant authorities and provided legal advice to ensure that the customer's service terms of service do not violate the Standard Clause Act. 2) Necessity of Disclaimer In the case of NFC-based services, users access external content set by the business entity. When accessing such external content, there is a risk that unforeseen problems may occur that the business entity could not have anticipated. Therefore, it is necessary to add a clause to the terms of service that informs users of this fact and clearly exempts the company from responsibility. 3) Necessity of Review Related to Personal Information Protection Personal Information Protection Act Article 1 (Establishment and Disclosure of Personal Information Processing Policy) ① The personal information controller shall establish and maintain a personal information processing policy (hereinafter “personal information processing policy”) including the following items. In this case, the public institution shall register the personal information file subject to Article 32 in accordance with Article 32. 1. ~ 8. (Omitted) ② The personal information controller shall publicly disclose the personal information processing policy using a method prescribed by Presidential Decree when establishing or revising the personal information processing policy. In the case of NFC-based services, there is a possibility that the business entity will collect personal information of service users. When operating personal information files for business purposes and processing personal information, the entity may be subject to the Personal Information Protection Act and must establish and publicly disclose a personal information processing policy if it is considered a personal information controller. Law firm Veat provided legal advice to help the customer establish an optimized personal information processing policy based on a deep understanding of the Personal Information Protection Act and extensive experience in similar cases. Customized Legal Advice from Law firm Veat with Expertise in IT and Personal Information
Pharmaceutical Distribution Agreement Key Review Items
Law firm Veat received a request from pharmaceutical company A ("customer") to review the Distribution Agreement for importing medical devices and selling them domestically. The distribution agreement is a key document that clearly defines the legal relationships arising in the process of delivering products or services from the manufacturer to the end consumer. In particular, for products subject to strict regulation such as medical devices, it is important to comply with relevant laws and regulations and to clearly define the rights and obligations of all parties involved. Law firm Veat reviewed the customer’s distribution agreement, focusing on the legal requirements of the Medical Device Act and the following clauses to ensure that it would not be interpreted unfavorably, contributing to clearly defining the rights and obligations between the manufacturer and customer and minimizing business risk. Key Review Items for Law firm Veat’s Distribution Agreement Clarification of Contract Structure and Relationship The customer wished to import medical devices through an overseas manufacturer and needed to follow the import registration procedure under the Medical Device Act. As the customer found it difficult to register directly, they had to enter into a separate import agency agreement with a third party. In this case, we clearly distinguished the relationship with the third-party import agency from the distribution agreement between the manufacturer and customer and added a clause clarifying the legal status and responsibility to ensure that even if the customer uses an import agency, the relationship would not be misunderstood by the manufacturer or other stakeholders. Review of Key Commercial Terms - Damages Distribution agreements often stipulate damages in the event of a breach of contract. However, in international transactions, the manufacturer's position is often reflected, resulting in clauses that are disadvantageous to the distributor. Therefore, we reviewed whether the scope and amount of damages were clearly defined to ensure that the damages were not set too high and that the amount was legally appropriate. - Price Change Clause Fluctuations in raw material costs for medical devices can have a significant impact on distribution prices. Therefore, we reviewed the possibility of price adjustment due to changes in raw material costs, prevention of one-sided price increases by the manufacturer, and measures to respond to unreasonable price changes to ensure that the price change clause did not act unfairly against the customer and to protect the customer’s interests. Adjustment of Responsibility and Obligations - Non-Exclusive Sales Right and After Service (AS) Obligations When a non-exclusive sales right is granted in a distribution agreement, the rights and obligations of the distributor must be clearly defined. Failure to clearly define the scope of AS obligations can result in an excessive burden on the distributor. - Cost Burden In international distribution agreements, it is necessary to clearly identify the party responsible for customs duties and transportation costs to anticipate cost disputes in advance. Dispute Resolution Clause - Force Majeure Clause A force majeure clause is essential in international transactions, as it allows parties to be exempt from responsibility if the contract cannot be performed due to unforeseen circumstances. However, as manufacturers often draft clauses that are beneficial to themselves, we redefined it from the customer's perspective, including items such as clarifying the scope of force majeure (natural disasters, government regulations, pandemics, etc.), obligations and procedures for each party when force majeure occurs. - Termination and Subsequent Actions Reasons for termination and rights after termination must be clearly defined. In particular, for products such as medical devices, the sales rights of remaining inventory are important. We ensure that the distributor can be protected by the right to dispose of inventory after the termination of the agreement. - Applicable Law and Dispute Resolution Body In international distribution agreements, it is necessary to clearly define the applicable law and dispute resolution body to be applied in the event of a dispute and to include a clause for prioritizing mediation in the event of a dispute. Law firm Veat provides advice, considering the characteristics of highly regulated industries such as pharmaceuticals, bio, and medical device distribution, based on extensive experience in reviewing and drafting English contracts. We provide efficient language communication through foreign attorneys and provide rapid and accurate review of the Korean/English versions of investment contracts based on years of experience. By providing comprehensive and systematic legal support from Law firm Veat, we help our customers expand their businesses stably without legal risks overseas and succeed in the global arena. Please contact Law firm Veat if you need English contracts or international contract drafting. Thank you. Law firm Veat
[Law firm Veat TIP] “Where have I seen this before?” The core of copyright, the essential scene principle.
Law firm Veat TIP(Technology Intellectual Property) team, with extensive experience in copyright consulting has contributed to Platum, a specialized media platform for startups, regarding copyright issues related to the ‘Principle of Essential Scenes.’ The discussion continues as to whether certain scenes or settings that inevitably appear in specific genres in various content areas such as movies, dramas, games, and advertisements can receive copyright protection. In this column, we explained the criteria for determining copyright protection based on the Principle of Essential Scenes, which differentiates between ideas and expression, along with major domestic and international cases.
A single photo caused online business copyright infringement certified mail case.
Law firm Veat received a request from an e-commerce startup (hereinafter "client") for a legal review of copyright infringement cases. The client had received a certified mail from the copyright holder requesting damages and a cease and desist order for using images and photos in their product descriptions without the copyright holder’s permission on their open market. Consequently, the client recognized the seriousness of the matter and requested advice from Law firm Veat to prepare legal countermeasures. Law firm Veat’s specialized TIP team for intellectual property reviewed relevant precedents to confirm the court's criteria for judging copyright infringement and specifically outlined the legal risks the client faced, such as fines and damages. They also analyzed the possibility of civil damages claims and criminal charges that the copyright holder could bring, and proposed countermeasures to minimize the client's legal risks. This case clearly demonstrates the impact of copyright infringement in online platforms on businesses. Copyright infringement issues, which often arise in the operation of online businesses, are not unique to the client. Often, online shop operators do not individually photograph products, but instead obtain them from the original manufacturer or other websites, which can lead to civil and criminal liability for violation of copyright law. Even if it appears to be a simple product photograph, images that are recognized as having creativity can receive protection under copyright law. In particular, photos processed with Photoshop, etc., are considered creations, and unauthorized use thereof constitutes copyright infringement. Law firm Veat’s TIP team provides prompt and accurate legal advice based on extensive experience and expertise in such matters. Law firm Veat’s TIP team (Technology Intellectual Property) is a specialized team in the field of copyright and intellectual property and handles all legal issues related to copyright and intellectual property. The TIP team consists of leading experts in the copyright field, including Oh Seung-jong, a former chairman of the Copyright Committee, Choi Seong-ho, a managing attorney selected as a 'Leading Lawyer' in the TMT field of Legal Times, and An Il-woon, an attorney currently serving as a specialist at the Korean Copyright Committee. The TIP team has resolved various copyright and intellectual property issues centered on new technologies and new industries such as IT·software, NFT (Non-Fungible Token), Metaverse, and games, and has been able to quickly and effectively resolve the copyright infringement issues facing the client based on the TIP team's expertise in this case. We are reviewing the scope of protection and providing guidance on copyright infringement issues that may arise from the unauthorized use of photographic works. If you need legal advice on copyright and intellectual property issues, please feel free to contact Law firm Veat’s TIP team at any time. Thank you. Law firm Veat
Compliance with the Electronic Financial Transactions Act, the core of prepaid electronic payment services operation.
Law firm Veat received a request from a B2E platform (hereinafter referred to as "client") and reviewed the registration status of the company issuing and managing various types of prepaid payment methods. Prepaid payment methods are payment methods where customers charge a certain amount in advance and use it, and are widely used for various corporate services. However, these methods are subject to financial regulatory authorities, so it is necessary to clearly determine the registration status according to the “Electronic Financial Transaction Act”. The client was operating a business issuing and managing various prepaid payment methods, including welfare points, and supporting users in using them at various merchants. While conducting these services, it was necessary to review whether the registration obligation or exemption possibility may vary depending on the structure and usage method of the prepaid payment method, and they contacted Law firm Veat, a law firm specializing in e-commerce. Law firm Veat accurately grasped this by reviewing each type of prepaid payment method individually and specifically presented the legal requirements that the client must comply with. Some of the client’s prepaid payment methods were operated in a structure where users pay the price in advance, and we confirmed the possibility of applying the registration obligation according to the “Electronic Financial Transaction Act.” Furthermore, other prepaid payment methods were operated in a way that users did not pay the price in advance, and we carefully reviewed whether there was a possibility of exemption from the registration obligation by fulfilling specific conditions such as joining a payment guarantee insurance, and whether the exemption requirements were met. With the expansion of e-commerce and selective welfare systems, prepaid payment methods have become an important business tool for companies. As an important element for stable business operation and success, companies operating prepaid payment methods in accordance with the “Electronic Financial Transaction Act” must accurately determine the obligation to register as a prepaid business operator and thoroughly review and prepare legal requirements in advance. Based on the experience and expertise accumulated in the electronic financial transaction field, Law firm Veat has a deep understanding of the electronic financial transaction act and provides support to various companies to minimize legal risks and grow their businesses. If you need legal advice regarding prepaid payment methods, please contact Law firm Veat. Thank you. Sincerely, Law firm Veat
Marking obligations of metaverse game companies’ legal risk, specialized advice from Law firm Veat.
Law firm Veat received a request from metaverse game company A (hereinafter referred to as "the client") to review the method of fulfilling the obligations of display as stipulated in Article 23 of the "Act on Promotion of Game Industry" (hereinafter "Game Industry Act"). "Act on Promotion of Game Industry" Article 23(Obligation of Display) ① Any person who manufactures or distributes game products for the purpose of distributing or providing them for use shall display the name, grade, and game content information of the manufacturer or distributor for each game product. ② Any person who manufactures, distributes, or provides game products for the purpose of distributing or providing them for use shall display the type of probability-based items used in the game, the type-specific supply probability information, and other matters as prescribed by Presidential Decree on the game product itself, as well as on its internet homepage and advertisements. ③ Any person who manufactures or distributes game products for the purpose of distributing or providing them for use shall attach a device displaying information relating to the operation of the game for games designated by Presidential Decree. ④ Matters necessary for the scope of game products subject to the obligation of display as stipulated in paragraphs 1 to 3, and methods of display, shall be designated by Presidential Decree. The client, a metaverse game company, sought Veat, a law firm specializing in IT law, to review the necessary measures to ensure compliance with Article 23 (Obligation of Display) of the Game Industry Act for the content it provides. According to the law, failure to fulfill the obligation of display when distributing or providing a game product may result in imprisonment for up to two years or a fine of up to 20 million won (Article 45 of the Game Industry Act). In particular, online game products must specify the game title, name, grade, grade classification number, date of manufacture, and registration or notification number of the manufacturer or distributor, and failure to do so may result in the Game Management Committee recommending modification according to the grade classification regulations. Law firm Veat provided a detailed review of these regulations and proposed a successful implementation plan, and helped the client understand based on similar cases domestically and internationally. The IT·TMT field still receives low ratings as many law firms fail to fully understand the technological requirements of their clients. This is because major law firms are limited in their ability to grasp the complexity of the latest technologies and apply them to legal advice. However, Law firm Veat is staffed with experienced IT lawyers who simultaneously understand technology and law. Based on their IT and engineering backgrounds, they accurately identify technical issues and provide differentiated legal advice in cutting-edge technology fields such as the metaverse, blockchain, and NFT through this expertise. Furthermore, Law firm Veat proactively analyzes legal issues of innovative business models that combine continuously changing regulatory sandboxes, AI, metaverse, blockchain, and provides optimal legal advice. In this way, Law firm Veat provides optimized advice on various legal issues where IT and law converge, and as a leader in the IT·TMT field, helps companies achieve stable and sustainable growth. If you need legal advice related to advanced technologies such as games and the metaverse, please contact Law firm Veat. Thank you. Sincerely, Law firm Veat
IT specialist, partner attorney Seung-cheol Baek, to lecture in the specialist session area at the '2025 SW Industry Outlook Conference'.
Law firm Veat's partner attorney, Baek Seung-cheol, a Korean Bar Association certified IT specialist attorney, delivered an important lecture at the "2025 SW Industry Outlook Conference," presenting measures to secure the safety of SW industries and new technologies domestically and internationally. This conference is an annual event hosted by the Ministry of Science and ICT and organized by the Software Policy Research Institute (SPRi), where domestic and international experts gather to discuss policies and strategies, forecasting the future of the SW industry and AI technology. In particular, this event, which was held under the theme of "Looking Ahead to the Future of Software and Artificial Intelligence," featured participation from domestic academia, industry, government, and related organizations, resulting in in-depth discussions. The conference was divided into two sessions, with the first session covering topics such as international politics and digital hegemony, AI-led business innovation, the convergence of spatial computing and generative AI, and prospects for digital future technologies. The second session featured lectures on AI productivity, SW safety, and global AI norms, and Law firm Veat’s partner attorney, Baek Seung-cheol, who took the stage as a keynote speaker in the second session, gave a lecture on the topic of "measures to secure SW safety in the field of SW new technologies." Attorney Baek Seung-cheol's lecture resonated strongly with SW industry stakeholders, emphasizing that SW safety is not simply a technical challenge, but a core element of national digital strategy and the adoption of new technologies. Law firm Veat’s partner attorney, Baek Seung-cheol, explained a plan to establish the institutional foundation necessary to secure a leading position in digital-leading countries and build a public-private cooperation system. He also suggested measures to disseminate and increase public awareness of SW safety to form trust between users and companies, as well as technical safety. Finally, he emphasized the importance of legislating SW safety and establishing a foundation for its continued development, as well as analyzing potential regulations and risks associated with the adoption of new technologies and seeking legal counsel to resolve them. Furthermore, he stressed that SW safety is not only about securing technical credibility, but also an essential task to promote sustainable growth in the national competitiveness and global markets. Law firm Veat’s partner attorney, Baek Seung-cheol, is a Korean Bar Association certified 'IT' specialist attorney, and holds certifications as a PIPL (Personal Information Protection Law) certification reviewer and personal information protection management system certification reviewer. Attorney Baek Seung-cheol is engaged in educational lectures and various external activities regarding 'IT' and 'information security' based on his extensive practical experience and advice on various cases in the IT field. Law firm Veat specializes in legal advice in the IT and SW fields, and has established itself as a trusted partner for a wide range of clients, from startups to global corporations. In particular, legal advice related to new technologies such as software is an essential element for solving the various risks faced by companies and simultaneously achieving regulatory compliance and technological innovation. Law firm Veat provides optimized advice to help its clients secure legal stability and successfully grow on various stages. Law firm Veat is actively engaged in various fields such as software/IT, regulations, personal information, IP (intellectual property), and M&A, and is continuously researching and gaining practical experience in line with the changing IT/new technology environment to provide reliable legal advice. Through this, it is further solidifying its position as a leader in the IT/new technology field. If you need IT legal advice, including SW and new technologies, please contact Law firm Veat. Thank you. From Law firm Veat
대응 Responding to copyright infringement and violation of the Unfair Competition Prevention Act
Law firm Veat received a request from manufacturing company A (hereinafter referred to as "the client") to provide advice regarding the response to the opponent's claims of copyright infringement and violation of the Unfair Competition Prevention Act. The company (hereinafter referred to as "B company") that received the work and performed the work from the client claimed that the client's product sales infringed on its copyright and violated the Unfair Competition Prevention Act. Law firm Veat, based on the scope and requirements of copyright law and the Unfair Competition Prevention Act, considered whether the client had improperly used the idea in question, whether it was a case commonly known in the same industry, and other factors to thoroughly review whether the client had violated the Unfair Competition Prevention Act, and based on this, we advised the client on appropriate responses. Copyright Infringement B company claimed that the idea should be protected as its copyrighted work. However, regarding whether the idea is eligible for copyright, it is not explicitly stipulated in the Copyright Act, but there are Supreme Court precedents such as “simple notions or ideas cannot be the subject of copyright protection, and only creative expressions that are concretely embodied are protected.” Based on this precedent, we reviewed whether the opponent’s claim was valid. Violation of the Unfair Competition Prevention Act The Unfair Competition Prevention Act aims to maintain a fair competition order by protecting technical and commercial information. Article 2, Paragraph 1, Clause (b) specifically prohibits the improper use of ideas or technical information for purposes other than those for which they were provided. B company claimed that the client had improperly used the idea received, and we reviewed whether this was valid according to the Unfair Competition Prevention Act. Unfair Competition Prevention Act Article 2, Paragraph 1 Acts of improperly using or providing to third parties technical or commercial ideas included in business proposals, bids, contests, or other transaction negotiations or transaction processes for the client’s or third party’s business gain in violation of the purpose for which they were provided. Requirements for Application of Unfair Competition Prevention Act Article 2, Paragraph 1 1. Idea with Economic Value The Unfair Competition Prevention Act does not protect all ideas, but only ideas with business and economic value. Therefore, the idea provided must be concrete and substantial information with the potential for competitiveness, rather than simply trivial or commonly known concepts. 2. Use in Violation of Purpose of Provision It is important to determine whether the idea was used improperly, deviating from the purpose for which it was provided. For example, if a party receives an idea in good faith during a transaction process, but the recipient uses it independently or provides it to a third party to profit, it may be deemed an act of unfair competition. 3. Exception: Already Known Information Article 2, Paragraph 1, Clause (b) of the Unfair Competition Prevention Act states that it does not apply when “the idea was already known at the time it was provided, or the idea was widely known in the same industry.” For example, if an idea is already widely used in the market or is information that anyone in the industry would know, it will not be recognized as an act of unfair competition. Law firm Veat provides professional legal advice on the requirements for obtaining copyright protection, including creativity, through in-depth understanding and comprehensive approach to copyright-related matters. If you have intellectual property disputes or need legal advice regarding copyright and idea protection, please feel free to contact Law firm Veat. Thank you. Law firm Veat
Employment contract templates provided_Customized drafting of regular, contract, part-time, and ultra-short time employment contracts!
Law firm Veat received a request from Company A, a generative AI startup operating a workforce intermediary platform, and drafted employment contracts. Company A employs a large number of regular, contract, part-time, and very short-time workers and requested consultation from Law firm Veat to efficiently and legally safely manage various employment forms. An employment contract is a key document that clearly defines the rights and obligations of both the worker and the employer, including working conditions, salary systems, and scope of work. Law firm Veat analyzed Company A's employment forms and, in compliance with the Labor Standards Act and the Act on Protection of Temporary and Part-Time Workers, drafted four types of employment contracts separately. Employment Contracts by Employment Type ✓ Regular Employee : Must clearly reflect employment conditions, working hours, vacation, and retirement pay based on a continuous employment relationship. ✓ Contract Employee : Must specify the duration of employment, renewal conditions, and the possibility of changing working conditions. ✓ Part-time and Very Short-time Employee : Provisions to strengthen the protection of part-time worker rights, such as weekly working hours, overtime hourly wages, and rest times, must be strengthened. In particular, laws and regulations related to very short-time workers can be relatively complex, so they must be clearly interpreted and systematically reflected in the matters that Company A must comply with. Confidential Information Protection and Non-Compete Clause The employees of Company A are likely to deal with tasks that involve frequent access to Company A's internal information, as well as confidential business information related to external clients. Considering this environment, Law firm Veat reflected confidentiality protection clauses and non-compete restrictions in the employment contracts to protect Company A's intellectual assets and prevent the leakage of information to competitors. ✓ Confidential Information Protection Clause Information accessed by Company A's employees during their work goes beyond simple working materials and is a core asset that can affect Company A's competitiveness. To protect this, the following details can be included in the employment contract. - Definition of Information: Specifically states the scope of confidential business information, such as client lists, pricing policies, and internal databases. - Duty of Confidentiality: Employees must be obligated not to disclose or leak the information during and after their employment. - Sanction in Case of Breach: Clearly states that Company A may take legal and civil actions if leakage of confidential information is confirmed. ✓ Non-Compete Clause The non-compete clause is a sensitive matter that restricts the employee's activities after leaving the company, so rational setting is essential for maintaining legal validity. - Scope of Restriction: Specifically states the region and competitor scope for the employee's non-compete restriction. - Restriction Period: Sets the period during which the non-compete restriction applies after leaving the company, based on the nature of the job and legal standards. - Compensation: Includes provisions for providing a reasonable level of financial compensation to the employee who bears the non-compete obligation. Confidential information protection and non-compete clauses included in the employment contract are essential elements for maintaining Company A's business competitiveness and minimizing legal risks. In addition, preventing legal disputes and maximizing the interests of Company A can be achieved by setting a reasonable period, region, and scope so that confidentiality protection and non-compete clauses remain legally valid. An employment contract goes beyond simply defining employment conditions; it is an important means of ensuring the operational stability of a company and building trust with employees. Especially for companies like workforce intermediary platforms that cover a variety of employment types and handle sensitive information, it is essential to systematically manage employment contracts in accordance with the Labor Standards Act, and it is recommended to seek advice from legal experts. Law firm Veat drafted customized employment contracts that combine legal stability and practical efficiency, considering the platform characteristics of Company A and the scope of work of its employees. Not only has it fulfilled the legal requirements of the Labor Standards Act, but also reflected Company A's business environment and specific requirements so that employees can clearly understand and perform their roles, laying the foundation for building trust between employees and employers. Law firm Veat provides employment contract forms, confidentiality agreements, shareholder agreements, new stock subscription agreements, stock purchase options agreements (stock option agreements) free of charge through its official website. We also provide review services at a reasonable cost based on these forms, so please feel free to contact us if you need help. Thank you. Law firm Veat