Case Studies
Maintaining consumer trust: the first step, establishing corporate refund policies.
Law firm Veat received a request from Company A (hereinafter referred to as “Client”), which provides game and community sponsorship services, to conduct a legal review related to its refund policy. The Client is a company that provides game and community sponsorship services, and its structure allows users to participate in various activities by purchasing cash, points, paid items, and more. Accordingly, clear guidelines were needed for refund requests that could arise during the use of paid services. The Client requested consultation from Law firm Veat in order to fulfill the specific conditions and procedures of the refund policy stipulated in the “Act on Protection and Use of Information in Electronic Commerce” (hereinafter referred to as “Electronic Commerce Act”) as a legal requirement. Law firm Veat's Electronic Commerce Team thoroughly analyzed the refund regulations according to the Electronic Commerce Act and comprehensively reviewed the Client’s terms of service and refund policies posted within the service. During this process, it especially verified whether the scope of refunds and refund methods to be paid when a refund reason arises comply with legal standards. Furthermore, after reviewing the possibility of double payments that could arise depending on the form of refund, it proposed additional measures to prevent the problem of double payments, so that the Client could minimize significant financial burdens and legal risks while also avoiding a negative impact on the trust relationship with consumers. Guidance on establishing a correct refund policy for service providers The Electronic Commerce Act stipulates that consumers have the right to cancel a contract, and that contract cancellation may be limited in cases where consumers have used the goods or services or their value has significantly decreased . The Act also stipulates specific procedures such as the cancellation right, limitations on the cancellation right, refund period, and refund method. Furthermore, businesses must take measures to prevent consumers from obstructing the exercise of their cancellation rights and other rights, and must understand these measures and establish refund policies based on them. Companies must comprehensively establish refund policies related to the proper and legally correct return of money already received in various situations, such as mid-term termination of service contracts or refund requests prior to service use. Therefore, we recommend that you seek the assistance of a legal expert who can examine these matters in various aspects to prevent consumer disputes and legal risks. Law firm Veat, based on its expertise in various laws and regulations governing electronic commerce, such as the Electronic Commerce Act and the “Act on Regulation of Standard Contract Terms,” is assisting clients in complying with the legal requirements stipulated in each law. If you require a legal review related to refund policies and other electronic commerce matters, please contact Law firm Veat. Thank you. Sincerely, Law firm Veat
Influencer successful partnership, commerce contract legal safety net
Law firm Veat received a request from Company A, a cosmetics brand, to review influencer commerce contracts. The client requested a review of influencer commerce contracts as they aim to exclusively manage influencers and conduct business through joint commerce activities. Joint commerce, such as on Instagram and other social media platforms, can expect high purchase conversion rates through the trusted relationship with influencers, and can reach many people in a short period of time by utilizing the rapid spread of SNS platforms, and is a method that can obtain high publicity effects at a lower cost than traditional marketing. Law firm Veat reviewed and provided the client with a customized influencer commerce contract to systematically manage influencers’ joint commerce activities and maximize mutual benefits. In particular, we carefully reviewed the contract structure to strike a balance between protecting the client's exclusive management rights and preventing infringement of the influencers’ rights, to proactively prevent potential legal disputes. Influencer Commerce Contract Publicity Rights The right of publicity means the right of an individual to commercially utilize their name, face, voice, signature, image, or other unique attributes. It is a right mainly applied to public figures such as celebrities or influencers, and is a legal right that protects them in utilizing their recognition and fame to gain commercial benefits. The right of publicity prevents the commercial use of an individual's unique attributes without their permission, allowing individuals to control their image and profit from its use. Law firm Veat clearly defines the rights and obligations between companies and influencers regarding publicity rights in the commerce contract to proactively prevent and quickly resolve disputes, and thoroughly reviewed provisions enabling the client to legitimately utilize the right. The client was able to design the structure of their joint commerce business and their rights and obligations legally and safely, and confidently proceed with the commerce contract, based on Law firm Veat’s thorough review of the commerce contract. Furthermore, by protecting influencers’ publicity rights, they were able to maintain a smooth relationship with influencers while strengthening their exclusive management rights, further enhancing the business competitiveness and legal stability of their joint commerce activities. Law firm Veat specializes in providing legal advice to startups for various services, and especially identifies and solves clients’ legal requirements in emerging business models such as influencer commerce. In addition, we provide in-depth legal advice in the field of publicity rights, so if you are looking for a clear and professional solution to legal problems, please contact Law firm Veat. If you need help with influencer contracts, joint commerce contracts, live commerce contracts, social commerce contracts, or publicity rights, Law firm Veat will do its best to assist you. Thank you. Law firm Veat
Law firm Veat provides legal advice for TIP team's copyright recovery regarding YouTuber video theft.
Law firm Veat received a request from a famous YouTuber (hereinafter referred to as "client") and provided legal advice in a copyright infringement lawsuit arising from video theft. The client is a famous YouTuber creating diverse creative video content. The client invested a lot of time and effort in creating videos, generating advertising revenue through them. However, they discovered that their content was being illegally copied and uploaded on other platforms. Especially, the thief was making profits from it, so they sought help from Law firm Veat, specializing in copyright law. Law firm Veat’s TIP team thoroughly analyzed the case, emphasizing that the stolen video was reproduced and distributed without the consent of the original copyright holder, and quickly drafted a complaint for copyright infringement. During this process, the TIP team possesses extensive experience in the field of copyright law, preparing legal grounds and evidence quickly and accurately to enable the investigative authorities to conduct an efficient investigation. Law firm Veat’s TIP team collected evidence comparing the client's YouTube channel's original video with the thief's stolen video and demonstrating whether the thief was creating illicit profits, thereby playing a crucial role in clearly demonstrating the fact of copyright infringement. The 「Copyright Act」 exists to protect the rights of creators, and those who violate it can be held civilly and criminally liable. Therefore, if you want to find out the purpose for which the thief infringed copyright, whether they illegally used it and appropriated profits, etc., please seek the help of legal experts with a deep understanding of intellectual property rights so that you can regain your rights quickly and effectively. Copyright & Intellectual Property Specializing Law firm Veat TIP team Law firm Veat recognizes the importance of copyright and intellectual property-related legal issues in the era of the Fourth Industrial Revolution and the COVID-19 pandemic, which has spurred the growth of the untact industry, and has launched the TIP team led by attorney Oh Seung-jong to provide specialized and professional legal services. Attorney Oh Seung-jong, who leads the TIP team, began his career in the legal field as a judge at the Seoul Criminal District Court, and after serving in various courts, served as a professor of patent law, trademark law, and copyright law at the Judicial Research Institute. Attorney Oh has a track record of leading numerous successful cases in the field of intellectual property rights and has accumulated unparalleled expertise in copyright and intellectual property rights by serving in various positions, such as Chairman of the Korean Copyright Committee and Chairman of the Korean Copyright Law Association. Law firm Veat’s TIP team also includes Attorney Ahn Il-woon, who serves as a community specialist at the Korean Copyright Committee, and Attorney Jeon Yong-hwan, who has extensive experience in ICT regulatory sandbox and practical service legal consulting, as major members, handles various intellectual property-related disputes such as copyrights, trademarks, and design rights, strongly protects clients' rights through injunctions and damages lawsuits, and also provides careful legal advice on copyright and intellectual property legal issues that may arise in daily business. As digital technology advances, the importance of copyright and intellectual property increases, and Law firm Veat will continue to stay abreast of the latest trends and provide legal services based on expertise and experience to enable various companies to respond more effectively to various legal issues they may face. If you need legal advice on copyright and intellectual property, please contact Law firm Veat. Thank you. Law firm Veat
E-commerce settlement delay and legal response and practical guide for travel intermediary platforms.
Law firm Veat received a request from travel intermediary platform A ("hereinafter referred to as the client") to review measures to resolve the delayed settlement issue from an e-commerce company. The client acts as an intermediary for travel agencies and travel programs, providing services by registering as a seller on the e-commerce company. However, due to the fault of the e-commerce company, the settlement was delayed, causing difficulties in the company's operations, and they sought help from Law firm Veat. First, Law firm Veat's e-commerce team thoroughly reviewed the contract relationship with the travel agency, the contract relationship with the e-commerce company, and the contract relationship between the company and the client. Through this, they identified the provisions related to settlement payment in each contract and reviewed the legal measures that could be taken in the event of a problem due to the fault of the e-commerce company. As a response measure the client could take, Law firm Veat's e-commerce team reviewed whether the company could cancel direct transactions and proceed with alternative transactions if the e-commerce company’s settlement payment delay caused difficulties in providing travel programs, whether it could apply for a pre-lien to secure claims against the e-commerce company, and comprehensively reviewed and proposed measures to reduce the legal responsibility and client's risks regarding unpaid settlement. As settlement delays and payment delays can have a significant impact on the client’s financial stability and customer trust, Law firm Veat’s e-commerce team quickly reviewed the legal issues and presented the optimal response measures.
Series D investment contract essential items for converting convertible bonds into exchangeable preferred shares.
Law firm Veat received a request from learning development startup A (hereinafter referred to as "the client") to provide legal advice in the process of converting issued convertible bonds into redemption convertible preferred shares (RCPS), and drafted investment contracts necessary for the new Series D investment round. The client needed to draft an investment contract (stock subscription agreement and investment agreement) in a complex situation where they were converting issued convertible bonds into redemption convertible preferred shares (RCPS) and simultaneously securing investment from new investors. Law firm Veat provided comprehensive legal advice in the process of converting issued convertible bonds into redemption convertible preferred shares (RCPS), including applying a conversion price adjustment clause to accurately calculate the type and number of newly issued shares and procedures for registration necessary for the conversion of convertible bonds and the issuance of new shares. In addition, during the Series D investment process, to secure approximately 1.5 billion KRW in investment, we thoroughly reviewed Korean and English investment contracts, identified points of conflict with the investment, and provided revision opinions to secure favorable conditions for both the investor and the company. Conversion of redemption convertible preferred shares (RCPS) and convertible bonds Redemption convertible preferred shares (RCPS) combine the characteristics of stock and bonds, allowing investors to receive shares from the issuing company after a certain period or convert them into common stock. RCPS provides priority dividends and liquidation preference, and allows the company to raise capital while maintaining flexibility in its capital structure. The reason for converting convertible bonds into redemption convertible preferred shares (RCPS) is to improve capital structure, reduce interest expenses, secure financial flexibility, minimize dilution of shareholder value, attract investors, manage financial risk, and improve the company's financial condition and strategic flexibility. RCPS enables a conversion from debt to capital, reducing the debt-to-equity ratio, paying dividends instead of fixed interest expenses, protecting the influence of existing shareholders with voting restrictions, and helping to maintain credit ratings. These convertible bond conversion elements play an important role in the company's financial condition and equity structure. The main considerations when converting convertible bonds are as follows. Converting convertible bonds plays an important role in the company's financial condition and equity structure, so advice from a law firm with extensive experience is necessary to prevent legal issues during the issuance and conversion process. Law firm Veat provides legal advice throughout the entire process of convertible bond issuance, conversion price adjustment, and stock conversion, supporting the company's stable growth. Conversion Price Adjustment: A clause to adjust the conversion price of convertible bonds may be included depending on stock price fluctuations. This is a safeguard for investors, allowing them to convert into stock even if the stock price falls. Dilution of Shareholder Value: When convertible bonds are converted into stock, the stakes of existing shareholders may be diluted. Issuers should carefully issue convertible bonds to prevent this. Law firm Veat provides trusted legal advisory services in the investment field. When securing investment from a variety of international investors, it is important to have a clear and accurate English investment contract review and advice. Through our senior foreign lawyers, we provide efficient language communication and have been swiftly and accurately reviewing the Korean/English versions of investment contracts based on our years of experience. Thoroughly reviewing and preparing the investment contract is an important step in increasing the company’s stability and growth potential, and is also a matter of building a relationship of trust with investors. Law firm Veat has expertise in preventing potential legal problems that may arise during a startup’s investment process and leading to a successful investment. We hope that through Law firm Veat’s legal services, more startups will be able to secure successful investment and continue innovative growth. Law firm Veat comprehensively handles various legal issues such as stock subscription agreements, shareholder agreements, investment agreements, conversion of convertible bonds, conversion price adjustment, and English contracts, and provides comprehensive legal advice, so please feel free to contact us. Thank you. Law firm Veat
Law firm Veat, Attorney Gukmyung Soo, published an article related to the distribution of renewable energy through the Special Act on Distributed Energy.
Law firm Veat’s Gukmyeong-soo partner attorney published an article titled “Distributed Energy Special Act: Expectations for Expanded Renewable Energy Adoption” in Chungcheong Times. Attorney Gukmyeong-soo explained the importance of renewable energy and the legal basis for promoting it through this article. He detailed the official name and definition of the Renewable Energy Act, as well as the benefits of renewable energy, and emphasized the need to expand renewable energy adoption. One of the main reasons why renewable energy adoption is proceeding slower than the target is the lack of transmission and distribution networks. He emphasized the role of the Distributed Energy Special Act, which was enacted to resolve this issue. He anticipates that the Distributed Energy Special Act will further promote the adoption of renewable energy and that energy supply will be smooth without the construction of long-distance transmission lines. The Distributed Energy Special Act aims to establish a system where energy is produced, supplied, and consumed through renewable power plants and energy storage systems (ESS), demand response resources (DR), etc. near power consumers. It is noted that this can reduce power losses and social conflicts and provide high energy independence and lower electricity rates to local governments and residents. However, he also expressed opinions on some regrettable aspects, such as the exclusion of industrial park managers and advanced medical complex managers from the mandatory installation subjects, and the different settings of the mandatory installation ratio between the metropolitan area and other regions. Attorney Gukmyeong-soo emphasizes through this article that the Distributed Energy Special Act plays an important role in expanding renewable energy adoption and that continuous implementation can lead to positive changes across the country and society as a whole. This column will provide in-depth insights for readers interested in renewable energy and the Distributed Energy Special Act. Detailed content of this article can be found on the Chungcheong Times website at the link below. If you need specific legal advice related to renewable energy, the Distributed Energy Special Act, please contact Law firm Veat. Distributed Energy Special Act: Expectations for Expanded Renewable Energy Adoption - Chungcheong Times (cctimes.kr)
Tymon-Wimf incident, how will it be concluded? 6 key points (lies, closure, legal proceedings, etc.)_Attorney An Il-woon Outstanding Interview
Law firm Veat’s An Il-woon partner attorney detailed the prosecution of executives in the Tmon-Wemake affair through an interview with the IT specialist news agency Outstanding. As the Tmon-Wemake settlement delay issue grew, problems are spreading in a complex manner and attracting attention. Partner attorney An Il-woon explained in detail in this interview whether the executives in the Tmon-Wemake affair would be subject to prosecution and to what extent professional executives should be held responsible, based on professional opinions. Please refer to the article below for the full interview. If you require specific legal advice regarding settlement delays or other related matters, please feel free to contact Law firm Veat. The Tmon-Wemake affair, how will it be concluded… 6 Key Points (Lies, Business Closure, Prosecution, etc.) - Easy and Fun IT News, Outstanding! (outstanding.kr) If, under a situation where it was sufficiently foreseeable that settlement payments would be impossible, you hid the fact from sellers or consumers and continued business, fraud charges could arise. The executives of Tmon and Wemake also have a duty of care as directors, so they could be charged with breach of fiduciary duty under the Commercial Code, and responsibility is easily acknowledged if there is intent or gross negligence. Duty of care is... Source: Outstanding(https://outstanding.kr/) Partner attorney An Il-woon also serves as legal mentor attorney for ICT startups at the Ministry of Science and ICT, and as a lawyer instructor at the Korean Bar Association's '2020 Venture Startup Investment Academy'
Global E-Sport acquisition legal consultation, "It goes smoothly with Law firm Veat."
Law firm Veat received a request from a global esports company (hereinafter referred to as "client") and provided legal advice during the acquisition process of a domestic game data analysis company, helping to achieve a successful acquisition. The investment team of Law firm Veat focused on minimizing the possibility of unexpected losses for the target company's shareholders and minimizing legal issues through review of various legal issues in this acquisition process. In particular, through in-depth legal review of the agreed acquisition transaction structure, we clarified the procedures and documents requiring seals that the target company’s side had to perform, while maintaining the legal stability of the acquisition process and supporting it to proceed quickly and smoothly. We also reviewed the contents of the acquisition agreement and related agreements and advised the client on matters requiring adjustments to the detailed conditions. The client was able to identify various legal issues in advance through Law firm Veat’s detailed analysis, and together with Law firm Veat’s investment legal experts, we were able to consider solutions and prepare the acquisition process smoothly. Mergers and Acquisitions Checkpoints Mergers and Acquisitions (M&A) refers to the process of one company acquiring another or two or more companies merging into one company for various economic purposes, such as improving management efficiency or strengthening market dominance. In this process, it is important to carefully draft details of the merger method, merger ratio, type and allocation ratio of newly issued shares, special agreements, and other factors, and to examine various laws that can be applied to the M&A process from various angles. It can be confirmed that the legal risk of the acquired company is high during the acquisition process, and unexpected problems may be revealed during the due diligence process, so we recommend that you have a detailed review with the help of legal experts with experience in M&A. Law firm Veat has demonstrated excellent capabilities as a leading provider of “investment” and “M&A” legal advisory services, based on experience advising various companies, quickly analyzing the requirements in the acquisition process, presenting solutions to various legal issues, and leveraging experience providing “investment” and “M&A” legal advice. Law firm Veat, a leader in M&A boutiques, ranked fifth in Bloomberg’s 2024 first half M&A market based on the number of transactions, 18th in The Bell league table based on completed transactions, and 14th based on announced transactions. It also achieved 12th place in the Dealsite league table, demonstrating outstanding expertise and capabilities as an M&A boutique. Based on this expertise, Law firm Veat will exert leadership in the M&A market and provide customized legal services to clients in the M&A field. If you are concerned about legal issues related to Mergers and Acquisitions (M&A), please contact Law firm Veat. Thank you. Law firm Veat
Crawling data collection before <3 Key Check Items>
Law firm Veat received a request from IT startup A (hereinafter referred to as the "Client") to review the legality of data collection. The Client requested a review of the legality of collecting data or images released by a third party through methods such as crawling and using them for business. Crawling is a technology that means automatically browsing the internet and collecting data using programs or scripts called Web Crawlers or Spiders. Although the act of collecting data through crawling may seem technically simple, it can cause various problems from a legal perspective, such as infringement of the data provider's rights, violation of terms of use, infringement of the Copyright Act and the Act on Protection of Business Activities, so legal review is essential. Main Legal Review Items for Crawling ✓ Review of Violation of Third-Party Terms of Use Most websites specify restrictions on data collection and use in their terms of use. Law firm Veat carefully reviewed the terms of use of the websites the Client wishes to collect data from, judged whether or not they violated these terms, and presented measures to minimize legal problems. ✓ Review of Copyright and Copyright Infringement According to the Copyright Act, works are protected if they are recognized as having creativity. A stricter legal review is necessary when using copyrighted data or images for business purposes. Law firm Veat reviewed whether the data or images collected by the Client constitute a copyrighted work based on precedents and legal interpretations, and reviewed whether the Client's data collection through crawling constitutes copyright infringement. ✓ Review of Violation of the Act on Protection of Business Activities The act of unauthorizedly collecting and using a competitor’s data through crawling may constitute a violation of the Act on Protection of Business Activities, and whether or not it violates the Act depends on the nature of the data collected and the collection methods. Law firm Veat thoroughly reviewed whether the Client’s data collection activities comply with the Act on Protection of Business Activities, and presented alternative solutions for cases where legal risk was deemed to exist. Law firm Veat also considered the possibility of violating other relevant laws related to data collection and reviewed it from various perspectives by referring to precedents in similar cases. In addition, it provided guidance on the methods by which the Client can legally collect and use data and, if necessary, how the Client can secure legitimate rights or use them legitimately. Law firm Veat has received a commendation from the Ministry of Science and ICT for its contributions in the field of digital innovation, and is providing optimal legal advice through a deep understanding of legal issues related to data crawling, based on its extensive experience and expertise in the IT and startup fields. If you are experiencing difficulties with crawling, copyright law, or the Act on Protection of Business Activities, we recommend you contact Law firm Veat for professional legal review and advice to minimize legal risks. Thank you. Law firm Veat
When employees and executives of the acquiring company participate in the acquisition and jointly acquire shares of the target company, review legal restrictions.
Law firm Veat received a request from a software development company to review the legal limitations regarding the possibility of employees and executives of the acquiring company participating in the acquisition process and jointly acquiring shares of the acquired company. Veat investment team analyzed relevant laws and regulations, such as the Commercial Code and Capital Markets Act, concerning transactions involving the utilization of company opportunities to determine whether this transaction would present any legal risks, and reviewed the company's internal regulations and internal procedures, such as shareholder meetings, and informed them of the results. Furthermore, based on the review of the legality of the transaction structure, we thoroughly examined the contract and proposed revisions for portions requiring changes. What is a transaction involving the utilization of company opportunities? A transaction involving the utilization of company opportunities refers to the legal principle that regulates the act of a company's employees and executives utilizing the company's business opportunities for personal gain. This generally applies to company executives, members of the board of directors, and other senior officials, and is a system designed to prevent them from infringing on the company’s interests. The utilization of a company's opportunity for personal gain is strictly regulated by various laws such as the Commercial Code and Capital Markets Act, and legal responsibility will be imposed for violations in order to protect the company's assets and ensure corporate management that prioritizes the interests of shareholders. Therefore, if employees acquire shares of the acquired company using personal funds during the process of a company acquiring another company, or if employees utilize a company's planned new business opportunity to establish or invest in a separate company, such actions may be considered transactions involving the utilization of company opportunities. We recommend obtaining a legal review through legal professionals with extensive experience in M&A. Law firm Veat boasts outstanding expertise in resolving complex legal issues related to transactions involving the utilization of company opportunities and other M&A and corporate issues, and provides optimal legal solutions based on the rich experience accumulated through various corporate mergers and acquisitions (M&A) and investment advisory cases. A deep understanding of M&A and corporate advisory, and legal solutions are one of Law firm Veat's core competencies. Based on this expertise and experience, we will assist you as a legal partner to support your successful business. If you are concerned about various legal issues of your company, please inquire about Law firm Veat's regular legal subscription service. Thank you. Veat Law Firm