Case Studies
Medical device exclusive sales contract review and support for international trade negotiations.
Law firm Veat received a request from a domestic bio healthcare startup A (hereinafter referred to as "the client") to review and support negotiations for the "exclusive distribution agreement for medical devices" regarding a transaction to exclusively sell medical devices (blood glucose meters) manufactured in China through Hong Kong to domestic. An exclusive distribution agreement is a contract that allows only the company to sell related products. In this case, it forms a close cooperative relationship between the supplier and the buyer and requires stable trading conditions for both parties, but such exclusive distribution agreements involve legal risks, so Law firm Veat reviewed the following points to minimize these risks. ● Risk management related to deposit and advance payment We thoroughly analyzed the legal risks that may arise from the client's payment of deposits and advance payments and presented various alternatives to reduce them. This secured the safety of the transaction and supported the company to proceed with the transaction with peace of mind. ● Reflection of Ex-Work shipment conditions for defective products discovery timing and checklist In the Ex-Work shipment condition, it is very important to discover defects that may occur at the time of delivery, so we clearly reflected the inspection timing of the shipment in the contract and systematized the detection of defects through a checklist. This created a system to respond quickly in case of defects. ● Clarification of legal compliance obligations and responsibility allocation in the medical device approval process We analyzed potential legal issues that may arise in the medical device approval process and clearly reflected them in the contract to clearly define responsibility allocation. This supported the company to avoid legal disputes and safely sell medical devices. International transaction negotiation support Law firm Veat supported the client's international transaction negotiations to exclusively sell devices manufactured in China to the domestic market. International transaction negotiations are an essential element for companies to successfully operate in the global market. In particular, understanding and coordinating different legal systems and cultural differences is important. Law firm Veat has outstanding expertise in international transaction negotiations, meticulously reviewing the exclusive distribution agreement and supporting the negotiation process for approximately one month to secure the safety of the transaction and enable the company to conclude the contract on favorable terms. It is especially important to verify that mutually agreed matters are accurately reflected and to clarify the content of the contract, so legal review by an experienced international lawyer is essential. Law firm Veat is efficiently and quickly performing its work based on its diverse experience in international transaction contracts and negotiation support. In particular, led by Senior Foreign Attorney Song Woo-seok, who has excellent communication skills and extensive legal advisory experience in numerous international contracts, we are helping the client operate a stable and successful business. Law firm Veat is recognized for its expertise and performance internationally. We were selected as a finalist in the 'ALB Korea Law Award 2023' hosted by the legal professional publication Asian Legal Business (ALB) for the categories of 'Korean Deal of the Year,' 'Boutique Law Firm of the Year,' and 'Lawyer of the Year.' This is an important indicator of Law firm Veat's international capabilities and reliability. If you need legal advice related to exclusive distribution agreements and international transaction negotiations, please contact Law firm Veat. Thank you. Law firm Veat
[Law firm Veat_PlatForm Column] How to Deal with Unauthorized Use of Creations and Copyright Infringement Cases
Law firm Veat's TIP (Technology Intellectual Property) team thoroughly covered Dealing with Illegal Use of YouTube Videos through Platum, a magazine specializing in startups. Cases of copyright infringement are occurring where creative works posted on platforms or blogs are used without permission. This column specifically explains how to legally respond when copyright infringement occurs. Law firm Veat's TIP team provided essential information for various companies, including content managers and intellectual property (IP) managers, through this column published on Platum. You can check the full article through [this link]. Regarding copyright infringement, after sending a warning letter, you can proceed with criminal prosecution and civil lawsuit procedures depending on the other party's acknowledgment, but it is necessary to comprehensively verify the detailed requirements and damage compensation calculation criteria. To reduce the cost and time required for review and consider efficient solutions for copyright infringement, we recommend consulting with legal professionals with extensive experience in copyright infringement. Law firm Veat’s TIP (Technology Intellectual Property) team has handled extensive legal advice and litigation cases related to copyright infringement, and provides legal advice considering solutions optimized for the client’s current situation, such as warning letters, legal procedures, and alternative dispute resolution procedures. Law firm Veat’s TIP team is centered on Attorney Oh Seung-jong, who has a deep understanding of copyright cases, and includes Representative Attorney Choi Seong-ho, recognized as a ‘Leading Lawyer’ in the Legal Times TMT field, partner attorney An Il-woon, a community specialist of the Korean Copyright Committee, and attorney Jeon Yong-hwan, who deals with ICT regulatory sandbox and demonstration service legal consulting. Law firm Veat’s TIP team is assisting in the protection of copyrights and intellectual property rights for digital content. Thank you. Law firm Veat
Headhunting Company Service Consulting Agreement Legal Review
Law firm Veat received a request from a recruitment headhunting company A (hereinafter referred to as "Client") and reviewed a service consulting contract for the Client to utilize its services. Law firm Veat’s Startup Consulting Team confirmed that the service consulting contract clearly stated the specific scope of services and fee standards, and advised that the scope of services and the compensation for it be specifically stated. Also, due to the concern that company’s internal information may be leaked during the recruitment process, a confidentiality clause was added to the contract to allow the Client to protect the confidential information of the entrusted company. We added a clause clarifying the responsibility for damages that may occur during the contract performance or in the event of termination, and specified the termination conditions and procedures to allow the contract to be terminated in accordance with the predetermined procedure. We added a clause prohibiting the assignment of rights and obligations between the contracting parties to a third party, which helps maintain the consistency and reliability of the contract. Need for legal review by a legal professional rather than a standard contract when preparing a service contract To utilize headhunting services, a service contract must be concluded. The service contract clearly defines the rights and obligations between the contracting parties, and clearly states important matters such as the scope of services, fee standards, and confidentiality clauses, playing a role in preventing disputes that may occur in the future. Even when using a standard contract, if there is a concern that the company’s secrets may be leaked, it is helpful to have a lawyer with expertise in service contracts legally review the contract before concluding it to prevent future disputes. We can help you understand the contract content clearly, identify the key elements of the contract, and have a legal professional review various legal issues that may arise during the subsequent performance process, so we recommend that you have a legal professional review the contract for safe contracting. Law firm Veat provides contract review and consultation services optimized for various startups and companies, and we are assisting as a legal partner who can grow with our clients. If you need legal advice on service contracts or service agreements, or need a reliable partner for regular legal subscription services, please refer to the following information. Thank you. Law firm Veat
Foreign Exchange Transaction Report Related to Money Lending
Law firm Veat reviewed the foreign exchange transaction report of a parent company (Korean entity) A, which lent money to its U.S. subsidiary, and performed the reporting duties. Money lending to overseas entities can be part of foreign direct investment. This can have various purposes, such as expanding overseas business or supporting operating funds, and the type of reporting and required documents vary accordingly. Also, the repayment period and loan amount are important elements of the foreign exchange transaction report. The reporting process can become complicated if the repayment period is long or the loan amount is large. Law firm Veat thoroughly understood the purpose and nature of the client's money lending and carefully reviewed the lending conditions, providing detailed guidance on the documents and procedures for the foreign exchange transaction report. Procedure for foreign exchange transaction reporting When reporting foreign exchange transactions, the procedure money lending contract creation -> preparation of required documents -> submission of the report is necessary. Compliance with legal requirements in each procedure, maintaining the transparency of foreign exchange transactions, preventing legal problems, and performing safe foreign exchange transactions through professional advice, strict adherence to relevant regulations, and accurate fulfillment of necessary reporting are essential. The importance of foreign exchange transaction reporting is emphasized through various provisions of the Foreign Exchange Transaction Act. It plays an important role in guaranteeing the transparency of foreign exchange transactions, maintaining the stability of the national economy, and promoting the balance of international payments. Expertise in foreign exchange transaction reporting When making foreign direct investment or lending money to overseas entities, the transaction must be reported in accordance with the Foreign Exchange Transaction Act. This is an important procedure to transparently manage cross-border capital flows and prevent illegal fund transfers. However, due to the complexity of foreign exchange transactions and the resulting difficulty in reporting, many companies fail to comply with their reporting obligations. Law firm Veat carefully reviews to ensure that the client meets these legal requirements and performs the necessary reporting duties. Foreign exchange transaction reporting has different procedures at each stage, and the required documents and information vary depending on the procedure. We support the client in preparing all necessary documents in the reporting process, thoroughly review the latest laws and regulations to minimize legal risk, prevent legal issues, support safe transactions, and directly perform the reporting duties. Law firm Veat helps companies protect their interests in the foreign exchange transaction reporting process related to money lending and facilitates a smooth reporting process. Law firm Veat is a law firm specializing in legal advice related to IT and startups, M&A, and personal information, and has accumulated abundant experience through various foreign exchange transaction cases, providing in-depth advice on complex legal procedures such as foreign exchange transaction reporting. If you have any questions regarding foreign exchange transaction reporting related to money lending, securities acquisition reporting, foreign direct investment reporting, foreign investment reporting, or the 「Foreign Exchange Transaction Act, please contact Law firm Veat Overseas Investment Reporting Center. Thank you. Law firm Veat
[Law firm Veat_Plattum Column] Copyright Infringement You Must Know When Using Fonts
Law firm Veat's TIP (Technology Intellectual Property) team has, through the startup-focused magazine Platum, explained in an easy-to-understand way points to know regarding font program copyrights when creating content on YouTube, websites, etc. The number of cases where companies are receiving warning letters due to using illegal fonts is increasing. This column details how to handle a situation where you have received a copyright infringement warning letter. Law firm Veat's TIP team has, through the column published on Platum, provided detailed information to various companies such as content creators, advertising companies, and website development companies. You can check the full article via [link]. Illegal fonts may remain on computers in various situations, such as using various programs and internet resources, and not all uses of font programs constitute copyright infringement. Therefore, it is recommended that you consult with a lawyer experienced in handling various copyright cases, including font program copyrights, to confirm the status of copyright infringement and receive professional advice. Law firm Veat's TIP (Technology Intellectual Property) team has extensive experience in copyright matters such as font programs, trademarks, and patents, and closely monitors the trends of copyright matters related to the Korean Copyright Committee, proactively identifies them, and provides professional legal advice. Law firm Veat’s TIP team, centered around attorney Oh Seung-jong, who has a deep understanding of copyright matters through various legal advisory and litigation cases, includes representative attorney Choi Seong-ho, recognized as a ‘Leading Lawyer’ in the Legal Times TMT field, partner attorney An Il-woon, who serves as a community specialist for the Korean Copyright Committee, and attorney Jeon Yong-hwan, who handles ICT regulatory sandbox and proof-of-concept service legislation consulting. Law firm Veat’s TIP team helps you understand and prepare for copyright matters to prevent legal risks related to font programs and other copyright infringements.
[Law firm Veat_Plattum Column] Two Essential Compliance Requirements When Creating Parody Content
Law firm Veat’s TIP(Technology Intellectual Property) team has addressed points to note regarding copyright when creating content on platforms such as YouTube or podcasts, in an easy-to-understand manner through Platum, a magazine specializing in startups. Parody refers to the act of satirizing or criticizing an existing work. This column details the requirements for parody to be permissible, providing legal cases as examples. Law firm Veat’s TIP team has provided detailed information needed for content creators and advertising planners through this column published in Platum. You can check the full column through the [corresponding link]. While precedents present criteria for parody to be permissible, these criteria are very strict, and parody has a high probability of copyright infringement. Therefore, we recommend that before posting content on platforms such as YouTube or podcasts, you thoroughly review it with a legal expert with extensive knowledge of copyright law to reduce legal risks. Law firm Veat’s TIP(Technology Intellectual Property) team provides professional legal advice regarding copyrighted works, which are a creator’s creative assets, and has deep understanding and expertise in not only copyright issues related to digital content, but also in a wide range of intellectual property rights such as trademarks and patents. Law firm Veat’s TIP team is led by attorney Oh Seung-jong, who has a deep understanding of copyright matters through various legal consultation and litigation cases, as well as representative attorney Choi Sung-ho, recognized as a ‘Leading Lawyer’ in the Legal Times TMT field, partner attorney An Il-woon, who serves as a community specialist for the Korean Copyright Committee, and attorney Jeon Yong-hwan, who specializes in ICT regulatory sandbox and pilot service legal consultation. Law firm Veat’s TIP team provides optimized legal advice regarding copyright infringement and other copyright issues. Thank you. Law firm Veat
Virtual asset business operator and Special Financial Information Act related trading bot business structure review
Law firm Veat received a request from a virtual asset management service provider A (hereinafter “Client”) to review the business structure of registering automated trading signals (trading bots) on a virtual asset exchange and receiving usage fees. The Client, which does not directly handle virtual assets, was planning a business structure of registering trading bots on overseas virtual asset exchanges and receiving fees paid by users in virtual assets. The Law firm Veat blockchain team comprehensively reviewed the Client’s legal issues, including whether there were any problems with the business structure, whether reporting was required domestically when conducting transactions with overseas virtual asset exchanges, and whether there were any anti-money laundering issues, with reference to the “Act on Reporting and Use of Specific Financial Transaction Information” (hereinafter “Specific Financial Transaction Information Act”) and other related laws, the Financial Intelligence Unit’s latest press releases, and a collection of anti-money laundering rulings. In particular, we explained in detail to the Client the parts reviewed based on the Law firm Veat’s specialized know-how in blockchain business, in addition to the Client’s business structure and the parts necessary for the Client. Things to Check When Conducting Business as a Virtual Asset Business According to Article 1 Paragraph 1 Sub-paragraph (c) of the Specific Financial Transaction Information Act, a “virtual asset business operator” is defined as one who performs businesses such as trading, exchange, transfer, custody, management, brokerage, or arrangement using virtual assets. Even if virtual assets are not directly received, if you are conducting a business that handles virtual assets, you may be considered a virtual asset business operator, so we recommend that you receive a legal review of virtual assets. To be recognized as a virtual asset business operator, you must go through the registration and registration procedures with the Financial Supervisory Service and comply with anti-money laundering (AML) obligations. Therefore, it is important to carefully review with a virtual asset lawyer detailed content such as whether the business structure corresponds to a virtual asset business operator under the Specific Financial Transaction Information Act, whether the business method violates related laws, and what the registration procedures will be in order to set the business direction. Law firm Veat is assisting various virtual asset and blockchain-related companies as legal advisors/counselors, and in particular, Senior Foreign Attorney Song Woo-seok of Law firm Veat previously served as a senior legal counsel for Binance, a global virtual asset exchange, and has provided expert legal advice on virtual currency-related issues, anti-money laundering (AML), and cross-border M&A for numerous domestic and international blockchain projects and exchanges. If you need legal advice on whether you are a virtual asset business operator and registration procedures, etc. for blockchain business, please contact Law firm Veat. Thank you. Law firm Veat
Game development and publishing contract negotiation support
Law firm Veat reviewed the game development and publishing contract for domestic game developer A (hereinafter referred to as "the client") seeking to enter the global market through a European-based game publisher and provided support for negotiations for international trade. A game publishing contract is an agreement between a game developer and a publisher, stipulating various matters necessary for game production and distribution. It regulates everything related to game services, from the construction of related service infrastructure to translation and localization, promotion, events, server management, market analysis, and the establishment of operational foundations, making a professional review before a game publishing contract essential. Law firm Veat, in relation to the client’s game publishing contract, carefully reviewed the revenue settlement structure linked to the publisher's net sales to ensure a fair profit distribution between the publisher and the developer, and reviewed the intellectual property rights assignment issue based on improved local versions in each country, providing legal solutions to protect the developer's rights while maintaining a cooperative relationship with the publisher. Furthermore, it clearly stipulated the handling of user claims and included the claim handling procedure in the contract to enable a rapid and effective response. Moreover, it detailed the dispute resolution procedure and proposed solutions through international arbitration institutions to ensure that disputes are resolved quickly and fairly when they arise. Points to Note for International Game Publishing Transactions International transactions related to game publishing are a complex process that requires attention to various legal, cultural, and commercial factors. It requires various legal advice, including drafting and reviewing contracts, protecting intellectual property rights, complying with local laws, cultural differences, and dispute resolution.
Opinion letter drafting on sales structure for Fintech companies
Law firm Veat drafted an opinion regarding Fintech company A's (hereinafter referred to as "the client") business structure, helping the client prevent legal issues in transactions with domestic and foreign financial institutions. Regarding the client's business of receiving fees from domestic banks and securities firms upon account opening and the business of receiving fees from overseas virtual asset exchanges, Law firm Veat's Fintech team focused on reviewing the legality of the following: Whether the actions constitute sales agency mediation under the Act on the Protection of Financial Consumers (hereinafter referred to as "Financial Consumer Protection Act") The Financial Consumer Protection Act imposes strict regulations on sales agency and mediation of financial products. Therefore, Law firm Veat reviewed whether the client's business of receiving fees from domestic banks and securities firms upon account opening constitutes sales agency and mediation of financial products under the Financial Consumer Protection Act. Whether the actions constitute virtual asset buying and selling mediation under the Act on Reporting and Use of Specific Financial Information (hereinafter referred to as "Specific Financial Information Act") Since actions related to the buying and selling of virtual assets may qualify as a virtual asset business operator, Law firm Veat's Fintech team reviewed whether the client's business of receiving fees from overseas virtual asset exchanges constitutes virtual asset buying and selling mediation as defined in the Specific Financial Information Act. This helped the client determine the necessity of registering as a virtual asset business operator and supported compliance with related regulations. Review of potential violations of the Anti-Money Laundering (AML) system Law firm Veat's Fintech team reviewed whether the client's business structure could violate the Anti-Money Laundering (AML) system and provided legal advice. What is the Anti-Money Laundering (AML) system? The Anti-Money Laundering (AML) system is an institutional mechanism established to detect and prevent illegal money laundering domestically and internationally. The Specific Financial Information Act defines money laundering as actions to conceal the fact of acquiring and disposing of illegal assets, or concealing such assets, or actions to acquire and dispose of assets for tax evasion, and defines these actions as criminal acts under the Act on Regulation and Punishment of Concealment of Criminal Proceeds. As Fintech companies' business models can be subject to various regulations, we recommend obtaining comprehensive legal reviews from a Fintech lawyer before proceeding with related businesses to ensure stable business operations. Law firm Veat has been recognized by THE LEGAL 500, an international law firm capability assessment agency, as a law firm to watch in the 'Fintech Financial Services/Technology-Based Startup Advice' field. In particular, Song Woo-seok, Senior Foreign Counsel, who served as Senior Counsel to Binance, a global virtual asset exchange, possesses high expertise in the virtual asset field and provides legal advice on virtual asset-related issues and Anti-Money Laundering (AML) based on his experience advising numerous domestic and international blockchain projects and exchanges. If you require comprehensive legal advice regarding Fintech and virtual assets, please contact Law firm Veat. Thank you. Law firm Veat
Legal review of outsourced service contracts related to exhibitions / conventions / events
Law firm Veat received a request from blockchain company A (hereinafter referred to as “the Client”) and performed the task of drafting a contract for outsourced services related to various events such as exhibitions, conventions, and events. The Client needed a contract for outsourced services in order to utilize outsourced service providers for program composition, speaker recruitment, publicity and marketing PR, etc. In particular, the Client, who exclusively owns the unique brand of the exhibition and convention, strongly desired to prevent damage or infringement of brand value. Law firm Veat’s Startup Advisory Team meticulously detailed defense measures in case of brand infringement when the outsourced service provider uses the brand and stipulated that legal responsibility will be assumed in case of damage to brand value. Also, we detailed a fee settlement method in the contract to ensure the outsourced service provider transparently settles commissions arising in the process of recruiting sponsor companies. By recording specific settlement criteria and procedures, we ensured that both parties clearly understand the fee settlement. Important Checkpoints when checking outsourced contracts An outsourced service contract is a legal document needed when a company and an outsourced service provider cooperate to perform specific tasks related to outsourced services, clarifying the rights and obligations of each party to prevent disputes and facilitate the smooth execution of event tasks. It is important to accurately record in an outsourced service contract who is responsible in case of problems, what problems may arise, and how they will be resolved. Also, reasons and procedures for terminating the contract and compensation conditions must be clearly defined to prevent unnecessary legal disputes. It is recommended to receive the assistance of a legal professional when reviewing the details of the contract, such as verifying the legal validity of the contract, ensuring the outsourced service contract is properly drafted, checking for any toxic clauses, and checking for any items that should be checked in the service contract. Law firm Veat understands the various legal difficulties faced by startups as they grow and provides optimized legal services as a growth partner for the Client’s successful business operation. If you need various legal advice needed by startups, such as outsourced service contracts, please feel free to contact Law firm Veat. Thank you. Law firm Veat