Case Studies
Contract Review for Loan Agreement
Law firm Veat assisted Client Company in reviewing the promissory note agreement in relation to a financial consumption loan agreement between the company and its employees, which was undertaken to support Client Company’s employee housing fund support initiative. Client Company intended to execute a financial consumption loan agreement between the company and its employees in order to support employee housing fund support initiative, and Law firm Veat provided legal advice during this process. A financial consumption loan agreement is a contract whereby a lender lends money to a borrower and agrees to receive it back later. It requires clear and specific provisions to protect the interests of all parties involved. Law firm Veat Startup Advisory Team checked to ensure that key provisions, such as purpose, amount, interest rate, and repayment terms, were clearly stated in the promissory note agreement to prevent potential disputes and to clearly define the rights and obligations of the parties. Furthermore, considering the situation of lending money to employees, it was important to examine whether the transaction complied with relevant regulations, such as the Income Tax Act. Therefore, we carefully reviewed the provisions and regulations of the Income Tax Act to provide guidance. Law firm Veat ensured that the promissory note agreement was legally sound and valid by comprehensively reviewing and guiding the drafting and review process, including various legal elements such as interest rates and repayment terms. - Article 598 of the Civil Code: A financial consumption loan arises when one party agrees to transfer the ownership of money or other assets to the other party, and the other party agrees to return the same type, quality, and quantity. - Article 608 of the Civil Code: Any agreement by a party in violation of Article 2 of Article 608 is invalid if it is detrimental to the borrower. A financial consumption loan agreement is a contract where one party lends money or assets to the other party, and the other party agrees to return the same type, quality, and quantity. The financial consumption loan agreement has a legal effect when the agreed term is met, and it has a characteristic of having a statutory period of 10 years for termination of rights. Generally, a financial consumption loan agreement should include the amount borrowed, interest, the date of interest payments, the due date of repayment, and the method of repayment. Specifically, in cases like Client Company’s situation, where agreements are made between a company and its employees, it is necessary to tailor the financial consumption loan agreement to the company’s internal regulations and the employee’s specific circumstances. Furthermore, it is possible to agree on a compensation amount to cover potential damages that may occur in the future or to negotiate specific stipulations with the parties to cover late payment penalties. It is important to verify the drafting process of the financial consumption loan agreement with the Startup Attorney to ensure that there are no conflicts of legal interests and that the legal effect documents are properly drafted. Law firm Veat considers various factors, including company internal regulations and legal compliance matters, to review the financial consumption loan agreement and provide advice in a direction that protects the interests of both parties while minimizing legal risks. Startup Partner Law Firm Veat contributes to allowing Client Company to operate its business without legal issues by providing professional legal review on startup legal issues. If you have any questions about financial consumption loan agreements, please contact Law firm Veat. Thank you. Law firm Veat
Law firm Veat selected as a leading boutique law firm in the [2023 TMT sector league table] by LegalTimes.
Recently, Veat was selected as the leading boutique law firm in the ‘2023 TMT League Table’ published by Legal Times. Since the enforcement of the Personal Information Protection Act revised on March 14, 2023, which came into effect in September 15, the legal market has undergone significant changes, including the unification of regulations, a shift from punitive fines to economic fines, and the streamlining of penalty provisions. Furthermore, the implementation of the Act on Support for Mobility Innovation and Activation led to the further activation of mobility regulatory sandbox schemes. Continued changes are expected in the mobility market and regulatory environment. Legal Times has been paying close attention to Veat’s professional and active performance in the fields of technology, media, and telecommunications (TMT) – a key factor in its selection for the 2023 Legal Times TMT League Table. This selection recognizes Veat’s distinct expertise and results in line with the firm’s legal environmental changes. Building Trust in the TMT Field Based on Regulatory Sandbox Expertise Veat has provided regulatory sandbox legal consulting in various emerging technology fields, including TMT, as well as ICT, smart cities, regional innovation zones, and mobility, through collaborations with organizations such as the Korea Information & Communications Technology Industry Promotion Agency, the Korea Institute of Science and Technology, and Gyeongbuk TechnoPark. The firm has gained significant experience in major projects and consulting work, including the review of over 150 cases of temporary permits and experimental treatment provisions, and provided over 800 consultations and advice, including telephone and face-to-face consultations and reviews of over 300 rapid processing cases. Recognized for these achievements, Partner Songdo Young was awarded the Minister of Science and ICT Commendation on the ‘Korea Information & Communications Technology Day’ in 2020. Veat also received the Commendation of the Minister of Science and ICT for the ‘2023 Korea Digital Innovation Award’. Enhanced Expertise in the TMT Field Veat has also begun providing regulatory sandbox consulting related to the Mobility Special Act, which is being implemented under this act. Based on its deep expertise in regulatory sandbox areas, Veat is providing professional and outstanding services in the TMT field. Leveraging a deep understanding of legal issues resulting from the latest technology changes and practical experience, Veat will continue to play a leading role in regulatory sandbox and TMT areas, striving to provide the best legal advice in a changing legal environment. Veat Dream Law Firm
Law firm Veat successfully concluded its 2023 New Attorney Training Program Graduation Ceremony.
In November, Law firm Veat successfully held a graduation ceremony for new associates in 2023. This training, which lasted for approximately two months, was conducted by senior lawyers with expertise in various fields, who shared the latest trends based on practical experience, contributing to the professional development of the new associates. Cultivating New Associates with Expertise and Practical Skills New associates who joined in 2023 received practical training in areas where Law firm Veat particularly excels, including startup consulting and investment (M&A), regulatory sandboxes, personal information protection, and blockchain. Through this, the new associates have established a solid foundation for growth as experts in each field. Continued Professional Development of Law firm Veat Law firm Veat continues to invest in strengthening its expertise through active recruitment of talent and training. This new associate job training is part of the firm’s efforts to further enhance the quality of legal services, and will continue to pursue continuous development. Law firm Veat promises to continue striving for the enhancement of lawyers' expertise and the improvement of the quality of legal services. Thank you. Law firm Veat Best Regards
Mobile Business Video Copyright Understanding
We are starting a mobile business using videos. We want to use music videos, dramas, commercials, movies, animation, etc., and we want to know what compensation we need to pay to the copyright holders? Is there an association that manages videos like audio? You cannot use videos for free. Copyrights for music videos, dramas, commercials, movies, and animation are complex, and you need to pay compensation through individual negotiations. The Korea Video Industry Association exists, but it does not manage video copyrights. In the case of audio, you can negotiate through the Korea Music Industry Association (RIAK), but it does not manage all audio. You need to negotiate individually with major entertainment companies or the latest music. You can obtain usage permits through the Korea Federation of Music Practitioners (FKMP) regarding the rights of performers. In addition, the rights of lyricists and composers are mostly managed by the Korea Music Copyright Association (KOMCA), so you can obtain usage permits by receiving them here. In the case of video works, there are multiple copyright holders such as creators, actors, and editors, so individual negotiations are necessary. In particular, performers who appear in commercials may need separate consent regarding the mobile business. It is good to check the usage permit forms and procedures by referring to the websites of each association. Furthermore, in business cases that utilize music videos, dramas, commercials, movies, and animation, due to the need for specialized legal review, such as copyright laws, it is necessary to discuss with legal experts who have experience in the relevant field to operate the business stably. Veat Law Firm has a TIP team specializing in copyright and intellectual property rights, providing more professional legal advice. Veat Law Firm's TIP team, led by partner Oh Sejong, who served as chairman of the Copyright Committee, is actively involved as a community specialist of the Korea Copyright Committee, and has partner An Il-won, who possesses extensive experience in ICT regulatory sandbox and proof-of-concept service legal consulting, and partner Jeon Yong-hwan, who has deep expertise and practical experience in the field of copyright and intellectual property rights. If you need legal advice on video copyrights, etc., for mobile business, please feel free to contact Veat Law Firm anytime. Thank you. Veat Law Firm Dream. "
[202312] Monthly Veat 12th Issue_Revised Personal Information Protection Act & Veat Law Firm’s 2023 Top News
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Law firm Veat legal review of the full English contract for the visit of Japan’s Star Group Yoasobi.
Law firm Veat assisted YOASOBI (Ayase, ikura), a top Japanese star group, in negotiating and drafting the English performance contract for their visit to Korea, including detailed support for the artist to perform at their best. Law firm Veat proactively prevents potential legal disputes between the parties and clearly establishes the respective rights and obligations of artists and event organizers. Specifically, it meticulously reflected technical requirements (Technical rider) and convenience requirements (Hospitality rider) in the contract to ensure the artist’s best performance on stage. Furthermore, it thoroughly reviewed matters related to the filming of concert content and other copyright issues, clearly defining and guaranteeing musical works and related intellectual property rights. The ‘YOASOBI Asia Tour 2023-2024 LIVE IN SEOUL’ concert, held at the 고려대 화정체육관 in Seoul’s 성북구, was a memorable first solo concert for both fans and the artist, becoming a fully sold-out successful concert. What is a performance contract? A performance contract is an important document that clearly defines the various elements of a performance, detailing agreements and rights and obligations between all parties involved, including artists, artist agencies, and directors. Furthermore, a performance contract should include riders – clauses containing technical requirements (Technical rider) and convenience requirements (Hospitality rider) to ensure the artist provides the best possible performance. These clauses support the successful progression of the performance by enabling all involved parties to share necessary information. Additionally, a performance contract must clearly define copyright on music used during the concert and intellectual property rights regarding the recording of concert content. Therefore, it is recommended that you consult with experienced performance contract lawyers and carefully review your contract, particularly to ensure that all agreed terms are included and to identify any potential points that could prevent disputes. Global cultural content and entertainment industry’s trustworthy partner, Law firm Veat Law firm Veat collaborates with the performance planning and content advisory team and English contract lawyers to ensure that agreed terms are reflected in the English performance contract and that the client’s contract is free of legal risks during the contract drafting and signing process. We provide professional support to ensure the successful completion of the performance, serving as a trusted partner in the global cultural content and entertainment industry. If you need English performance contracts, content and entertainment business legal advice, please contact Law firm Veat. Thank you. Law firm Veat
Baeksungcheol Partner Attorney, "2024 SW Industry Outlook Conference" Internal Lecture
Veat’s partner attorney, Baek Seung-cheol, conducted an internal lecture at the 2024 SW Industry Outlook Conference hosted by the Software Policy Research Institute (SPRi) regarding directions for improving legal systems for securing SW safety. On November 27, 2023, Veat’s partner attorney, Baek Seung-cheol, conducted an internal lecture at the ‘2024 SW Industry Outlook Conference’ hosted by the Software Policy Research Institute (SPRi) regarding ‘Directions for Improving Legal Systems for Securing SW Safety.’ During this lecture, Baek Seung-cheol, partner attorney, introduced software safety incident cases, the current status of overseas software safety policies, and the course of domestic policies. Particularly, he focused on establishing the necessity and basic direction of legal system improvement for SW safety and shared analysis results of legal systems related to SW safety by field. Veat’s partner attorney, Baek Seung-cheol, emphasized the importance of safety issues resulting from the increasing social impact of software and presented directions for legal system improvement needed to secure stability. He also discussed various cases related to safety issues and proposed practical and concrete solutions. Specifically, he provided in-depth analysis regarding the current status and future direction of legal systems related to SW safety by field. Veat’s partner attorney, Baek Seung-cheol, is a Korea Bar Association certified ‘IT Specialist’ attorney, holds qualifications as a Personal Information Protection (PIPL) examination assessor and Personal Information Protection Management System (PIMS) examination assessor, and carries out various external activities, including education and lectures and diverse external activities based on abundant practical experience and consultation experience on diverse IT cases in the IT field, and also regarding ‘IT’ and ‘Information Security’ issues. Veat operates actively in various fields, including software/IT, regulations, personal information, and IP (intellectual property) M&A. Continuing to adapt to changing IT/new technology environments, it provides reliable legal counsel through continuous research and practical experience, and is solidifying its position as a leading player in the IT/new technology field. Thank you. Veat Dream
[AD Seafood] A food tech startup case that investment experts have paid attention to.
Law firm Veat’s partner company Smart Yangsik Enterprise ADsuhan was introduced as a representative case of a foodtech startup that has attracted attention from investment experts, focusing on shrimp aquaculture. ADsuhan is shaping the future of sustainable fisheries through smart aquaculture technology and is receiving significant attention domestically and internationally. Furthermore, successful entry into countries like Saudi Arabia and Europe is expected to further expand ADsuhan’s global influence. Law firm Veat played a crucial role as a legal partner in the process of ADsuhan raising investment, providing strategic advice tailored to various legal and business environments necessary for international expansion and growth. Law firm Veat is pleased to have contributed to ADsuhan’s successful development of business by supporting its international expansion and strengthening its core competencies, and we wish ADsuhan continued success in both domestic and international markets and that it continues to expand its role as a leading technology in smart aquaculture. For more detailed information, please refer to the article below. Reference Article: (Shrimp aquaculture in Saudi desert? Technology that has captivated investment experts | Central News (joongang.co.kr) Thank you. Law firm Veat wishes you well.
Stock trading, stock transfer reservation contract drafting, startup-focused legal consultation
Law firm Veat prepared the stock transaction agreement and acquisition intent for A Corp, and provided legal advisory services. Law firm Veat Startup Advisory Team drafted a stock transaction agreement containing the content of acquiring shares through other transactions after A Corp did not possess existing shares, and provided it including a protective clause in case the conditions were not met. Law firm Veat Startup Advisory Team set a prerequisite such as specific share acquisition in the stock transaction agreement, and included a protective clause in case the conditions were not met, and effectively designed the contract structure to allow both parties to carry out the contract stably. Particularly, Law firm Veat Startup Advisory Team, based on its abundant experience in corporate law, minimized the risks that may occur when the prerequisite is not met, and effectively designed the contract structure to allow both parties to carry out the contract stably. Given that startups face diverse and complex legal issues, we recommend seeking assistance from legal experts with extensive practical experience and in-depth understanding, as numerous startups and companies have received legal advisory services. Stock transaction is a common M&A method for corporations to acquire existing shares or newly issued shares and secure management rights. This method is widely used in startup and SME M&A due to its simple procedure. The stock transaction agreement contains the content of transferring the rights of existing shares to a new rights holder, and details the price, payment period, and conditions determined through negotiation. Given that different interpretations may arise between the two parties due to clauses not specified in the agreement, it is important to seek assistance from legal experts with abundant experience and expertise in corporate law. Law firm Veat Startup Advisory Team comprehensively reviews the details of the clauses agreed upon in advance, rights and obligations of both parties, and requirements that can reduce legal risks, and provides assistance to ensure the stable implementation of the contract. Law firm Veat is specialized in providing legal support for startups, including stock transaction agreements, company establishment and corporate charter review, investment, M&A, intellectual property rights, and general corporate legal advisory services. Law firm Veat recorded 2nd place in M&A legal advisory category in Bloomberg Q1 2023 league table (capital market advisory ranking), and was selected as a finalist in ‘Korea Deal Firm of the Year’, ‘Boutique Law Firm of the Year’, and ‘Managing Partner of the Year’ in ‘ALB Korea Law Award 2023’, proving itself as a leading player in the field. Law firm Veat is gaining high trust and evaluation in the startup ecosystem through startup-focused services and providing regular legal services to help startups carry out their business successfully without legal risks. Regarding startup legal advisory services and regular legal services, please refer to the content below. Law firm Veat supports startups to grow stably by understanding the various legal issues faced by startups and providing optimal legal advice. If you need legal assistance, please contact Veat anytime. Veat Law Firm thanks you. Veat Law Firm Dream
SaaS service provision contract legal review
Law firm Veat drafted a SaaS service agreement for service users of a client company (“Client”) providing data analysis tools based on artificial intelligence (hereinafter, “Client”). Law firm Veat’s IT Advisory Team drafted a SaaS agreement tailored to the Client’s monthly subscription-based service offering structure, particularly by clearly defining the rights and obligations between the Client and users, thereby minimizing potential legal risks that could arise during the SaaS provision process. Specifically, Law firm Veat’s IT Advisory Team thoroughly analyzed the Client’s artificial intelligence-based data analysis tools, reviewing the scope of responsibility of the service provider to ensure it remained within acceptable limits, and clarified contractual terms with users, prioritizing the prevention of unnecessary disputes between the parties. SaaS란 SaaS (Software as a Service) is an application service operated on a cloud basis, unlike traditional software installed on PCs, it is provided as a service through the internet. SaaS offers flexibility to select only the needed services and pay for them, and allows access from anywhere, and is a service form that is expanding in an era where the internet is commonplace. SaaS offers flexibility to select only the needed services and pay for them, and allows access from anywhere, and is a service form that is expanding in an era where the internet is commonplace. SaaS services inherently contain various legal issues related to user data security. To maintain user data security, it is necessary to establish security policies such as data encryption, access control, backup and restoration policies, and compliance with the Personal Information Protection Act appropriate to the characteristics of the service. It is essential to analyze the ways in which the service operates legally to present methods to reduce risks. Therefore, legal advice from an IT specialist lawyer is necessary. Law firm Veat’s IT Advisory Team, based on deep understanding of legal issues related to new technologies/IT including artificial intelligence, SaaS, provides optimized legal services to operate the Client’s services safely and in compliance with regulations. SaaS 서비스, 인공지능 등 IT/신기술 전문 법무법인 비트 Law firm Veat recruited Professor Yang Yunho of KAIST as a technical advisor to strengthen its expertise in the artificial intelligence field. Professor Yang Yunho plays a leading role in research and commercialization of the Machine Learning and Intelligence Laboratory (MLILAB), and Law firm Veat will strengthen its expertise in the artificial intelligence field through this collaboration, and is planning to provide professional consultation on legal issues related to cutting-edge AI technologies such as large-scale generative AI, LLM, and ChatGPT. Through these efforts, Law firm Veat will further strengthen its expertise in SaaS, artificial intelligence, and IT/new technology fields, and support the Client’s stable and successful business operations in the changing legal environment of the digital era. If you need legal consultation on SaaS services, artificial intelligence, and IT/new technology fields, please contact Law firm Veat. Thank you. Law firm Veat