Case Studies
[VEAT NEWS] Songdo Young Senior Attorney Appointed as Arbitrator of the Online Advertising Dispute Resolution Committee
Veat Law Firm’s Representative Attorney Songdo-yeong was appointed as a conciliator of the Online Advertisement Dispute Resolution Committee as of July 1, 2023. The Online Advertisement Dispute Resolution Committee, affiliated with the Korea Internet & Security Agency (KISA), performs duties for improving the relevant systems and mediating disputes to protect advertisers’ interests and establish a healthy online advertising culture. This committee is composed of experts in the online advertising field, with participation from professionals in the legal sector, academia, and industry. Representative Attorney Songdo-yeong was appointed based on his deep expertise in online advertising, TMT (Technology, Media & Information Communication), and IT/ICT, as well as his extensive experience. Representative Attorney Songdo-yeong, who will serve a three-year term, plans to quickly and accurately resolve various disputes related to online advertising. Online advertising, due to its lack of spatial and temporal constraints and small-scale nature, is widely used as a primary advertising medium. However, the number of dispute consultation and mediation applications in the online advertising market increased by more than 40% last year, highlighting the growing number of disputes related to online advertising. The types of online advertising disputes are also diversifying, suggesting that the role of dispute resolution bodies will become increasingly important. Veat Law Firm is continuously enhancing its expertise in legal issues related to online advertising. The appointment of Representative Attorney Songdo-yeong as an Online Advertisement Dispute Resolution Committee conciliator is part of this effort, and we will do our best to provide even more professional legal advice in the future. Thank you. Veat Law Firm Dream
[AI Law Firm] Medical Center’s Medical Record and Medical Information Utilization Legal Review
AI law firm, Law firm Veat, can convert acquired treatment and surgical information into anonymized information and utilize it as AI learning or teaching materials? We conducted legal review upon receiving a request from a major hospital, A. - Utilization of medical information and treatment information based on the Personal Information Protection Act and the Medical Act
[Investment] Review of Legal Matters Related to Stock Acquisition and Investment Structure
Law firm Veat prepared a due diligence opinion draft for A Company, a large enterprise subsidiary, which requested the review. Law firm Veat conducted legal reviews on various investment structures, such as business transfer and stock swaps, for clients seeking to acquire shares of other companies. In particular, Law firm Veat examined how the aforementioned structures relate to the “Banking Companies Act,” “Act on Distribution and Fair Trade,” “Act on Improving the Structure of the Financial Industry,” and the “Insurance Business Act,” providing clear explanations for complex legal issues. When acquiring shares of other companies through various investment structures, meticulous legal review is needed to determine which applicable financial laws and regulations apply. Because financial regulations require complex legal reviews, we encourage you to seek assistance from legal experts with abundant experience in M&A and related corporate advisory, to help your company establish a foundation for further growth. Law firm Veat’s corporate-specialized corporate advisory team provides diverse legal counsel to companies ranging from startups to IT large corporations, including investment and M&A. Specifically, Law firm Veat, as a “Bloomberg M&A League Table 2022” TOP 5 and “ALB Korea Award 2022” two-year consecutive “Korea Deal Firm” finalist, is proving its leadership in investment and M&A legal advisory. If you need reliable legal counsel regarding complex financial laws and stock acquisition structures, please contact Law firm Veat. Thank you. Law firm Veat Dream
[Corporate Advisory] Legal Review of Standard Subcontract Agreement and Violation of Mandatory Regulations
Law firm Veat reviewed the legal review of client A’s entrustment to determine whether it contained content violating the standard subcontract agreement and mandatory regulations. Veat’s Corporate Advisory Team reviewed a significant part of the Fair Trade Act’s standard subcontract agreement as of December 28, 2022, and the related legal considerations. This allowed the client to be prepared in advance for legal risks that could arise under the “Subcontract Transaction Fair Trade Act” and the standard subcontract agreement. Veat’s Corporate Advisory Team, specialized in corporate advisory, informed that the standard subcontract agreement only stipulates basic principles, so additional notations may be needed regarding detailed contract terms, but if such additions go beyond simply modifying the content to delete or revise, they pose a risk of being excluded from various benefits based on the use of the standard subcontract agreement due to unfavorable provisions that disadvantage the contractor. It is important to clearly state key matters such as subcontract period and payment terms in subcontract agreements to reduce dispute factors, and to comprehensively review whether they comply with laws such as the “Subcontract Transaction Fair Trade Act” and do not include unfavorable provisions in the contract, thus seeking advice from experienced legal experts with extensive experience in corporate advisory, including subcontracting and the “Subcontract Transaction Fair Trade Act”. Veat’s Corporate Advisory Team provides legal services specialized in corporate advisory, and proactively identifies and reflects legal trends that can affect corporate operations, such as amendments to laws, to help clients operate their businesses stably. If you need assistance with legal issues that may arise while managing subcontracts and other businesses, please contact Veat at contact. Thank you. Veat Law Firm.
[Corporate Advisory] Drafting and Legal Review of Foreign Fixed-Term Employment Contracts
Block chain company A Co. visited Law firm Veat to draft employment contracts and conduct legal review. An employment contract is an important legal tool to protect the rights of employees as well as to ensure stable operation of the company. Because an employment contract requires compliance with labor-related regulations, expert review is essential. Law firm Veat’s corporate advisory team provided in-depth advice to Company A Co. on behalf of the company’s request. Law firm Veat, specializing in corporate advisory, when hiring non-resident foreigners domestically, requires compliance with labor-related regulations such as the “Act on Protection of Temporary Workers and Part-time Workers” and the “Labor Standard Act,” so based on a deep understanding of labor regulations, it assisted in drafting a contract in a form suitable for Company A Co.’s employment content. Particularly, because whether an employee is recognized as an employee under labor regulations depends on the substance regardless of the form of the contract, the Law firm Veat corporate advisory team, based on abundant experience advising numerous companies, provided detailed cautions along with the contract provision regarding whether there is specific and direct supervision by the company during the employee’s work performance process. Because various legal issues can arise while operating a company, stable company operation and protection of employee rights, as well as strategic choices for the company’s growth and development, are needed. Law firm Veat’s corporate advisory team provides specialized legal advice to startups and other companies, acting as a legal advisor and based on deep understanding. Law firm Veat’s corporate advisory team is a corporate advisory team composed to resolve various legal difficulties of companies and faithfully perform its role as a corporate partner. If you have any questions regarding employment contracts and other corporate matters, please contact Law firm Veat. Thank you. Law firm Veat.
[Food Labeling Advertisement Act] “Health Functional Food Advertisement” and “Experience Advertisement” Legal Review
Law firm Veat assisted A company, which seeks to sell health functional food, in minimizing legal risks and establishing an effective promotional strategy related to health functional food advertisements, including ‘health functional food advertisements’ and ‘experience review advertisements’. Recently, as the health functional food market has grown rapidly, companies’ advertising activities have become more active. Particularly, there is a high volume of inquiries regarding ‘experience review advertisements’ that utilize genuine customer reviews. Law firm Veat, upon request from A company seeking to sell health functional food, conducted a thorough review of various advertising matters, primarily focusing on the Health Functional Food Labeling Act. 1. Review of Potential Violations of the Health Functional Food Labeling Act Regarding Experience Review Advertisements Based on the Food and Drug Administration guidelines and Food and Drug Administration Q&A, we categorized advertisements that could be considered ‘experience review advertisements’ and provided guidance on the points to be observed to ensure compliance with the Health Functional Food Labeling Act in future advertising activities. 2. Review of Advertisements Utilizing User Reviews on Company Websites and the Validity of User Reviews as ‘Experience Review Advertisements’ The company reviewed the Health Functional Food Labeling Act and other relevant regulations regarding the processing and publication of consumer reviews included in its website and SNS. We also provided detailed explanations regarding the management obligations for review posts voluntarily posted by individuals on private channels operated by the company. 3. Personal SNS Self-Written Reviews and Management Obligations We meticulously reviewed the regulations regarding responses to requests for management and deletion of self-written reviews created on personal SNS and provided guidance. 4. Review of Advertisements Featuring Unidentifiable Product Reviews and the Potential Application of the Health Functional Food Labeling Act We analyzed and provided information regarding whether reviews that have been processed to be unrecognizable as a product could be considered advertisements and whether the Health Functional Food Labeling Act could be applied. Based on the request from A company, Law firm Veat helped A company establish an effective promotional strategy while minimizing legal risks related to health functional food advertisements. If you need consultation on health functional food advertisements or other legal issues, please feel free to contact Law firm Veat at any time.
Providing legal support programs for convergence startups based on geospatial information.
Space Information Industry Promotion Agency is providing support to systematically resolve difficulties experienced by data · technology-based space information startup companies, from May 17th to November 30th, in order to support ‘Space Information Startup Company Legal Consultation’. Veat Law Firm serves as the legal support entrustment agency for the aforementioned program, and provides comprehensive legal consultation (various contracts, intellectual property rights, investment contracts, labor relations, startups, new technologies and data-related legal issues, electronic commerce business, etc.) to support the operation of space information startup companies, we welcome your participation. Space Information Startup Company Legal Consultation (Background) Legal support program to solve difficulties and support growth of space information · technology-based startup companies. (Period/Entrustment Agency) `23.05.17 ~ `23.11.30 / Veat Law Firm (Target) Any startup company that operates a business utilizing space information. Space Information Startup Company Legal Consultation Support Method (Support Method) Please fill out the application form and submit it via email (Space Information Industry Promotion Agency hw.cho@spacen.or.kr/031-606-2554). *Please contact Space Information Industry Promotion Agency or Veat Law Firm for the application form. (Support Scope) Support will be provided free of charge (120 minutes or less) to 20 companies (first-come, first-served) after reviewing space information relatedness and the scope of legal support requests, in the process of space information startup and management, including smart city, digital twin, mobility, artificial intelligence, autonomous driving, big data, etc. (Support Process) Startup company application → Promotion Agency reception and review of legal consultation support scope → Matching with specialized lawyers → 1:1 Legal consultation (in person or via video conference). For other inquiries Please contact Veat Law Firm via email (contact@veat.kr) or the @Veat Law Firm KakaoTalk channel.
[Investment] Legal Review of Common Stock Investment Agreement from the Investor’s Perspective
Law firm Veat undertook legal review of share subscription agreements for early-stage game-related startups. Law firm Veat meticulously reviewed share subscription agreements from the investor’s perspective and proposed reasonable amendments regarding the following key matters: Law firm Veat proposed reducing the scope of statements and guarantees, and the scope of indemnities to minimize unnecessary joint and several liability and clearly define the investor’s liability. Furthermore, to guarantee the investor’s managerial freedom and appropriately protect the investor’s rights, it restricted the basis for consent regarding managerial matters. Specifically, Law firm Veat limited the scope of the stock purchase right and ensured that the investor could guarantee the sale price in the investor’s sell-down rights clause, while maintaining fair trading between the two parties. Share subscription agreements are crucial tools for establishing the core foundation for business success, and are important documents clarifying the rights and obligations of the investor and the invested party, as well as responses to unforeseen circumstances between them. Notably, share subscription agreements can also determine the success or failure of an investment, and may contain very sensitive issues from the investor’s perspective. Law firm Veat fairly adjusted the rights and obligations of both the investor and the invested party in the review of share subscription agreements, while extracting the optimal conditions from the investor’s perspective. Law firm Veat possesses extensive experience providing legal advice on investment-related matters to various companies, including being in the top 5 in the ‘2022 Annual Bloomberg M&A League Table’ and a ‘Finalist’ in the ‘Korea Deal Firm’ category for two consecutive years at the ‘ALB Korea Award 2022’ , thereby establishing itself as a leading firm in investment and M&A legal advisory. If you require professional legal advice on drafting and reviewing share subscription agreements, please contact Law firm Veat. Thank you. Law firm Veat.
[Outstanding] Does 'business approval right' included in the investment agreement have legal effect? _An Il-won Partner Lawyer
Veat’s An Il-Won Partner Attorney has contributed content through ‘Outstanding’, a leading IT specialist media, regarding ‘Business Consent’ – a key issue for venture capitalists and startups – and explained in detail the legal effect of this right. Notably, many venture capitalists and startups were paying close attention to the recent Supreme Court ruling (Case No. 2021da293213 regarding the claim for repayment) and, based on this ruling, explained step-by-step what ‘Business Consent’ means in an investment agreement, why the legal validity of ‘Business Consent’ is a problem, and what the Supreme Court’s judgment was. Is ‘Business Consent’ included in investment agreements legally valid? - Easy and fun IT news, Outstanding! (outstanding.kr) Recently, the Supreme Court issued a ruling on a case that many venture capitalists and startups were interested in. This ruling was regarding ‘Is ‘Business Consent’ included in investment agreements legally valid?’ – the key issue was the case (Case No. 2021da293213 regarding the claim for repayment). This case arose from a situation where an RCPS (Cumulative Convertible Preferred Stock) investment of 20 billion KRW was made to a small IT company, with a ‘Business Consent’ clause in the investment agreement stating that ‘the company must obtain the prior consent of the investor to issue new shares.’ The investor then conducted an additional fundraising (issuing new shares to a new investor) without prior consent, violating this clause, leading to a lawsuit seeking repayment of the investment and a penalty for breach of contract. To put it briefly, the conclusion is as follows,... Source: Outstanding (https://outstanding.kr/) An Il-Won Partner Attorney, who is also a Legal Mentor Attorney for ICT Startups by the Ministry of Science and ICT and a Lecturer at the ‘2020 Venture Start-up Investment Academy’ by the Korea Bar Association, provides legal advisory services based on his high expertise in the ‘investment’ and ‘startup/company’ fields. Law Firm Veat has extensive experience in providing legal advisory services related to investment with various venture capital and startup/company clients and has been selected as a ‘Finalist’ in the ‘Korea Deal Firm’ category at ‘ALB Korea Award 2022’, having achieved TOP 5 in the ‘2022 Annual Bloomberg M&A League Table’, thus demonstrating its expertise in ‘investment and M&A legal advisory services’. Please contact Veat if you need any investment-related legal advisory services, and Law Firm Veat will always do its best to ensure the successful investment and growth of its clients. Thank you. Law Firm Veat Dream
[Copyright] The copyright plaintiff’s lawsuit for compensation against the arrangement of musical scores by music publishers was won.
Law firm Veat successfully defended a case where a classical pianist’s rights were infringed upon due to unauthorized alterations and distribution of sheet music editions by a music publishing company. Key Facts of the Case In this case, the defendant music publishing company obtained a license to use musical works for sheet music production from the copyright holder’s trust business, but during the sheet music compilation process, the defendant altered the scores and adapted them to the level of the performer, then incorporated them into sheet music collections by grade. According to the Copyright Act, the copyright holder has a right to maintain the identity of the work, including its content, form, and title, known as the ‘identity maintenance right’. This ‘identity maintenance right’ is an exclusive right, and it cannot be transferred or entrusted to a third party by agreement. This case emphasized the importance of protecting musical works copyrights and the legitimate use of sheet music. It contributed to promoting social awareness of copyright and recognizing the illegality of unauthorized use and modification of works. Veat Law Firm’s TIP Team Veat Law Firm’s TIP Team, led by attorney Oh Seungjong, who previously served as the Chairman of the Korea Copyright Commission, consists of young and capable lawyers with a base in IT technology and engineering. This team provides legal services focusing on intellectual property and copyright issues and disputes related to IT, software, NFT (Non-Fungible Token), metaverse, games, and other future technologies and ICT, new industries. Through Veat’s TIP team’s expertise, accumulated in the field of intellectual property and copyright, this victory is one of the results of their concentrated efforts to provide the most professional and effective legal services domestically for clients related to intellectual property and copyright issues and disputes. Law firm Veat is always committed to protecting the legitimate rights of creators. If you need any legal assistance related to copyright, please contact Law firm Veat anytime. Thank you. Law firm Veat.