Case Studies
[Consultation] Drafting new subscription agreements and SAFT agreements incorporating clauses from Hyeri Choi's Daewoocheo terms.
Law firm Veat drafted the common stock subscription agreements and SAFT agreements for Venture Capital Company A (hereinafter “A Investor”)’s 100 million won investment in the blockchain company, the invested company (hereinafter “Invested Company”). A Investor requested Law firm Veat to draft the subscription agreement for the Invested Company’s common stock and the SAFT (Simple Agreement for Future Tokens) agreement in connection with the 100 million won investment in the Invested Company. Specifically, they wanted to include a most-favored-nation clause
[Consulting] Drafting Consulting Agreement for NFT Project
Law firm Veat was commissioned by blockchain company A to conduct legal review of the NFT project-related consulting agreement. Law firm Veat carefully reviewed the consulting agreement for B사가 performing a comprehensive consulting service that includes all design materials that A will issue through the project, including NFT. Based on the review results, the key provisions, including ▲ownership and intellectual property rights for all deliverables, ▲prohibition of sub-contracting, and ▲third-party rights non-infringement guarantee clause, were reflected from the client’s perspective. In the case of a consulting service agreement, as the contractor and the service provider may have different understandings of the scope of work and deliverables, it is recommended to clearly state the mutually agreed-upon contract terms from a legal perspective to prevent future disputes. Law firm Veat is providing guidance on the regulations that must be reflected from the client’s perspective based on its experience advising on various consulting service agreements. If you need legal review of consulting agreements or service agreements, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat.
[Consultation] Providing legal advice on the full process of stock repurchase agreements with investors.
Law Firm Veat is a company that develops online solutions and a financing company commissioned by A Co. to handle the overall work of settlement agreements and performance related to shares regarding the payment of shares. The financing company A Co. commissioned Law Firm Veat when it was necessary to pay shares to investors. This case was ultimately decided to reach an agreement on opinions between the investor and the financing company A Co. regarding the repayment of newly issued shares, and Law Firm Veat was responsible for negotiating the entirety of the process during the agreement between the investor and the financing company. Furthermore, Law Firm Veat drafted related agreements reflecting the detailed contents agreed upon, and also handled the entire work related to the repayment of shares of the financing company, considering the special characteristics of the financing company being a U.S. subsidiary. Law Firm Veat, based on its experience gained from providing legal advice related to numerous investments, offers professional alternatives in matters requiring consideration of the positions of both the investor and the financing company, including share repayment to investors. If you need legal advice related to investments such as payment of funds, share repayment by investors, and foreign investment reporting, please feel free to contact Law Firm Veat at any time. Thank you. Law Firm Veat
[Consulting] Drafting electronic payment agent (PG) and prepaid electronic payment instrument related electronic financial transaction usage terms and conditions.
Law firm Veat was commissioned by A, a company operating electronic finance business, to draft the terms of use for electronic financial transactions. Law firm Veat drafted the terms of use for electronic financial transactions, including electronic payment agent (PG), prepaid electronic payment instrument issuance and management, to ensure compliance with the “Electronic Financial Transactions Act” and related guidelines. As the terms of use for electronic financial transactions establish basic matters regarding electronic financial transactions between companies and users, it is necessary to equip yourself with terms of use that appropriately reflect the company’s electronic financial transaction related services and comply with related laws such as the “Electronic Financial Transactions Act” and the “Act on the Regulation of Contracts for the Performance of Commercial Transactions” (Terms of Use Act). Amidst the increasing trend of introducing ‘one-click payment’ services related to our services, and if you are preparing electronic payment agent (PG) introduction, prepaid electronic payment instrument introduction, and terms of use for electronic financial transactions, we recommend consulting with Law firm Veat, which has abundant experience in understanding and consulting related laws such as the “Electronic Financial Transactions Act” and the “Act on the Regulation of Contracts for the Performance of Commercial Transactions”. Thank you. Law firm Veat
[VeatX Information Industry Promotion Agency] Legal Consultation Support for Startup Companies (Pre- and Early Stage)
Space Information Industry Promotion Agency offers legal consultation support for legal issues related to business operations, personal information, e-commerce, intellectual property rights, new technologies and data, and regulatory sandbox, etc., to quickly provide a stable and growth environment for innovative business creation companies that combine excellent ideas, products and services utilizing new space information technologies in fields such as big data, artificial intelligence, metaverse and smart city. We encourage your participation. (Background) Recently, as various technologies and data of space information-based startup companies, such as big data, artificial intelligence, metaverse and smart city, are utilized in combined industries, legal issues such as disputes between companies and infringement of intellectual property rights are occurring. - Therefore, a legal support program is being implemented to quickly provide a stable and growth environment for space information-based combined startup companies. (Period/Overseeing Agency) May 23, 2022 ~ October 31, 2022 / Law Firm Veat (Target) 30 teams of space information-based preliminary and initial startup companies. * Free legal support for space information utilization startup companies. □ Key Contents (Application Method) Download and fill out the attached application form, then submit via email (Space Information Industry Promotion Agency hw.cho@spacen.or.kr/031-606-255,). (Application Scope) Includes contracts related to business operations, personal information, e-commerce, intellectual property rights, new technologies and data, and regulatory sandbox. (Application Process) Startup company application → Promotion Agency receipt and review of the scope of legal consultation support → Matching with lawyers by field → Conducting legal consultation. □ Inquiry ㅇ Law Firm Veat email (contact@veat.kr) or KakaoTalk Channel inquiry
[Consulting] Foreign exchange reporting assistance for the acquisition of shares in Korean subsidiaries by foreign shareholders.
Law firm Veat undertook a reporting process for A Cryptocurrency Exchange’s request to acquire shares of a Korean subsidiary of a foreign shareholder. A Cryptocurrency Exchange A required foreign currency reports and regulatory reports related to the acquisition of shares by foreign shareholders in the process of corporate restructuring and acquisition of Korean companies. It also included reports for past unreported cases. Accordingly, Law firm Veat completed approximately 9 related foreign currency reports and regulatory reports, including the acquisition of shares by foreign shareholders in the process of corporate restructuring and acquisition of Korean companies, as well as past unreported cases. It also provided comprehensive consulting services and foreign currency reporting business related to the acquisition of foreign shareholder’s shares. Notably, this case required a detailed legal review of “Foreign Exchange Transaction Act” and “Foreign Exchange Transaction Regulations” due to differing opinions among branches of the National Bank of Korea, and Law firm Veat’s extensive experience in foreign currency reporting agency business was able to be utilized. Foreign currency reports are regulated by “Foreign Exchange Transaction Act” and “Foreign Exchange Transaction Regulations,” and often require communication with relevant institutions such as the National Bank of Korea during the preparation process. Therefore, it is advisable to receive assistance from experts with abundant experience and know-how to prevent unnecessary time and manpower consumption. Law firm Veat conducts various foreign currency reports and provides one-stop services related to foreign currency reports, including legal review of required reporting items, preparation of necessary documents, receipt of report forms, and report agency. If you need foreign currency reports and regulatory reports for various matters such as the acquisition of Korean company shares by foreigners or the acquisition of shares of overseas companies, please feel free to contact Law firm Veat FX Center at Law firm Veat Foreign Exchange Center, and a dedicated attorney will promptly review the matter and provide assistance. Thank you. Law firm Veat.
[Veat Column] Easy Legal Measures to Prevent the Leakage of Corporate Trade Secrets
Blood, sweat, and tears and trade secrets! Trade secret leaks don’t only occur in large companies. In fact, they frequently happen in startups that don’t have adequate trade secret protection systems like large companies. It’s common to see our former CTO become the CEO of a competitor, but startup founders are often more focused on services and investments, neglecting to put in place measures to protect the company’s important materials from leaks. Although a software developed over several years and investing tens of billions of won is naturally considered a trade secret, that’s not always the case. So, how do we ensure that our blood, sweat, and tears-infused trade secrets are recognized and protected as genuine trade secrets? Excerpt from Jeon Junseok Lawyer’s Column, ‘Easy Legal Measures to Prevent Trade Secret Leakage for Our Company’ The ‘Easy Legal Measures to Prevent Trade Secret Leakage for Our Company’ column by Veat Law Firm’s Jeon Junseok Lawyer has been posted. For more details, please refer to Jeon Junseok Lawyer’s Platum Column, and please contact Veat Law Firm if you need assistance with trade secret security and leakage. Thank you. Veat Law Firm.
[Consultation] Review of Mobile Game Terms of Service and Location-Based Service Terms of Service
Law firm Veat reviewed the mobile game service terms and conditions and location-based service terms and conditions at the request of A Game, a game developer, and provided detailed guidance on the approval process. A Game, a game developer, requested a mobile game service terms and conditions and location-based service terms and conditions review during the launch of its new mobile game and raised questions regarding implementation of the terms and conditions and approval. Law firm Veat conducted legal review of the mobile game service terms and conditions and location-based service terms and conditions in accordance with the “Act on the Regulation of Contracts” (Contract Act) and the “Act on the Protection of Personal Information and Utilization of Location Information” (Location Information Act), and provided guidance on the publication time point and the method of terms and conditions implementation. In particular, the approval method was recommended to be implemented in a way that allows for the user’s autonomous choice, so that it would not involve comprehensive consent, and avoiding encompassing consent , to ensure the user’s autonomy and consent. According to the Broadcasting Communication Committee and the Korea Internet & Information Agency, under the “Act on Promotion of Information and Communications Network Utilization and Protection of Information” (Information Network Act), in the case of advertising marketing consent, a explicit pre-advertising information consent procedure is required. Law firm Veat helps customer companies to prepare appropriate service terms and conditions, and assists in the preparation of service terms and conditions, location-based service terms and conditions, and personal information processing policies to ensure stable service operation. Thank you. Law firm Veat
[Consultation] Review of potential violation of the Trademark Act and the Unfair Competition Act regarding the use of identical expressions to registered trademarks, Veat.
Law firm Veat provided legal advice to Service Platform A regarding whether violations of the Trademark Act and the Act on Prohibition of Unfair Competition existed due to another service using expressions identical to A’s registered trademark. Service Platform A, which operates the service platform, requested legal advice regarding a response plan related to another service using expressions identical to A’s registered trademark. Law firm Veat, for this matter, examined whether violations of the Commercial Act, the Act on Prohibition of Unfair Competition and Protection of Trade Secrets (Act on Prohibition of Unfair Competition), and whether it fell under tortious behavior under the Civil Code, focusing on the identical or similar nature of the registered trademark and the identical or similar nature of the registered designated goods (services), the existence of trademark use (source indication, the essential function of the trademark). In particular, regarding whether the use of the same expression as the existing registered trademark constituted a violation of the Act on Prohibition of Unfair Competition, we carefully reviewed whether the other party’s act was an act of confusing the business subject (Article 2(1)(b) of the Act), an act of diluting a well-known trademark (Article 2(1)(d) of the Act), or an unfair competition act based on general provisions (Article 2(1)(pa) of the Act). Law firm Veat provides assistance based on extensive experience in trademark and unfair competition law, reviewing violations and infringements and recommending appropriate responses. If you need legal advice regarding trademark infringement, unfair competition, or trade secret infringement, please contact Law firm Veat. Thank you. Law firm Veat
[Consultation] Review of legal requirements for SMEs
Law firm Veat was commissioned by A, a game development company, and conducted legal review regarding inquiries related to SME requirements. Veat’s regular legal counsel client, A (a game development company), inquired regarding SME requirements in order to apply for an SME confirmation certificate. To be recognized as an SME under the “Small and Medium Enterprises Act,” various criteria such as revenue, total assets, and substantial independence must be met. Therefore, we provided information regarding these criteria and conducted a legal review to determine if A met these requirements. Specifically, we focused on reviewing the matter of substantial independence criteria, including the judgment criteria of the largest investor, whether stock ownership is indirect, and the calculation method for indirect stock ownership ratio based on the Enforcement Decree of the International Tax Act, to determine whether the independence criteria were met. Law firm Veat provides “regular legal counsel services” at reasonable costs to help clients who need legal advice in the event of various issues that commonly arise during startup/corporate operations. If you need regular legal advice as a startup/corporate operator, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat