Case Studies
[Consultation] Drafting a Notice of Content Regarding Brand Advertising
Law firm Veat drafted a notice of claim regarding brand advertising content for Online Platform A’s request. Online Platform A, which operates online platforms, inquired about “whether there was a legally viable solution regarding the rejection of brand search advertising by Search Engine Site B.” Law firm Veat drafted a notice of claim, reviewing the unreasonable criteria of Search Engine Site B’s brand search advertising and proposing that Online Platform A’s request be accepted, while pointing out the unreasonable criteria. As a consultant and advisor lawyer for numerous startups and companies, Law firm Veat provides optimal legal counsel regarding various legal issues arising as startups and companies grow and operate. If you need legal counsel regarding general corporate legal affairs, notice of claim drafting, or brand advertising, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Terms of Use including provisions regarding paid conversion and refunds.
Veat provided legal review services for A, a B2B software supplier, based on a request. Veat verified legal matters applicable to A’s services, including the “Act on Protection of Consumers in Electronic Transactions,” the “Act on Special Cases of Consumer Contract Cancellation and Revision,” the “Consumer Protection Act,” the “Contract Act,” and others, and subsequently conducted legal review services for inquiries and terms of use regarding these matters. Veat provided legal counsel regarding issues such as cancellation periods, refunds for continued contracts, partial refunds, and reflected relevant regulations in the terms of use. Additionally, it drafted regulations related to notifying users regarding paid conversions after a free trial service and regulations concerning advance notice when service usage is limited. Veat meticulously reviews various clients’ services to create customized terms of use tailored for each client. If you need legal advice regarding service content or legal review of terms of use, please contact Veat Law Firm at any time. Thank you. Veat Law Firm
[Consultation] Drafting of Stock Transfer Agreement and Shareholders’ Agreement in consideration of the holding equity ratio of the major shareholder.
Veat provides legal services to startup A, which provides vehicle-related software services. We drafted a stock transfer agreement and shareholders’ agreement for them. Startup A, which had received Seed Round investment, requested that Veat draft a stock transfer agreement and shareholders’ agreement, considering the maximum percentage of shares held by the majority shareholder for future stable investment raising. Accordingly, Veat adjusted the terms to ensure both parties were satisfied, specifically regarding the disposal of one share and the distribution of profits upon disposal, while also incorporating this into the shareholders’ agreement. Furthermore, we included provisions relating to stock transfer agreement, including restrictions on the majority shareholder’s stock disposal, a request for the minority shareholder’s stock disposal, compensation for the minority shareholder upon stock disposal, a confidentiality obligation and a breach penalty. Reflecting these aspects, we drafted a stock transfer agreement. Because shareholders’ shareholding ratio and the company’s control structure are crucial for corporate governance and also essential for future stable investment raising, it is necessary to consult with a professional regarding legal risks when a stock transfer agreement, where the shareholding ratio may vary, is undertaken. Veat is a legal partner that has worked with many startups and companies, providing legal advice on stock transfer agreements, shareholders’ agreements, and shareholders’ agreements for stable investment raising and company operations. If you need a stock transfer agreement, shareholders’ agreement, or shareholders’ agreement drafted and reviewed, please contact Veat at any time. Thank you. Veat 드림.
[Consulting] Due Diligence for Startup Acquisition via Comprehensive Exchange Method of Stocks
Law firm Veat provided comprehensive legal counsel for domestic large corporation group A to acquire a startup through an extensive stock exchange method. Domestic large corporation group A requested legal counsel from Law firm Veat regarding the acquisition of a mobile game specialist startup through an extensive stock exchange method. Law firm Veat conducted the legal due diligence for the acquired company, considering that the acquired company holds multiple subsidiaries, and also conducted legal due diligence on subsidiaries, as well as preparing contracts related to an extensive stock exchange. Based on years of experience in advising on startup acquisitions, startup investments, and M&A, Law firm Veat promptly and accurately performs the necessary procedures at each stage of investment, including legal due diligence and preparation of acquisition agreements. Please contact Law firm Veat if you need legal advice on startup acquisitions and investments, legal due diligence, and preparation of acquisition agreements. Thank you.
“[Legal Review] System Operation and IT Management Outsourcing Agreement”
Law firm Veat undertook legal review work of the construction contract based on the request of Platform Company A. The contract contained the content of A Company performing service work commissioned from B Company regarding system operation and IT management, and Law firm Veat conducted a comprehensive legal review from A Company’s perspective to ensure there were no unfavorable terms. Therefore, Law firm Veat modified the liability clause for damages, added provisions related to force majeure, etc., to ensure that A Company could have equivalent rights from B Company. A construction contract is an agreement made when one party of the parties agrees to complete a certain task, and the other party agrees to pay a fee for the result of that work. When disputes arise regarding construction contracts, it is recommended to consult with legal experts in advance, as one party may suffer significant losses. Law firm Veat provides assistance in drafting construction contracts based on its experience advising various companies on construction contracts. Please contact Law firm Veat at any time if you need assistance drafting a construction contract. Thank you. Law firm Veat
[Consultation] Draft Terms of Use, Privacy Policy, and Personal Information Collection/Use Consent Form
Law firm Veat accepted a referral from A Corp in anticipation of a new service launch, drafting terms of service, privacy policy, and personal information collection and usage consent forms. “The Personal Information Protection Act” stipulates that personal information controllers must disclose personal information handling procedures, including privacy policies, and must guarantee the rights of data subjects, such as the right to access information. Furthermore, “The Personal Information Protection Act” stipulates that Article 30 defines the establishment and disclosure of a privacy policy in relation to personal information processing, requiring personal information controllers to specify the purpose of personal information processing, the period of personal information processing and retention, the provision of personal information to third parties, and the outsourcing of personal information processing (where applicable). Law firm Veat reviewed A Corp’s service comprehensively in anticipation of its launch and drafted terms of service, privacy policy, and personal information collection and usage consent forms. With the increase in online business, personal information handling procedures and personal information consent are becoming more important than ever. Law firm Veat provides legal consulting and assistance in drafting related to personal information to ensure compliance with personal information protection laws. If you need legal advice regarding privacy policies, the Personal Information Protection Act, and personal information, please contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Providing B2B service terms of use and personal information processing policy
Law firm Veat provides legal review and provision of terms of use and personal information processing policies for B2B services regarding an order from Company A that provides B2B marketing services based on search data. Company A, which provides B2B marketing services based on search data, requested legal review of the terms of use and personal information processing policies. Accordingly, Law firm Veat thoroughly understood Company A’s services through service descriptions and meetings, and subsequently revised the terms of use and personal information processing policies based on “Civil Code,” “Act on the Protection of Consumer Rights,” “Personal Information Protection Act,” and opinions from the Fair Trade Commission. We also provided detailed provisions regarding compensation for damages in cases where the company must pay damages if the service is free, or when there is concurrent negligence of the company and user, as well as provisions regarding the user’s consent to the revised terms of use. We also drafted a personal information processing policy for Company A’s services, reviewing the personal information of customers collected depending on the service content. As the terms of use are a contract between the user and the company regarding the use of the service, it is important to review and disclose the basic conditions, procedures, and user obligations with experts in advance. Law firm Veat provides legal consultation to equip you with terms of use and personal information processing policies appropriate for each service content during the process of operating various services. If you need terms of use, personal information processing policies, and personal information collection consent forms suitable for the service content, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Legal review of recruitment procedures related to the Labor Standards Act]
Law firm Veat received a request from online platform A, based on big data, and reviewed the questions related to
[Veat News] Partner Attorney Seo Seungjong “It’s Possible! Solving NFT Metaverse Copyright Issues” Published
Lee Sung Jong, Partner Attorney at Law Firm Veat, and Kim Yeon-soo, Professor of Law, published “It! NFT Metaverse Copyright Problem Solution”. This book contains legal content that has become a necessity in the NFT, metaverse era, where intellectual assets are protected by “Copyright Law.” It goes beyond technical and cultural common sense about NFT and metaverse, and provides more direct and practical help to general readers. It explains from the basics of “Copyright” to NFT and metaverse-related issues, including 94 specific cases, such as “Can you make a ‘meme’ that is circulating on the internet into an NFT?” It includes the latest cases and precedents, such as NFT art, metaverse education, and the latest legislative trends. It is a book needed by both the public and legal professionals. The leading attorney at Law Firm Veat, Seong Ho Choi, introduced this book as a book to prepare for legal risks when doing NFT and metaverse business and recommended it as a must-read. “This book is not just a legal theory textbook but a practical book that offers various cases and guidelines and solutions. Through this book, you can not only avoid legal risks that may occur related to NFT and metaverse but also find criteria for solving revealed problems.” In addition, Seong Won-yeong (Attorney, former Korea Content Agency, Director of the Korea Copyright Protection Agency), Moon Sun-yeong (Professor of Law, Sogang University Law School, Attorney), Kim Yong-hwa (Professor of Law, Sogang University Law School), and Hwang Eun-ho (Director, Planning Division, Korea Music Performers Association) also wrote a recommendation, saying they had been waiting for this book, both for general readers and for the legal sector.
[Veat Column] Introduction of Provisional Certification System for Virtual Asset Business Operators Regarding ISMS Certification
To operate a cryptocurrency exchange, operate a cryptocurrency wallet service, or provide custody services, this falls under the “Act on Reporting and Use of Specific Financial Transaction Information” (hereinafter referred to as the “Specific Financial Transaction Act”) and requires obtaining a “Virtual Asset Business Operator” certification under Article 7, Paragraph 1. To do this, you must obtain an “Information Security Management System (ISMS) Certification” as defined in the “Notice on Information Security and Personal Information Protection Management System Certification,” and this ISMS certification. Prior to the ISMS certification, to obtain certification, the Information Security Management System required operation for at least 2 months after establishing the system, making a successful audit possible. However, the Specific Financial Transaction Act required obtaining an ISMS certification at the notification stage before starting a virtual asset business, so submitting a record of at least 2 months of operation was impossible. Therefore, the Korea Information and Communication Technology Industry Promotion Agency introduced the “Pre-Certification” system for new virtual asset business operators, and when there is no history of operating an Information Security Management System for 2 months, “Pre-Certification” is obtained, and a virtual asset business operator notification is submitted within 3 months of obtaining Pre-Certification, and an ISMS self-certification is obtained within 6 months after the virtual asset business operator notification is approved. This was announced for public comment on March 31, 2022. Furthermore, unlike ISMS self-certification, the pre-certification scope is limited to the extent that the Information Security Management System can be verified through operational testing. Although detailed criteria have not yet been announced, it is expected that a simplified certification criteria will be applied, based on the certification criteria (Appendix 7) of the ISMS certification. Therefore, a business starting a virtual asset business should establish an Information Security Management System to obtain Pre-Certification, and after receiving consultation on “Virtual Asset Business ISMS Certification” from a professional after scheduling the business implementation date, it is appropriate to apply for certification. Furthermore, after obtaining Pre-Certification, in addition to the Specific Financial Transaction Act notification procedure and the ISMS self-certification procedure, it is necessary to continue to prepare for these processes. For businesses starting a virtual asset business, they experience significant difficulties in developing business models and building systems. In addition to this, it is difficult to satisfy legal requirements such as the virtual asset business operator notification and ISMS certification. Notably, the details of the ISMS certification are reflected as “Administrative and Technical Certification Criteria” under the law and technology, so it is good to conduct the certification by verifying ISMS certification cases. The author of this column, Mr. Baek Seung-cheol, Partner Attorney at Law Firm Veat, who has been certified as an “IT Specialist Attorney” after rigorous review by the Korea Bar Association’s Professional Specialty Registration Committee, and has successfully handled numerous personal information protection and infringement accident related lawsuits, also holds experience in providing personal information protection and infringement prevention lectures to various companies and public institutions. Thank you.