Case Studies
[Consultation] Amendment of Terms and Conditions in Response to a Corrective Recommendation from the Fair Trade Commission]
Law firm Veat operates digital virtual asset trading platform on behalf of A, a company providing legal advice regarding the terms and conditions. A operates websites and applications that provide virtual asset trading services. A received a corrective recommendation from the Fair Trade Commission and requested assistance from Law firm Veat in response to this situation. Law firm Veat reviewed the legal basis and reasons for the Fair Trade Commission’s request for terms and conditions amendment and provided a revised terms and conditions draft incorporating the Fair Trade Commission’s recommendations to the Fair Trade Commission. The Fair Trade Commission can order businesses using unfair terms and conditions based on Article 17(2) of the Act on the Regulation of Certain Business Agreements (Terms and Conditions Act). If they fail to comply, they may be sentenced to imprisonment for up to 2 years or a fine of up to 100 million won, or be subject to a fine of 500 million won under Article 32 of the Terms and Conditions Act, so it is necessary to pay attention to creating and continuously managing appropriate terms and conditions in advance. Law firm Veat provides legal consultation on responding to corrective recommendations from the Fair Trade Commission and drafting appropriate terms and conditions, and offers various response strategies. If you need legal advice regarding responding to corrective recommendations from the Fair Trade Commission or related to terms and conditions, please contact Law firm Veat. Thank you. Law firm Veat
[Consultation] Provision of termination agreement for software development service contract
Law firm Veat conducted a review of the termination agreement for software development service contracts, including a software development service contract. Law firm Veat was requested for legal counsel regarding a matter in which medical AI company A requested termination of the software development service agreement it had with the developer. Law firm Veat reviewed the existing software development service contract terms and the software development termination agreement terms presented by A to draft an agreement that could be mutually satisfactory. A service contract is a document that specifies the intentions of the parties as stated in the contract, including the purpose, duration, and amount of the contract. This can prevent disputes and, if disputes arise, serve as a key to their resolution. In particular, in software development service contracts, it is necessary to clearly organize the development plan and task requirements, and based on a mutual understanding of the development intent, to determine the scope of development and development period, and to appropriately record relevant matters, such as contract termination, in the contract. If you need legal counsel regarding software development service contracts and software development disputes, or IT, please contact Law firm Veat. IT, software development service contracts and software development disputes, please contact Law firm Veat. Thank you. Law firm Veat wishes you a pleasant day.
[Consulting] Providing an investment deal package for the overseas acquisition of domestic subsidiaries.
Law firm Veat provided a investment agreement package to A Company, a domestic legal entity for online distribution services, regarding the entrustment of acquiring overseas legal entities. Domestic Company A requested comprehensive legal consultation, including drafting investment agreements and communication for negotiating investment terms with overseas law firms during the process of acquiring Company B, a U.S. legal entity. In response, Law firm Veat provided a investment agreement package consisting of a Stock Purchase Agreement (SSA) and a Shareholders Agreement, tailored to the transaction structure where Domestic Company A issues new shares to exchange with the shares held by shareholders of Company B and the new shares of Domestic Company A. Furthermore, in transactions where domestic companies acquire overseas companies, foreign exchange reporting may be necessary in accordance with domestic laws, so we also provided guidance on the need for foreign exchange reporting related to the transaction. Law firm Veat provides a investment agreement package consisting of a Stock Purchase Agreement (SSA), a Share Exchange Agreement (SEA), and a Shareholders Agreement in Korean and English, and in transactions where foreign exchange reporting is required, we provide a one-stop service allowing you to conduct it all at once. If you need a one-stop overseas investment service from drafting investment agreement packages to foreign exchange reporting related to the acquisition of overseas companies, please contact Law firm Veat. Thank you. Law firm Veat
[Consulting] Legal review of game and event related to the Act on the Prohibition of Unfair Trade Practices]
Law firm Veat was commissioned by A, a mobile game development company, to conduct a legal review of whether there was a violation of the Game and Event Supervision Act and other related laws regarding the wrongdoing of games and events. Law firm Veat was commissioned by A to request legal counsel regarding an event in which a prize was awarded if the game results were repeatedly guessed correctly. Law firm Veat conducted comprehensive legal counsel in this matter, where the issue was whether there was expenditure of funds. It reviewed the Act on Promotion of Game Industry (Game Industry Act), the Special Act on Regulation and Punishment of Gambling and Other Unlawful Activities (Game and Event Supervision Act), and other related laws. The State defines its purpose as preventing the stimulation of gambling through gambling activities as stipulated in Article 1 of the Game and Event Supervision Act and maintaining good morals by regulating and punishing related activities. Therefore, to conduct such business, it has strict requirements, such as obtaining approval from the Minister of Internal Affairs and Safety (Article 4 of the Special Act on Regulation and Punishment of Gambling and Other Unlawful Activities). Based on its familiar understanding of game culture, Law firm Veat has successfully resolved various legal issues related to game services. If you need legal counsel regarding game services, such as the Act on Promotion of Game Industry (Game Industry Act) and the Special Act on Regulation and Punishment of Gambling and Other Unlawful Activities (Game and Event Supervision Act), please contact Law firm Veat. Thank you. Law firm Veat
[Consulting] Device Rental Terms and Conditions, Legal Review Related to Visiting Sales
Law firm Veat provided legal review of device rental terms and conditions. A, which operates a business related to medical devices, requested a legal review of device rental terms and conditions, related services for home visits and sales promotions, and methods of collecting, using, providing, and obtaining consent for personal (credit) information. Law firm Veat, regarding the device rental terms and conditions, revised clauses concerning A’s agreement with customers who enter rental contracts through methods such as visiting or offering sales, within the scope not violating the Home Solicitation and Advertising Act. Additionally, due to the possibility of unfair contract terms, we revised clauses concerning the cancellation period and effects when A’s fault was the cause of the breach of contract. Furthermore, the portion concerning the collection, use, provision, and inquiry of personal (credit) information, which requires explicit consent, as stipulated in the Personal Information Protection Act (Article 15, Article 17, Article 15(2), Article 32(1), Article 33, Article 34) was drafted as a separate consent form. (Personal Information Protection Act (Article 15, Article 17, Article 15(2), Article 32(1), Article 33, Article 34)). Law firm Veat helps to draft proper terms of use compliant with the Act on Contract Books (Contract Law), the Home Solicitation and Advertising Act (Home Solicitation Act), the Personal Information Protection Act (Personal Information Act), and the Act on the Use and Protection of Credit Information (Credit Information Act) based on its experience reviewing terms of use for various services. If you need proper term of use review and drafting tailored to your service, please feel free to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Review of Legal Compliance for NFT Issuance and Distribution
Law firm Veat, upon receiving a referral from A, a company operating an online platform, conducted a legal review regarding the legal compliance of **NFT issuance and distribution**. Law firm Veat was requested by A to advise on **the service of issuing NFTs within the online platform, allowing users to distribute them**, as well as concerns regarding potential violations of the current laws. Law firm Veat conducted a legal review concerning whether the NFT issuance and distribution service violates the **“Act on Reporting and Use of Financial Transaction Information” (Specific Financial Transaction Act)**, as well as a comprehensive review of the **NFT’s nature as a virtual currency, including its potential securities characteristics**. We provided legal counsel to the client regarding the issuance and distribution feasibility of the NFT they were attempting to issue. Various industries are entering businesses utilizing the latest technologies such as NFT, metaverse, and blockchain. The NFT industry is experiencing explosive growth. Conversely, concerns are growing regarding the volatile virtual asset-based trading environment due to factors such as high volatility in virtual assets like NFTs and the metaverse, and a lack of legal and institutional frameworks. Law firm Veat, with lawyers specializing in IT/technology and law, and extensive experience advising blockchain technology-based companies, provides legal counsel that **exceeds the uncertainties of the NFT and blockchain business environment**. If you need legal advice regarding NFTs, the metaverse, blockchain, and virtual currencies, please contact Law firm Veat. Thank you. Law firm Veat.
[Consultation] Regarding violation of employment restriction with executive officer’s consultation.
Law firm Veat provided legal counsel regarding the consultation with an executive with a violation of executive prohibition of employment due to the request of bio venture company A. Bio venture company A, which develops treatments etc., requested legal counsel regarding the matter of an executive currently employed who is holding a concurrent position with another company beyond the scope permitted by the company. The executive in question requested additional payments and other compensation due to violations of the Labor Standards Act, such as failure to pay notice pay. However, Law firm Veat reviewed the contractual relationship between Veat and A, the provisions of the Commercial Code prohibiting parallel businesses, and offered assistance to ensure a smooth resolution by presenting a legitimate justification for rejecting the request and proposing reasonable negotiation points. Accordingly, Law firm Veat provides legal counsel based on its experience in resolving various disputes related to executive prohibition of employment and parallel businesses, helping to prevent disputes in advance and facilitating amicable resolutions afterward. If you need legal counsel regarding executive prohibition of employment and parallel businesses, please contact Law firm Veat. Thank you. Law firm Veat.
[Consultation] Legal response to defamatory posts
Law firm Veat provided legal advice regarding legal response to defamatory posts based on a request from A, a company operating a community platform. A requested advice regarding a response plan after discovering defamatory posts on its community platform that it operates. Law firm Veat provided legal advice in accordance with the “Act on Promotion of Information and Communications Network Utilization and Protection of Information” (hereinafter referred to as the “Information and Communications Network Act”), and established a method of sanctions for defamatory posts, and defined prohibited and violation items related to the user’s management in A’s Terms of Service for future sanctions against defamatory posts. According to the Information and Communications Network Method, if a person has experienced a violation of their rights, such as invasion of privacy or defamation, due to information provided publicly for the purpose of being provided to the general public through the Information and Communications Network, that person can request the information service provider who processed the information to provide an explanation regarding the fact of the violation and request the deletion of the information or the publication of a rebuttal (as defined in Article 44(2)(1) of the Information and Communications Network Act), and the information service provider may temporarily block access to the information for a period of 30 days if it finds it difficult to determine whether there is a violation of rights or anticipates a dispute between the parties involved, despite the request for deletion of the information (Article 44(2)(4) of the Information and Communications Network Act). If you need legal advice during the operation of a community platform, please feel free to contact Law firm Veat at any time. Thank you.
[Consulting] Comprehensive Consulting on Amendment of Terms of Use]
Law firm Veat provided comprehensive legal counsel to A, a social platform company, in response to their request regarding the terms of service. A, a social platform company, is expanding its business including the addition of new paid payment services, and requested legal counsel from Law firm Veat concerning the revision of the terms of service. Accordingly, Law firm Veat drafted revised terms of service considering the “Act on the Consumer Protection in Internet Transactions” (hereinafter referred to as “Terms Act”) and included ▲Refund regulations for partial use in cases of simple regret of cyber money, and ▲dormant member conversion regulations, and provided guidance on Method of notification when revising the terms of service as per Consumer Protection in Internet Transactions III. 4th paragraph (sub clause) on Method of notification when revising the terms of service. Law firm Veat provides comprehensive consulting on terms of service related matters including drafting appropriate terms of service for your company, notification and guidance methods regarding revised terms of service, etc. If you need comprehensive legal advice related to terms of service such as revising terms of service, modifying terms of service, drafting terms of service, and notification methods thereof, please contact Law firm Veat. Thank you.
[Legal Times] ‘Rising Stars 100’ An Il-won Partner Attorney Selected
Law firm Veat’s An Il-oon Attorney was highlighted in LegalTimes’ “Rising Stars 100” special issue of March 2022, as the next-generation attorney leading the startup field. LegalTimes has been selecting and introducing next-generation attorneys in Korea who will lead the corporate legal market by field in major business areas since last year. LegalTimes’ Rising Stars 100 is selected through a comprehensive review of recommendations from law firms and industry experts, related business cases, and performance results. LegalTimes noticed that An Il-oon Attorney, a lawyer from Yonsei University, College of Engineering, Computer Science, who graduated from the Department of Computer Science, and previously worked as Manager at Naver’s Search Development Center before becoming a lawyer, and the fact that An Il-oon Attorney, leveraging his experience and technical expertise in the IT field, is particularly active in providing advice on startups based on 4th Industrial Revolution technologies such as software and cryptocurrencies, and in M&A transactions. An Il-oon Attorney of Law firm Veat is providing sophisticated legal advice based on practical experience in the IT field and a deep understanding of the startup ecosystem. If you need legal advice on IT and startup company legal affairs, please feel free to contact Law firm Veat at any time. Thank you.