Case Studies
[Legal Review] Regarding the possibility of violation of laws such as the Financial Consumer Protection Act]
Law firm Veat conducted a legal review for A, a company receiving a referral to examine the potential violation of relevant regulations, including the Financial Consumer Protection Act, based on the request of A, which provides e-commerce services. A planned free insurance events, such as selling insurance products through its e-commerce platform and prepaying insurance premiums, and was concerned about the possibility of these events violating the Financial Consumer Protection Act (Financial Consumer Protection Act, FSA) and the Insurance Business Act, and entrusted Law firm Veat with a review request. Subsequently, Law firm Veat thoroughly understood the content of A’s planned insurance product sales event and examined the potential violation of regulations, including the Financial Consumer Protection Act (Financial Consumer Protection Act, FSA) and the Insurance Business Act, and provided an opinion. The Financial Consumer Protection Act (Financial Consumer Protection Act, FSA), which was fully implemented from May 25th, regulates all financial products in principle. In case of violation, a punitive fine system has been introduced, imposing fines of up to 100 million won, and companies operating related businesses can be sentenced to imprisonment for up to 5 years and a fine of up to 200 million won. Therefore, companies operating related businesses need to legally check and be cautious. Law firm Veat provides professional legal advice related to regulations, including the Financial Consumer Protection Act (Financial Consumer Protection Act, FSA) and the Insurance Business Act, so that businesses can operate their businesses securely. If you need legal advice related to the Financial Consumer Protection Act (Financial Consumer Protection Act, FSA) and the Insurance Business Act, please contact Law firm Veat at any time. Thank you.
Law Firm Veat - Legal Review of Rental Car Agreement
W Company is currently operating as a startup and needed a partnership agreement with a rental car company to allow its employees and members to utilize rental cars at a discounted rate. Therefore, W Company commissioned Law Firm Veat to review the partnership agreement for legal issues. Law Firm Veat conducted a comprehensive review of the partnership agreement, clarifying ambiguous clauses and modifying provisions that were disadvantageous to W Company, based on the rental car company’s standard agreement. They revised the definition of “members” to include employees and other personnel, ensuring all W Company members could utilize the rental service. Law Firm Veat possesses extensive experience in addressing a wide range of legal issues commonly encountered during the operations of startups. If you require legal review during the operation of a startup, please feel free to contact them. Thank you. Law Firm Veat
[Consultation] Review of Standard Entry Agreement by Legal Counsel
W Company operates an online shopping mall, and needed a standard entry agreement that could be used by sellers who join the categories within W Company’s website. Therefore, W Company commissioned Law Firm Veat to review the legal aspects of the standard entry agreement. Law Firm Veat drafted and provided a standard entry agreement containing the obligations and liabilities stipulated under the “Act on Consumer Protection in Electronic Transactions.” Furthermore, they provided a comprehensive review of the seller’s liability provisions, including clauses for contract termination, compensation for damages, and penalties, ensuring the agreement aligned with W Company’s operational goals. If you need a standard entry agreement drafted and legally reviewed, please contact Law Firm Veat. Thank you. Law Firm Veat
[Legal Review] Influencer Sales Agent Contract Legal Review
A, which operates a multi-channel network (MCN) company, has sought to conduct ‘Influencer Sales Agency Contract’ in preparation for launching a new influencer campaign marketing. A consulted Veat Law Firm to review whether there were any legal issues with the ‘Influencer Sales Agency Contract’ as it anticipates finalizing contracts with influencers. Veat Law Firm reviewed all aspects, including liability provisions under the ‘Product Liability Act’ and refund regulations under the ‘Consumer Protection Act on Transactions Including Electronic Commerce,’ and provided legal advice to ensure there were no unfavorable clauses for A. Veat Law Firm possesses extensive experience providing legal advice regarding various legal issues arising in the MCN industry market within domestic and international SNS. If you have any questions regarding legal review of ‘Influencer Sales Agency Contract’ or other related matters, please feel free to contact Veat Law Firm at any time. Thank you. Veat Law Firm
[Litigation] Filing of lawsuit for execution of shareholder rights confirmation and transfer of ownership.
Law firm Veat effectively defended the dismissal of the lawsuit brought by B Company (Plaintiff), who claimed that following the agreement of A Company (Defendant) to pay B Company shares as consideration for a brand introduction service contract, and subsequently demanded confirmation of shareholder rights and execution of name transfer. Facts of the case and the origin of the case A Company, trusting B Company’s experience and connections in hotel development and branding based on B Company’s C Hotel introduction experience and network during the construction of a resort, entered into a business agreement contract through the agreement. B Company agreed to pay A Company shares as consideration for the brand introduction service, and based on this agreement, a share transfer agreement was concluded, and A Company demanded confirmation of shareholder rights and execution of name transfer, filing a lawsuit. However, there was no agreement on the share transfer within the service contract. Moreover, although the share transfer agreement repeatedly requested signatures while pointing out that B Company’s internal director was a formal procedure for brand introduction, it eventually achieved signatures, but this was for A Company to show its business capabilities, and it was difficult to conclude that there was actually an agreement on the transfer. Veat’s Legal Action Therefore, A Company entrusted Veat with the lawsuit execution, and Veat, based on the circumstances of the service contract and the share transfer agreement, and arguing 1) “the business agreement contract contained blank numbers of shares to be transferred, and there was no method to determine the number,” 2) “the contract was made by a non-shareholder, namely a proxy, which had no effect on the principal, and the burden of proof for proxy is on B Company,” 3) “even if the contract is valid, it can be voided by fraud and misrepresentation,” and 4) “the share transfer was not only based on contract execution, but also based on the previous intention to transfer shares, and since B Company did not express any intention to transfer shares after the contract execution, B Company’s claim based on accepting shares was without merit,” presented comprehensive legal arguments and evidence from a legal perspective. Result As a result, Veat was able to achieve the dismissal of the lawsuit by effectively defending B Company’s claims. This case is significant because it meticulously investigated the circumstances of the share transfer agreement in a case where a share transfer agreement was formally drafted but lacked a genuine intention to transfer shares, and presented comprehensive legal arguments and evidence from a legal perspective, thereby preventing significant damage to A Company.
[Consultation] Drafting and legal review of personal information processing policies and terms of service for ERP clients.
A Company, which manages student and parent information, contacted Law firm Veat in anticipation of launching its service, seeking to draft its service privacy policy and terms of service. Law firm Veat provided terms of service and a privacy policy tailored to A Company’s service content, and, given the nature of the service, registration as a location-based service business was required, and we provided an additional location-based service usage agreement as a result. If you are a client who needs terms of service drafting and legal review before launching a new service, please contact Law firm Veat. Thank you. Law firm Veat
[Platform] O2O service, various regulatory risks as much as various business areas.
Veat partner attorney Jo Eunbyeol contributed a column to media platform O2O regarding various regulatory risks. Those who are curious about the detailed content please check the column of Law firm Veat uploaded to Platum. Thank you. Veat Dream
“[Legal Review] Contract legal review for unmanned kiosk sales, rental, and software supply agreements”
Company P sells, rents, and provides an unmanned kiosk management system, and requested Law Firm Veat to inquire whether there were any legal issues with the sales, rental, and program supply contracts for unmanned kiosks as it prepares for nationwide unmanned kiosk operations. Law Firm Veat reviewed three types of contracts: a contract for providing only the unmanned kiosk program, and contracts for supplying or selling the unmanned kiosk itself. The legal review was conducted differently based on the content of each contract. Law Firm Veat conducted a general review of the contracts, suggesting the addition of content not included in the original draft, such as liability for damages, notices, assignments, and jurisdiction. We provided comprehensive legal advice. If you need a legal review of product sales, rental, or program supply contracts, please feel free to inquire at any time. Thank you. Law Firm Veat
[Consultation] Drafting and legal review of director appointment contracts and agreements
A Corp, a company operating chemical and biotech startups, consulted with Law firm Veat to check if there were any problems with the director appointment agreement before signing employment contracts with key executives. Law firm Veat provided comprehensive legal counsel, including reviewing the addition of stock option clauses requested by A Corp, revising the confidentiality and non-compete obligation period, and examining the signing bonus and repayment regulations. Law firm Veat has extensive experience dealing with legal issues that inevitably arise during a startup’s growth process, and provides comprehensive legal counsel. If you are someone who needs legal review of director appointment agreements, please contact Law firm Veat. Thank you. Law firm Veat
[Consultation] Sending a certified letter regarding trademark infringement and unfair competition.
Law firm Veat received a request from a client whose company received a notification of claim due to trademark infringement and unfair competition, and subsequently sent a rebuttal notification of claim regarding the aforementioned notification of claim. The client received a notification of claim from B Co. regarding trademark infringement and unfair competition, and inquired about Veat’s response plan. Accordingly, Veat promptly sent a rebuttal notification of claim to the client, stating that B Co. had not infringed its trademark and had not engaged in unfair competition, and that the problematic content had already been deleted from the client’s website. Thanks to Veat’s swift rebuttal notification of claim and guidance on the response plan, the client was fortunately able to avoid a more serious situation. It is highly recommended to consult with a legal professional regarding responses to notifications of claim, as these may serve as evidence in a subsequent lawsuit. Thank you.