Case Studies
[Consultation] Terms of Use, Privacy Policy, Personal Information Collection, and Use Agreement Modification for Members Under 14 Years Old.
Law firm Veat provides forms modified regarding registration for members under the age of 14, personal information processing policy, collection of personal information, usage consent, etc. A, which provides an educational platform, requested that members under the age of 14 be able to register as members and use the service by expanding the registration function. As a result, they requested modifications to the existing terms of use, personal information processing policy, collection and use of personal information, and usage consent. In response, Law firm Veat provided guidance regarding personal information collected when registering members under the age of 14, including the minimum amount of information required to obtain consent from the child without the consent of a legal guardian, and guidance on receiving and verifying consent for the collection and use of a child’s personal information from a legal guardian, as well as modifications to the existing terms of use, personal information processing policy, collection and use of personal information, and usage consent. The Personal Information Protection Committee, through a partial amendment to the Personal Information Protection Act, aimed to reorganize the existing consent-before-collection system by separately specifying matters related to the obligation to confirm consent from a legal guardian for a child of 14 years of age and the use of easy forms, thereby strengthening child personal information protection. Law firm Veat is providing legal counsel tailored to each company’s service to align with strengthening regulations on personal information processing policies and terms of use. If you need legal advice regarding the drafting and revision of personal information processing policies and terms of use, please feel free to contact Law firm Veat at any time. Thank you.
Law firm Veat ‘Established 4th Place in M&A League Table for H1 2021’
Law firm Veat has secured 4th place in the M&A League Table for the first half of 2021 (Bloomberg M&A League Table based on transaction volume). Following its achievement of 4th place in the Q1 2021 M&A League Table, it has secured 4th place overall, following Guangjang, Kim & Chang, and Sejong, establishing itself as the law firm leading M&A legal advisory in South Korea. More than 768 companies that have grown together, more than 252 investment advisory records, cumulative Deal amount of over 75.88 billion. Law firm Veat and the 768 startup companies that have established and grown together (2015-2021) have been recognized as unicorn companies, and are moving forward as innovative companies in the relevant field, in which case Law firm Veat also possesses more than 252 records of investment-related legal advisory (2019-2021), a cumulative Deal amount of over 75.88 billion (2015-2021). Law firm Veat will continue to provide legal advisory on various legal issues, including investment and M&A, utilizing its differentiated professional expertise, and alongside the startups and companies that always need help, we will fulfill the role of a partner law firm that grows together with them. Thank you.
[Consultation] Scope of Confidentiality Duty Legal Review
Law firm Veat provided guidance on the scope of confidentiality obligations regarding a former shareholder's confidentiality agreement. Bio venture company A Co. inquired about the scope of confidentiality obligations held by shareholder B, who was a shareholder who retained confidentiality obligations pursuant to existing contracts such as shareholder agreements etc, having transferred all of their shares and no longer being a shareholder of the company. Accordingly, Law firm Veat reviewed in detail the shareholder agreement and stock transfer agreement with shareholder B, and confirmed that there is a duty to maintain the secrecy of all information acquired during the execution of the contract and its contents according to the terms of the agreement and stock transfer agreement. Even if you are a departing employee, you can make a claim for damages if you violate contractual obligations with the company. However, because the agreement does not clearly state the obligations of the parties or the amount of damages, it is difficult to prove the facts of damage and the amount of damage in a damages lawsuit, therefore it is recommended to draft shareholder agreements etc. with clearly stated confidentiality obligations and the breach thereof. If you need legal advice regarding legal review related to confidentiality obligations, drafting shareholder agreements and stock transfer agreements, and other legal issues that arise during the operation of a company, please feel free to contact Law firm Veat at any time. Thank you.
[Consultation] Compensation, performance bonuses, and incentive related legal advice
Law firm Veat provided legal advice regarding inquiries related to bonuses. A company operating an influencer commerce platform asked whether incentives paid to employees upon achieving sales targets are included in the average salary when calculating severance pay. In response, Law firm Veat reviewed relevant laws and precedents such as the Labor Standards Act to provide guidance on the criteria for whether bonuses or performance-based pay are included in the average salary, and explained whether the specific incentives were included in the average salary. Law firm Veat provides prompt and efficient legal advice regarding legal issues that inevitably arise during the company’s operations, such as bonuses, performance-based pay, and incentives. If you regularly need comprehensive legal advice related to company operations, such as the Labor Standards Act, please feel free to contact Law firm Veat at any time. Thank you.
[Consultation] Review of inquiries regarding stock option exercise prices and quantity adjustments, etc.
Law firm Veat provides legal advice regarding inquiries such as stock option exercise price adjustments, etc. A company that has obtained venture certification has requested that employees be granted stock options, reflecting conditions where the stock option becomes more flexible when issuing stock options, considering that venture companies are first applied under the Venture Enterprise Promotion Act, which is more favorable than the Commercial Act in the case of venture companies. In response, Law firm Veat conducted the following for A’s request: ▲Acceleration vesting – a condition that allows stock options to be exercised immediately when a specific condition is met, and ▲legal review regarding whether stock option exercise prices, quantities, and adjustment clauses are fully stipulated. Due to the nature of stock options, which give the option to buy company shares at a predetermined price after a certain period of time, it is necessary to carefully review various variables that may arise at the time of exercise. Law firm Veat possesses extensive experience in legal advice related to stock options and provides draft stock option grant agreements reflecting various variables and conditions. Please feel free to contact Law firm Veat if you need legal advice regarding stock options. Thank you.
[202106] Monthly Veat June Issue_2021 First Half Veat News
Law firm Veat https://stib.ee/TRb3
[Consultation] Review of Source Code Purchase Agreement
Law firm Veat conducted a legal review of the source code purchase agreement. Startup A, which operates as a software development and supply company, commissioned Law firm Veat to conduct a legal review of the source code purchase agreement in order to execute a contract to transfer the source code developed by John. Accordingly, Law firm Veat reviewed key clauses in the software purchase agreement from the perspective of the seller, A, such as
[Consultation] Review of Intellectual Property Protection Clauses for Research Project Contractor Companies
Veat Law Firm drafted a research contract for you that includes clauses for protecting intellectual property (intellectual property rights) of the research project execution company’s inclusion of research projects, including the clauses regarding the protection of intellectual property rights of the results developed due to the research project contract ahead of the agreement with the purchaser, A Company, which develops and supplies artificial intelligence system software. In doing so, Veat Law Firm drafted a research contract that includes the ownership of intellectual property rights of the research results in the perspective of the service execution company, A Company, and also includes the right to freely utilize the intellectual property rights in the research project contract afterwards. Most companies that perform technical services find it very difficult to execute similar services procured from other clients if they assign all intellectual property rights of the service execution results in the service contract to the purchaser. Therefore, technical service execution companies can avoid potential wasteful disputes by clearly defining the rights of intellectual property rights of the results in the service contract before concluding the service contract. If you need legal advice related to the research project contract and intellectual property rights, please contact Veat Law Firm at any time. Thank you.
[OSP magazine] Seongdo Young Partner Attorney, Directions for Creating New Industries Through Regulatory Innovation
Songdo Young, Partner Attorney, attended as an expert and discussed strategies for promoting remote industries and stimulating economic growth through proactive regulatory innovation during a lively exchange of ideas. This content was published through OSP magazine, PERSPECTIVE. Some of the content includes the following, and specific expert discussions can be found in OSPmagazine PERSPECTIVE, April Issue_Partial. Please refer to it. Regulatory Sandbox is a system that can be described as providing support for the market entry of new technologies or services under the assumption that there is no serious harm to life and body. Law firm Veat’s Partner Attorney Songdo Young, as the head of the Regulatory Sandbox team established in 2018, has been conducting consulting services related to Regulatory Sandbox/Legislative Consulting after successfully launching the ICT Regulatory Improvement Consulting project. Particularly, Partner Attorney Songdo Young received recognition for his contribution to the growth of startups through the establishment and spread of the Regulatory Sandbox system and was awarded the Minister of Personnel and Labor Commendation at the ‘2020 Information and Communication Technology Day’ commemorative government award. Thank you. Law firm Veat
[Consultation] Revision of temporary worker employment contract and consultation on concluding service contracts with freelancers and foreign workers.
Veat Law Firm provided contract modification services for time-limited workers’ employment contracts that are suitable for client companies’ various working forms, and the execution of service contracts with freelancers and foreign workers. A, which operates virtual reality and other content platforms, wanted to create employment contracts suitable for various working forms, including time-limited workers and foreign workers, in hiring. In addition, when a worker who wants to conduct some work within the company on a part-time basis inquired about the method of contract execution. Accordingly, Veat Law Firm has prepared time-limited workers’ employment contracts that are appropriate for “Act on Labor Standards,” “Act on Protection of Temporary and Part-time Workers,” and “Civil Code” based on A’s desired working form and provided it. Furthermore, for workers who want to conduct part-time work, the firm proposed and guided the method of contract execution as a freelancer, providing contracts and other related materials. By creating employment contracts that specify correct working conditions and regulations, it can protect the obligations and rights between the employer and employee, and prevent future disputes. In addition, it is important to note that under “Act on Labor Standards Article 114,” fines of up to 500만원 can be imposed if an employment contract is not prepared, and if temporary or part-time workers, or the absence of an employment contract and attachment is detected, immediate fines of up to 500만원 may be applied. Veat Law Firm quickly and accurately performs legal advisory services such as drafting and reviewing employment contracts according to various working forms in the operating processes of many startups and companies. If you need a draft and review of employment contracts, please contact Veat Law Firm at https://pf.kakao.com/_VBmxdxb. Thank you.