[Consulting] Review of Product Supply Agreement and Confidentiality Agreement

In some transaction fields, there are cases where transactions are promised between two companies without writing a contract. However, there is a problem that a lot of time and cost are consumed to solve problems that may occur in the transaction process, not only because it is practically difficult to confirm agreed items without writing a contract, but also because it is difficult to prevent possible legal problems that may occur later.

Especially when one party fails to fulfill contractual obligations, resulting in a legal lawsuit, the contract plays the most decisive role in the lawsuit. Therefore, recently, more economic entities than before recognize the importance of contracts and are writing them in writing, recognizing contract writing as one of the most important processes in business.

Company A is a manufacturer that produces leather with special functions and wanted to enter into a supply contract with Company B to supply leather. Since Company B is a company that receives leather from Company A and supplies it to other companies, it was in a situation where it needed to receive leather supplies without any problems. To this end, Company A requested Law firm Veat to review the product supply contract and confidentiality agreement to stably maintain the contract with Company B and to clarify each other's rights and obligations to facilitate smooth procurement of products.

Accordingly, Law firm Veat proposed revisions to parts that could be problematic in the supply contract, suggestions for adding content, and advice on parts that should be revised to consider Company A's situation in the confidentiality agreement, which helped reduce legal risks that may occur later.

Thank you.

Law firm Veat