[Consultation] Amendment of Terms and Conditions in Response to a Corrective Recommendation from the Fair Trade Commission]
Article posted in 2022-03-28 09:19:03 | VEAT
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