[Consultation] Responding to the Fair Trade Commission’s corrective disposition order

A leading domestic activity brokerage platform, OO, received a notification from the Fair Trade Commission stating that the company's terms and conditions may violate the “Act on Regulation of Standard Contractual Clauses” and are subject to review. While conducting a comprehensive investigation into the terms and conditions of providers of “knowledge and talent sharing services,” the Fair Trade Commission reviewed the terms and conditions of OO, a leading company in this field. Law firm Veat (1) meticulously analyzed the Fair Trade Commission’s official letter and (2) based on the understanding that OO can serve as an industry standard as a leading company in the knowledge and talent sharing service field, grasped the particularities of the “knowledge and talent sharing service providing platform” business through meetings with OO.

Through this analysis and meetings, Law firm Veat was able to review the legitimacy and appropriateness of the Fair Trade Commission’s points of concern. Based on this analysis, and taking into account the intention of the Fair Trade Commission’s points, (1) in cases where revision was deemed appropriate, a “draft” in the format of a comparison table of new and old articles was prepared, and (2) in cases where existing terms and conditions were maintained, the reasons were detailed. Through several rounds of coordination with the Fair Trade Commission, OO’s draft revision was ultimately accepted.

When a business is small, like a startup, terms and conditions may not be a major issue, but as the volume of transactions and sales increases, legal disputes may arise not only in relationships with customers but also with administrative agencies such as the Fair Trade Commission. Therefore, it is necessary to manage customer and governmental risks through legal advice on a regular basis.

Thank you.

Law firm Veat