Medical device exclusive sales contract review and support for international trade negotiations.

Law firm Veat received a request from a domestic bio healthcare startup A (hereinafter referred to as "the client") to review and support negotiations for the "exclusive distribution agreement for medical devices" regarding a transaction to exclusively sell medical devices (blood glucose meters) manufactured in China through Hong Kong to domestic.

An exclusive distribution agreement is a contract that allows only the company to sell related products. In this case, it forms a close cooperative relationship between the supplier and the buyer and requires stable trading conditions for both parties, but such exclusive distribution agreements involve legal risks, so Law firm Veat reviewed the following points to minimize these risks.

● Risk management related to deposit and advance payment

We thoroughly analyzed the legal risks that may arise from the client's payment of deposits and advance payments and presented various alternatives to reduce them. This secured the safety of the transaction and supported the company to proceed with the transaction with peace of mind.

● Reflection of Ex-Work shipment conditions for defective products discovery timing and checklist

In the Ex-Work shipment condition, it is very important to discover defects that may occur at the time of delivery, so we clearly reflected the inspection timing of the shipment in the contract and systematized the detection of defects through a checklist. This created a system to respond quickly in case of defects.

● Clarification of legal compliance obligations and responsibility allocation in the medical device approval process

We analyzed potential legal issues that may arise in the medical device approval process and clearly reflected them in the contract to clearly define responsibility allocation. This supported the company to avoid legal disputes and safely sell medical devices.

International transaction negotiation support

Law firm Veat supported the client's international transaction negotiations to exclusively sell devices manufactured in China to the domestic market. International transaction negotiations are an essential element for companies to successfully operate in the global market. In particular, understanding and coordinating different legal systems and cultural differences is important.

Law firm Veat has outstanding expertise in international transaction negotiations, meticulously reviewing the exclusive distribution agreement and supporting the negotiation process for approximately one month to secure the safety of the transaction and enable the company to conclude the contract on favorable terms. It is especially important to verify that mutually agreed matters are accurately reflected and to clarify the content of the contract, so legal review by an experienced international lawyer is essential.

Law firm Veat is efficiently and quickly performing its work based on its diverse experience in international transaction contracts and negotiation support. In particular, led by Senior Foreign Attorney Song Woo-seok, who has excellent communication skills and extensive legal advisory experience in numerous international contracts, we are helping the client operate a stable and successful business.

Law firm Veat is recognized for its expertise and performance internationally. We were selected as a finalist in the 'ALB Korea Law Award 2023' hosted by the legal professional publication Asian Legal Business (ALB) for the categories of 'Korean Deal of the Year,' 'Boutique Law Firm of the Year,' and 'Lawyer of the Year.' This is an important indicator of Law firm Veat's international capabilities and reliability.

If you need legal advice related to exclusive distribution agreements and international transaction negotiations, please contact Law firm Veat.

Thank you.

Law firm Veat