Arbitration—South Korea—Q&A guide

The following Arbitration practice note provides comprehensive and up to date legal information covering:

  • Arbitration—South Korea—Q&A guide
  • 1. Is your jurisdiction a contracting state to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards? Since when has the Convention been in force? Were any declarations or notifications made under articles I, X and XI of the Convention? What other multilateral conventions relating to international commercial and investment arbitration is your country a party to?
  • 2. Do bilateral investment treaties exist with other countries?
  • 3. What are the primary domestic sources of law relating to domestic and foreign arbitral proceedings, and recognition and enforcement of awards?
  • 4. Is your domestic arbitration law based on the UNCITRAL Model Law? What are the major differences between your domestic arbitration law and the UNCITRAL Model Law?
  • 5. What are the mandatory domestic arbitration law provisions on procedure from which parties may not deviate?
  • 6. Is there any rule in your domestic arbitration law that provides the arbitral tribunal with guidance as to which substantive law to apply to the merits of the dispute?
  • 7. What are the most prominent arbitral institutions situated in your jurisdiction?
  • 8. Are there any types of disputes that are not arbitrable?
  • 9. What formal and other requirements exist for an arbitration agreement?
  • More...

Arbitration—South Korea—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to arbitration in South Korea published as part of the Lexology Getting the Deal Through series by Law Business Research (published: November 2020).

Authors: Kim & Chang—Byung-Woo Im; Hyemin Park; Joel E Richardson

1. Is your jurisdiction a contracting state to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards? Since when has the Convention been in force? Were any declarations or notifications made under articles I, X and XI of the Convention? What other multilateral conventions relating to international commercial and investment arbitration is your country a party to?

Korea signed the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) on 8 February 1973, and it entered into force on 9 May 1973. Korea declared that it will only apply the New York Convention to arbitral awards made in the territory of states that are also parties to the Convention, and only to disputes that would be considered commercial disputes (contractual or otherwise) under Korean law.

Korea signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States on 21 February 1967, and it entered into force on 23 March 1967.

2. Do bilateral investment treaties exist with other countries?

Korea has entered into more than 100 bilateral investment treaties and numerous free trade

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