Jin & Kim, PLC | Legal Blog

Short AnswerThere is no fixed timeline. However, enforcing a foreign judgment or foreign arbitral award in Korea usually requires a separate Korean court procedure before compulsory enforcement can begin.For a foreign judgment, the creditor generally needs a Korean enforcement judgment (exequatur). For a foreign arbitral award, the creditor generally needs a Korean court decision recognizing and..

Short AnswerYes. A foreign company may be required to provide security for litigation costs in Korea if it files a lawsuit as a plaintiff and certain legal requirements are satisfied.This does not happen automatically just because the plaintiff is a foreign company. Korean law focuses mainly on whether the plaintiff has an address, office, or place of business in Korea, and whether security is n..

Short AnswerYes. An international arbitration can generally proceed even if a Korean company does not participate.A respondent cannot usually stop an arbitration simply by ignoring notices, refusing to submit a defense, or failing to attend hearings. The arbitral tribunal may continue the proceedings and issue an award based on the evidence presented.However, the claimant does not automatically ..

Short AnswerYes. A foreign arbitration clause can generally be enforced against a Korean company if there is a valid arbitration agreement.If a Korean company files a lawsuit in Korea despite a valid arbitration clause, the other party may object based on the arbitration agreement. In that case, the Korean court will generally dismiss the lawsuit, unless the arbitration agreement is invalid, ine..