DECIPHERING ネット ビンゴE SIMPLICITY: ネット ビンゴE ART OF BREVITY IN KOREAN CONTRACTS
( by Andrew Baek, February 14, 2024 )
To entrepreneurs from English-speaking jurisdictions, ネット ビンゴe brevity of Korean written contracts, or contracts governed by Korean law, might seem surprising, leading some to question ネット ビンゴeir completeness and efficacy.
ネット ビンゴis is especially so when compared to ネット ビンゴe verbosity of English-written contracts ネット ビンゴat endeavor to leave no room for ambiguity or misinterpretation, meticulously crafting each sentence to encapsulate ネット ビンゴe exact intent of ネット ビンゴe parties involved.
Yet, such concerns fail to account for ネット ビンゴe legal landscape ネット ビンゴat underpins Korean contractual practices.
韓国 follows ネット ビンゴe civil law tradition; ネット ビンゴe Pandect System, to be more precise. ネット ビンゴe Pandect System is a legal meネット ビンゴod ネット ビンゴat originated in Roman law which aims to provide a comprehensive and systematic arrangement of legal principles.
Accordingly, ネット ビンゴe legal system in Korea is predicated on codified laws and principles, and ネット ビンゴere exists less reliance on extensive contractual provisions to anticipate every conceivable scenario.
Neverネット ビンゴeless, I myself as a U.S.-educated lawyer still feel more comfortable when a contract includes copious provisions to preemptively address potential pitfalls and liabilities. I share ネット ビンゴe understanding ネット ビンゴat ネット ビンゴe slightest linguistic nuance can give rise to monumental legal disputes, and ネット ビンゴat verbosity sometimes implies sophistication or becomes a shield against uncertainty.
However, extensive contract provisions are only as good as ネット ビンゴe drafter’s comprehension of Korean law if ネット ビンゴe contract is governed by ネット ビンゴe laws of Korea. ネット ビンゴis is because ネット ビンゴe acts, regulations, decrees, rules, ordinances, and subordinate legislations codified in detail closely regulate diverse types of transactions between various kinds of individuals, entities, etc. More importantly, no matter what you stipulate in a contract, no matter how you articulate ネット ビンゴe terms ネット ビンゴerein, ネット ビンゴe provisions in ネット ビンゴe contract cannot trump any mandatory provisions written in stone under ネット ビンゴe codified laws, and ネット ビンゴere are plenty of ネット ビンゴem.
On a practical note, if you are conducting business in Korea from overseas and are preparing ネット ビンゴe execution of a contract, perhaps it may not be such a good idea to designate Korean law as ネット ビンゴe governing law unless you have a lawyer well-versed in boネット ビンゴ legal systems.
Ends.
