Korean Commercial Arbitration Board (KCAB)

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[edit] General Information

  • Official name: Korean Commercial Arbitration Board (KCAB)
  • Country: Korea
  • City: Seoul
  • Type of organization: Independent organization
  • Date of creation: 1966
  • Interests: Arbitration - Mediation
  • Fields of expertise: Commercial and Business Disputes

[edit] Description

As international trade and commerce increases among the nations of the world, it is an inevitable fact that disputes rise as well. As these transactions grow more complex, it becomes increasingly important to resolve disputes and conflicts as quickly, efficiently and formatively as possible. And in Korea, the Korean Commercial Arbitration Board (KCAB) is well established to assist those international parties who may find themselves in a conflict during the performance of their commercial business. An institution such as the KCAB must be neutral, unbiased and independent in order to administer and conduct international arbitration, conciliation and mediation, viable alternatives to transnational litigation. Litigation can be costly, time-consuming and lead to a permanent breakdown in business relationships.

[edit] History

The Arbitration Act of Korea (hereinafter referred to as "the Act") was promulgated on March 16, 1966 as Law No. 1767. The Act is an independent body of law, and its provisions will prevail in the event of any conflicts with other codes such as the Civil Code (CC), the Code of Civil Procedures (CCP) and the Commercial Code of the Republic of Korea. All commercial disputes are decided in accordance with its provisions and the Arbitration Rules of the Korean Commercial Arbitration Board unless parties have agreed otherwise.

[edit] Arbitration at KCAB

A total of 1,023 arbitrators are now included on KCAB's Panel of Arbitrators. 101 new arbitrators were added to the list but 36 arbitrators were retired as of May 31, 2003. In terms of the background of arbitrators, most are from legal circles with 225 individuals (25%), from academia (25.8%) and the business community (25.6%). There are 126 non-residents of Korea among the 31 foreign nationals. The Korean Commercial Arbitration Board designates arbitrators in accordance with the provisions of the agreements and from candidates recommended by its Secretariat.

[edit] Mediation at KCAB

Mediation is an entirely voluntary, risk-free process in which a neutral staff member of KCAB helps the parties in dispute to negotiate their own settlement. The mediator will be unbiased and shall not judge either party, while encouraging open communication, helping to identify the specific areas of dispute and agreement, and working toward bringing the parties to a negotiated settlement specified and reached by the parties themselves. The number of mediation cases has averaged 520 per year over the last years.

[edit] Contact

43rd Fl., Trade Tower (Korea World Trade Center) 159, Samsung-dong, Kangnam-ku, Seoul 135-729, Korea

Tel.: (82-2)551-2000/19

Fax: (82-2)551-2020/2113

Email: khahn@kcab.or.kr

Official Website

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