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Korean Commercial Arbitration Board (KCAB) - National Arbitration Institution - World Arbitration Reporter (WAR) - 2nd Edition

Author(s): 
John Rhie
Page Count: 
58 pages
Media Description: 
PDF from "World Arbitration Reporter (WAR) - 2nd Edition"
Published: 
December, 2010
Jurisdictions: 
Korea
Practice Areas: 
Arbitrators and Arbitral Tribunals,
International and Transnational Law,
Costs and Damages,
Sources of Arbitration Law,
Institutional and Administered Arbitration,
Standard and Model Arbitration Clauses,
National Institutions and Rules,
Other
Author Detail: 

John Rhie is a partner in Kim & Chang’s international arbitration and cross-border disputes group and a visiting professor at Korea’s Judicial Research and Training Insititue. Mr. Rhie’s primary practice is in the area of international commercial arbitration and investment treaty arbitration. He has a wealth of experience in institutional arbitrations as well as ad hoc arbitrations. Mr. Rhie has worked at offices in major arbitration jurisdictions such as London, New York, Hong Kong and Seoul and has knowledge and understanding of numerous arbitration seats and governing laws from the U.S., Europe, Asia and Africa. Mr. Rhie has also represented both States and Investors in investment treaty disputes arising from BITs, MITs and FTAs under ICISD, Energy Charter Treaty and ICC Rules.

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Description: 

Originally from World Arbitration Reporter (WAR) - 2nd Edition

I. BASIC INFORMATION

A. History and Background of the Institution 

The Arbitration Act of the Republic of Korea ("Korea”) was enacted on 16 March 1966 as Law No.1767. The Arbitration Act has since been amended and was completely overhauled on 31 February 1999. The 1999 version of the Arbitration Act (the “Act”) is the law currently governing arbitrations in Korea.

The Korean Commercial Arbitration Board (the “KCAB”) is the only authorised institution of its kind in Korea, statutorily empowered to settle any kind of commercial dispute under the Act. Apart from its own rules, the KCAB can also administer arbitration proceedings in accordance with any other ad hoc or institutional rules as agreed by the parties concerned.

Under the authorisation and approval of the Korean Supreme Court, the current Arbitration Rules of KCAB (the “Rules") were put into effect on 15 May 2004. Recently, the KCAB enacted a new set of rules for international arbitrations (the “International Rules”) which was approved by the Korean Supreme Court on 25 January 2007. Currently, the Rules and International Rules co-exist and although, as the name suggests, the International Rules are more suitable for international arbitrations, parties can choose either rules to apply to their arbitration.

Table of Contents: 

KOREAN COMMERCIAL ARBITRATION BOARD (KCAB)

I. BASIC INFORMATION

A. History and Background of the Institution

B. Model Clause

C. Arbitrators

D. Costs, Fees and Other Service Charges

1. The Rules

2. The International Rules

II. APPENDIX

A. The Rules of the KCAB

B. Institution Contact Details

C. Bibliography