Introduction - Chapter 1 - Arbitration Law of Korea: Practice and Procedure
About the firm:
Bae, Kim & Lee's International Arbitration and Litigation Group has earned worldwide respect for its forceful and uncompromising representation of clients. In a field where experience counts, BKL boasts Korea's first dedicated international arbitration practice group. Having been at the forefront of the field in Korea for the past 10 years, the team is now composed of 16 attorneys from several jurisdictions plus paralegals and staff, and includes a former Counsel of the ICC Secretariat and several members listed in leading publications including Who's Who Legal, Chambers, and Asia-Pacific Legal 500. This year, reflecting the team's progress and current international standing, BKL received the Arbitration Win of the Year award from Global Arbitration Review (GAR) and had the honor of being the first and only Korean firm ever listed in the "GAR 30," awarded to the 30 top arbitration practices worldwide.
Kap-You (Kevin) Kim is Head of the International Arbitration and Litigation Practice Group and Partner of Bae, Kim & Lee LLC. Mr. Kim has the distinct honor of being a Court Member of the ICC Court of Arbitration and the London Court of International Arbitration, listed ICSID arbitrator, Senior Advisor to the Korean Commercial Arbitration Board, Vice Chair of the IBA Arbitration Committee and a Board Member of the American Arbitration Association.
John P. Bang is Partner (foreign legal adviser) and co-founder of Bae, Kim & Lee's International Arbitration and Litigation Practice Group. Mr. Bang has acted as counsel in over 75 commercial arbitral proceedings in Asia, Europe and the US under the rules of all major international arbitral institutions including, among others, the ICC, ICSID, LCIA, SIAC, JCAA, and KCAB (Korean Commercial Arbitration Board) and numerous litigation proceedings in various foreign jurisdictions. He was named in the Global Arbitration Review's "45 under 45" for 2011, which lists the leading figures of the international arbitration bar under the age of 45.
Seungwoo (Sean) Cho
Matthew J. Christensen
Seung Il Hong
Eun Ah Jeung
Byoung Pil Kim
Sue Hyun Lim
David W. MacArthur
Sung Woo Yang
Originally from Arbitration Law of Korea: Practice and Procedure
1.1 KOREA'S EMERGENCE AS AN ARBITRATION POWER
Much has been written about democratization and rapid economic development in the Republic of Korea ("Korea"), and about the accelerated pace of globalization in Korea from the 1990s onward.1 Far less attention has been given to two important consequences of these broader processes: the rise in Korea of arbitration as the dispute resolution mechanism of choice for international commercial disputes, and Seoul's emergence as a competitive regional arbitration center.
Over the past two decades, the Korean business and legal communities have embraced international commercial arbitration with great enthusiasm. While this phenomenon has become familiar to observers outside Korea only recently, its roots may be traced to the birth of a modern Korean arbitration regime in the 1960s. After enacting the first indigenous Korean arbitration law in 1966, establishing an independent Korean arbitral institution in 1970, and becoming a signatory to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards ("New York Convention") in 1973, Korea experienced a gradual increase in the use of arbitration as a mechanism for settling commercial disputes over the following two decades.
In the 1990s, the use of international commercial arbitration began to expand more rapidly as Korean companies were by this time deeply involved in international commercial transactions. The advent of the Asian Financial Crisis in 1997 and ensuing boom in cross-border mergers and acquisitions ("M&A") provided a sharp spur to this growth. In 1999, Korea became the first jurisdiction in East Asia to adopt the UNCITRAL Model Law on International Commercial Arbitration 1985 ("UNCITRAL Model Law 1985"), thereby bringing its arbitration law into harmony with international standards.
Korean enterprises are now very active users of commercial arbitration, particularly for international commercial disputes. Yet the story does not end there. Owing to a confluence of arbitration-friendly attributes including a reliable and effective arbitration law, strong and supportive courts, an experienced community of arbitrators and arbitration practitioners, state-of-the-art communications and transportation infrastructure, high-quality hotels and conference facilities, and a convenient location at the cross-roads of Northeast Asia, Seoul has emerged as an attractive alternative to some of the more traditional arbitration centers in Asia.
Chapter 1 Introduction
1.1 Korea's Emergence as an Arbitration Power
1.2 Current Status of Arbitration in Korea
1.3 The Rise of Arbitration in Korea: A Brief Historical Sketch
1.3.1 Historical Precursors
1.3.2 Enactment of the Arbitration Act of 1966
1.3.3 Establishment of a Korean Arbitral Institution
1.3.4 Accession to the New York Convention
1.3.5 1999 Amendment of the Arbitration Act: Adoption of UNCITRAL Model Law 14
1.3.6 Korean Arbitration Undergoes a Rapid Growth Phase
1.3.7 Development of KCAB International Arbitration Rules
1.4 Seoul as a Safe Place of Arbitration and Competitive Regional Arbitration Center
1.4.1 The Lex Arbitri
1.4.2 Strong and Supportive National Courts
1.4.3 A Reliable Arbitration Institution
1.4.4 Capable and Experienced Arbitrators and Arbitration Practitioners
1.5 Future Prospects
1.6 Scope and Organization of this Book