KOREA, REPUBLIC OF

ARBITRATION ACT

Wholly Amended by:

Act No. 6083, Dec. 31, 1999

Amended by Act No. 6465, Apr.7, 2001

Act No. 6626, Jan. 26, 2002

TABLE OF CONTENTS

CHAPTER I GENERAL PROVISIONS

Article 1

(Purpose)

Article 2

(Scope of Application)

Article 3

(Definitions)

Article 4

(Receipt of Written Communications)

Article 5

(Forfeiture of Right to Object)

Article 6

(Extent of Court Intervention)

Article 7

(Competent Court)

CHAPTER II. ARBITRATION AGREEMENT

Article 8

(Form of Arbitration Agreement)

Article 9

(Arbitration Agreement and Substantive Claim before Court)

Article 10

(Arbitration Agreement and Interim Measures by Court)

CHAPTER III. ARBITRAL TRIBUNAL

Article 11

(Number of Arbitrators)

Article 12

(Appointment of Arbitrators)

Article 13

(Grounds for Challenge)

Article 14

(Challenge Procedure)

Article 15

(Termination of Mandate of Arbitrator Due to His Failure of Impossibility to Act)

Article 16

(Appointment of Substitute Arbitrator)

Article 17

(Ruling of Arbitral Tribunal on Its Jurisdiction)

Article 18

(Interim Measure)

CHAPTER IV. ARBITRAL PROCEEDINGS

Article 19

(Equal Treatment of Parties)

Article 20

(Arbitral Proceedings)

Article 21

(Place of Arbitration)

Article 22

(Commencement of Arbitral Proceedings)

Article 23

(Language)

Article 24

(Statement of Claim and Defence)

Article 25

(Hearings)

Article 26

(Default of Party)

Article 27

(Expert)

Article 28

(Court Assistance in Taking Evidence)

CHAPTER V. MAKING OF ARBITRAL AWARD

Article 29

(Rules Applicable to Substance of Dispute)

Article 30

(Decision-making by Arbitral Tribunal)

Article 31

(Settlement)

Article 32

(Form and Contents of Award)

Article 33

(Termination of Proceedings)

Article 34

(Correction or Interpretation of Award or Additional Award)

CHAPTER VI. EFFECT OF AWARD AND RECOURSE THERE AGAINST

Article 35

(Effect of Arbitral Award)

Article 36

(Application for Setting Aside Award to Court)

CHAPTER VII. RECOGNITION OR ENFORCEMENT OF AWARD

Article 37

(Recognition or Enforcement of Arbitral Award)

Article 38

(Domestic Arbitral Award)

Article 39

(Arbitral Award in Foreign Country)

CHAPTER VIII. SUPPLEMENTARY PROVISIONS

Article 40

(Assistance to Commercial Arbitration Institution)

Article 41

(Establishment and Approval of Arbitration Rules)

ADDENDA

(1) (Enforcement Date)

(2) (Transitional Measures concerning Arbitration Cases in Process)

(3) (Transitional Measures Arising out of Designation of Commercial Arbitration Institution)

ADDENDA <Act No. 6465, Apr. 7, 2001>

(1) (Enforcement Date)

(2) through (4) Omitted.

ADDENDA <Act No. 6626, Jan. 26, 2002>

Article 1

(Enforcement Date)

Articles 2 through 4 Omitted.