Republic of Korea

The Legal Framework for Arbitration

General Information

  • UNCITRAL Model-Law based: Yes.

  • Legal Provisions: The Korean Arbitration Act, as amended.

Arbitral Institutions

  •  The Korean Commercial Arbitration Board (KCAB)

Multilateral Conventions

  • New York Convention: Yes (ratification/accession: 8 February 1973); reservations: By virtue of paragraph 3 of article I of the present Convention, the Government of the Republic of Korea declares that it will apply the Convention to the recognition and enforcement of arbitral awards made only in the territory of another Contracting State. It further declares that it will apply the Convention only to differences arising out of legal relationships, whether contractual or not, which are considered as commercial under its national law.

  • European Convention: No.

  • ICSID Convention: Yes. (ratification/accession: 21 February 1967).

  • Energy Charter Treaty: No.

 

Last updated February 2019