Kim & Chang
6 Experts
2 Contributions by Kim & Chang Experts
PRACTICE NOTES
This Practice Note examines how arbitral awards are recognised and enforced in South Korea. Note: Korean court judgments cited in this Practice Note are not reported by LexisNexis® UK.
Arbitral awards enforceable in South Korea
Introduced in 1966, the Korean Arbitration Act (KAA) provides the statutory basis for enforcing arbitral awards in South Korea. The KAA was revised in 1999 to incorporate the 1985 United Nations Commission on International Trade Law (UNCITRAL) Model Law (the Model Law). On 30 November 2016, further amendments took effect, implementing the 2006 updates to the Model Law. South Korea acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) in 1973.
Under the KAA, three categories of awards are enforceable in South Korea (KAA, arts 37.1, 38–39):
foreign arbitral awards to which the New York Convention applies
foreign
Arbitration
PRACTICE NOTES
This Practice Note considers the availability of interim and emergency measures from arbitral tribunals and the Korean courts under the law of South Korea.
The Korean Arbitration Act (KAA) is founded on the 1985 UNCITRAL Model Law, and embraces the Model Law’s provisions dealing with interim relief. With effect from 30 November 2016, amendments to the KAA took effect, allowing enforcement of interim measures granted in arbitral proceedings governed by the Act—that is, arbitrations seated in South Korea—by incorporating the interim measures regime set out in the 2006 version of the Model Law. Those updated provisions on interim measures apply to matters commenced after that effective date. Under Korean law, interim relief is not the exclusive preserve of either the courts or arbitral tribunals; parties may request such measures from the court (KAA, art 10) or from the arbitral tribunal (KAA, art 18). The Korean
Arbitration
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