International Arbitration in South Korea

Introduction

International arbitration in South Korea is a preferred method for resolving cross-border commercial disputes. The legal framework ensures that South Korea is a reliable seat for international arbitration.

Recognition and Enforcement of Awards

South Korea is a signatory to the New York Convention. Courts adopt a pro-enforcement approach, recognizing and enforcing foreign arbitral awards unless limited grounds for refusal under Article V of the Convention are established.

Arbitral Institutions

The National Chamber of Commerce (CANACO) and the Arbitration Center of Mexico (CAM) are prominent.

Interim Measures

Courts and arbitral tribunals may grant interim measures in support of arbitration. These include asset preservation orders, security for costs, and orders to maintain the status quo.

Conclusion

International arbitration in South Korea benefits from a supportive legal framework and respected arbitral institutions, making it an attractive seat for cross-border dispute resolution.