As international trade and commerce increase among the nations
of the world, inevitably, disputes will arise. As these transactions grow
more complex, it becomes increasingly important to resolve disputes
and conflicts quickly, fairly and conclusively. In Korea, the Korean
Commercial Arbitration Board (KCAB) is ideally placed to assist
international parties resolve disputes encountered in the course of their
commercial activities. The KCAB recognizes the paramount need to be
a neutral, independent and internationally minded administrator
in order to deliver the most reliable, efficient and
world class dispute resolution services.
Transnational litigation can be costly, time-consuming and
counterproductive to the advancement of commercial relationships.
By contrast, KCAB arbitration can provide fast, impartial and confidential
resolution of business disputes, and provide greater certainty and
confidence for the parties, who can determine the place of
arbitration and the arbitrators, and tailor the arbitration
procedure to suit their specific needs.
In summary, the most significant and attractive features
of KCAB arbitration for international parties are:
In addition to arbitration, the KCAB also offers a comprehensive mediation service. This is an entirely risk-free process,
without cost to the parties, in which one of the KCAB’s trained mediation staff assists the parties negotiate their own settlement.
This free service encourages both parties to communicate, negotiate and reach their own mutually agreed-upon conclusion.
The KCAB handles over 800 mediation cases a year with a success rate well over 50 percent.
Established in 1966, the KCAB has offices in Seoul and Busan and is an internationally recognized arbitration institution,
with significant experience having administered well over 4000 arbitrations.
Also, the KCAB has signed around 50 international cooperation agreements with similar arbitral organizations throughout the world.
The KCAB is dedicated to the prevention and settlement of commercial disputes and we sincerely hope this site will be helpful
in learning about the KCAB and the benefits of alternative dispute resolution in Korea.