The Rules of Arbitration and International Arbitration of the Korean Commercial Arbitration Board ("KCAB") were revised and fully
approved by the Korean Supreme Court to come into effect on September 1, 2011. KCAB launched Arbitration Rules Revision
Committee in 2010, comprising of many well known experts in the arbitration field to amend its Arbitration Rules.
The Committee revised the Rules so that the former Arbitration Rules will now be referred to as Domestic Arbitration Rules and
are applied by default only to arbitration cases between parties having their principal offices or permanent residences
in the Republic of Korea, and not an International Arbitration as defined in the KCAB International Arbitration Rules as the
arbitration where one of the parties is not Korean or the venue of the arbitration is designated outside the Republic of Korea.