Ahnse Law Offices

MSI's South Korean law member Ahnse Law Offices provides an overview of the rules & regulations when purchasing a property in South Korea.

MSI' South Korean law member Ahnse Law Office recently represented a foreign client which exported certain foods to Korea and provides an insight into this particular case. The payment terms were Documents Against Payment such which are governed by the Uniform Rules on Collection 522 (URC 522). Documents Against Payment also known as (DAP or D/P) is of course a method of payment like letters of credit and TT.

Korea is generally considered to have dealt with COVID 19 very well (so far). There has been no lockdown as such and life has carried on relatively normally. However, the disease has obviously had and will continue to have far reaching consequences. Absent a vaccine, it is not yet known for how long the crisis will continue. Some models are less optimistic and have suggested that it will have effects to a greater or lesser degree for a significant amount of time to come. As COVID 19 affects a business, its owners and managers will need to consider their commercial and legal options. One effect of the pandemic may be to negatively impact a business’ cash flow. Businesses will therefore look at ways to cut their costs. One major cost is for employees. MSI's South Korea law member Ahnse Law Offices considers what options there may be in this regard.