Key commercial contract considerations

While the choice of law agreed by parties is generally respected by the Korean court and thus designating a foreign law for a contact would be valid, the Korean court may apply mandatory Korean laws and deny the application of the selected foreign law which violates Korean public order and good morals.

In general, the forum selection agreed between the parties is enforceable under Korean law. In order to select a foreign court as exclusive jurisdiction (and contractually preclude the jurisdiction of Korean courts), however, Korean courts require that:

• The case is not under the exclusive jurisdiction of the Korean courts under Korean law.
• The foreign court in question selected by the parties has valid jurisdiction under the laws of the foreign court.
• The case has reasonable connection with the foreign jurisdiction.
• The agreement on the exclusive jurisdiction is not grossly unreasonable or unfair.

Last modified 14 Jun 2024

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