1.
Arbitration Agreement
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Parties
may file a Request for Arbitration where the contract in dispute contains an
effective arbitration agreement or when the parties agree in writing to
resolve their disputes by arbitration. Where a case is “international” (i.e.,
where one party has its place of business outside of Korea or the place of
arbitration is outside Korea), the International Arbitration Rules will apply
by default, unless the parties agree otherwise.
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2.
Request for Arbitration
(payment of filing fee and advance of costs) |
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Claimant
shall pay a fixed filing fee when submitting its Request for Arbitration.
Upon receiving the Request, the Secretariat notifies Respondent, who has 30
days to submit an Answer. The Secretariat will provide a pre-estimate of the
arbitration expenses (including administrative and arbitrator fees) which the
parties shall pay in equal shares prior to the commencement of proceedings.
This advance will be re-calculated once proceedings are brought to a close.
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3.
Submission of Answer (Filing
Counterclaims) |
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When
submitting the Answer, Respondent may also file a Counterclaim, which may be
consolidated with the existing claim and the amount in dispute shall be the
sum of both claims. The Respondent will be charged a separate filing fee
for its Counterclaim. If the Respondent disputes the jurisdiction of an
arbitral tribunal or otherwise believes there is no basis upon which the
arbitration may be conducted, they may make this submission in the Answer.
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4.
Arbitral Tribunal |
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In
principle, the disputes under the International Rules shall be decided by a
sole arbitrator chosen by the parties, unless the parties agree otherwise.
When asked by the parties, the Secretariat shall provide a list of
arbitrators with the necessary expertise and impartiality. If the parties are
unable or unwilling to appoint an arbitrator, the Secretariat will make the
appointment on their behalf. To this end, the KCAB may consult the
International Arbitration Committee (IAC), which will assist in the
appointment of a tribunal. In the event of a challenge by one party to the
appointment of an arbitrator, the Secretariat will decide on the challenge,
having first consulted the IAC.
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5.
Oral Hearing |
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The
Tribunal is fully in charge of hearings. Unless and until the Tribunal
directs otherwise, all communications, written or verbal, shall take place
directly between parties or between each party and the Tribunal.
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6.
Delivery of an Award |
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Once
hearings have concluded, an Award is rendered by the tribunal. When all
outstanding arbitration expenses have been paid, the Secretariat shall
deliver the Award to the parties.
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7.
Enforcement of an Award |
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An
Award rendered by the Tribunal is binding upon the parties. The Secretariat
shall deliver to the competent court the Award and a copy of the document proving
that the Award has been delivered to the parties. Parties may obtain a writ
of execution based on the arbitration Award either in a Korean Court or
abroad.
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