Convenience Store Industry Association Signs MOU with Korea Commercial Arbitration Board to Promote Arbitration System Usage

On the 19th, Geonjun Lee, Chairman of the Convenience Store Industry Association (left), and Suseok Maeng, President of the Korean Commercial Arbitration Board (right), are taking a commemorative photo after signing a business agreement.

[Asia Economy Reporter Lim Chun-han] The Korea Convenience Store Industry Association announced on the 19th that it has signed a business agreement with the Korea Commercial Arbitration Board to promote the use of arbitration systems for resolving franchise business transaction disputes and convenience store industry disputes.

Both parties agreed to establish a cooperative system to enable swift dispute resolution through arbitration and to strengthen the dispute resolution capabilities and rights of franchisors and franchisees. They also plan to promote education and publicity to raise awareness of the arbitration system.

Through this agreement, the convenience store industry is expected to establish a preventive and proactive system to address disputes that may arise not only in domestic franchise businesses but also during the overseas expansion of member franchisors.

Maeng Soo-seok, President of the Korea Commercial Arbitration Board, stated, “With this business agreement with the Korea Convenience Store Industry Association, a collaborative foundation between the two organizations has been established to expand awareness and activate the use of arbitration as an alternative dispute resolution method in franchise business transactions and the convenience store industry. We will pursue various joint projects after further consultations.”

Lee Geon-jun, President of the Korea Convenience Store Industry Association, said, “We hope that the expertise of the Commercial Arbitration Board, which has credibility in dispute resolution through the preemptive autonomous dispute resolution centers operated by member franchisors, will be added to build an advanced system for preventing and resolving disputes between franchisors, franchisees, and the convenience store industry.”