"Resolving Legal Disputes Through Arbitration," Gyeongbuk Development Corporation and Korea Commercial Arbitration Board Join Hands

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-seon] On the 19th, Gyeongbuk Development Corporation signed a business agreement with the Korean Commercial Arbitration Board in Gangnam-gu, Seoul, promising to strengthen mutual cooperation.

Gyeongbuk Development Corporation is a representative public enterprise funded by Gyeongbuk Province, actively promoting various development projects and rental housing projects in the region, including the construction of the Gyeongbuk Provincial Government New Town.

The Korean Commercial Arbitration Board is the only permanent legal arbitration institution in Korea under the Arbitration Board Act. Since its establishment in 1966, it has provided comprehensive dispute resolution services outside of litigation, such as arbitration, mediation, conciliation, and consultation for domestic and international commercial disputes.

Gyeongbuk Development Corporation.

Through this agreement, the two organizations agreed to mutually cooperate on enhancing internal awareness of ADR (Alternative Dispute Resolution) and arbitration utilization as dispute resolution methods related to various projects promoted by Gyeongbuk Development Corporation, establishing institutional foundations, expanding the use of arbitration systems, operating education and promotional programs to strengthen dispute resolution capabilities, and other efforts to revitalize arbitration systems and effectively resolve disputes and conflicts.

Lee Jae-hyuk, President of Gyeongbuk Development Corporation, said, “Through the business agreement with the Korean Commercial Arbitration Board, as a public enterprise promoting projects based in the region, we aim to appropriately utilize arbitration and ADR systems as dispute resolution methods with contracting parties to avoid unnecessary litigation and seek reasonable solutions between parties.”

Maeng Soo-seok, President of the Korean Commercial Arbitration Board, said, “We hope the recognition that legal dispute arbitration can resolve issues more quickly and efficiently will spread in the public development and public construction sectors,” adding, “We will continue close consultations between the two organizations to maintain ongoing exchanges and cooperation.”