CH APTER 2 Notarized Certification
Article 1 Composition of Notarized Certification
Clause 19 (Composition of Notarized Certification)
According to regulations, for the protection of the contracting party, contract is composed at the office of the below legal firm between the contracting party
and the company’s president according to “Notarization Law Article 56). Contract must be composed in the Republic of Korea.
When composing the contract, passport and personal seal are required. But all composed documentation is in Korean. Composed certification shall be stored by
the contracting party until the end of the contract period and protected by law. It is not required to force a contracting party option.
Clause 20 (Contracting Party Rights)
According to Article 56 of the Notarization Law, each party composing the notarized document may exercise the following right and is protected.
- 1. Lending person (beneficiary=non-regular staff)
- (1) Has the right to be paid amount in document.(Invoice act Article 38 Clause 1 and Article 77 Clause 1)
- (2) In case the agreement is not upheld, has the right to receive debt instead of forcible execution of legal action through notary lawyer. (Civil Law Article 389)
- 2. Our company president (Issuer)
- (1) Has the responsibility of repaying amount in document on given date. (Invoice act Article 9 Clause 1 and Article 78 Clause 1)
- (2) In case the agreement is not upheld, has the obligation the measures of the notary lawyer.
- 3. (Civil Law Lawsuit Section 7 Forcible Execution Civil Law Section 3 Bond Law)
- 4. Lawyer (Notary Lawyer)
- (1) Proves that notarized document composed between “recipient” and “issuer” has legal effect.
For actual legal forcible execution, lawyer shall be responsible. (Lawyer Law Chapter 3)
- 5. Translator
- 6. Legal Forcible Execution: Without judiciary procedure by court, immediate forcible execution of debtor’s real estate, living goods, income, retirement pay, savings account, and inheritance.(Civil Lawsuit Law Clause 519)
CH APTER 3 Responsibility
Article 1 Responsibility
Clause 21 (In Case of Problem)
In the case of dispute, to protect the contracting party, our company may take legal procedures using the legal, notarized documentation.
(Refer to previous chapter)
Clause 22 (End of Period of Notarized Documentation)
In the case contractual period of the notarized documentation ends before our company regulations, our company must conclude a new contract.
Composing of the new notarized documentation shall follow the procedures of the above Clause 19.
Clause 23 (Transfer and Establishment of Pledge Right)
According to our company regulations, we cannot transfer or establish pledge right for notarized documentation.
Clause 24 (Reissuance of Notarized Documentation)
According to your company regulations, if notarized documentation is lost or damaged, it cannot be reissued.
Our company shall not be responsible so care should be taken in storage of the notarized documentation.