KAMCO Appoints 2nd Term Public Development Contract Review Committee Members
Appointment of 20 Contract and Legal Experts to Enhance Fairness and Transparency
On the afternoon of the 13th at 2 PM, at the Korea Asset Management Corporation Yangjae Tower (located in Dogok-dong, Gangnam-gu), the "2nd Public Development Contract Review Committee Appointment Ceremony" was held. Namgung Young, Head of Public Development at Korea Asset Management Corporation (fifth from the left in the photo), and the 2nd Public Development Contract Review Committee members are taking a commemorative photo.
View original image[Asia Economy Reporter Park Sun-mi] KAMCO (Korea Asset Management Corporation) announced on the 17th that it appointed a total of 20 contract and legal experts as the 2nd Public Development Contract Review Committee members at KAMCO Yangjae Tower, with Namgung Young, Head of KAMCO Public Development Headquarters, and related officials in attendance.
KAMCO has been operating a Contract Review Committee composed of external members since 2018 to organize the contract execution system and enhance contract fairness and transparency in response to the expansion of public development projects such as entrusted development projects of national and public assets.
The committee is composed of contract experts from government, public institutions, and construction associations, lawyers, and legal experts in defects and dispute mediation to secure contract review expertise and objectivity. It plans to perform advisory and review tasks on ▲ restrictions on participation qualifications for dishonest contractors ▲ appropriateness of subcontract contracts and contract conclusion ▲ matters related to negotiated contracts.
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Namgung Young, Head of KAMCO Public Development Headquarters, said, “We will further strengthen the fairness of contract reviews for public development projects together with the newly appointed external contract and legal experts,” and added, “Going forward, KAMCO will continue to supply high-quality public facilities based on fair and transparent construction contracts as a specialized public development institution to enhance public convenience.”
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