Korea Federation of SMEs Discusses Measures to Activate Delivery Payment Adjustment Negotiations
The 1st Large and Small-Medium Enterprise Supply Price Adjustment Committee Meeting Held
[Asia Economy Reporter Kim Cheol-hyun] The Korea Federation of Small and Medium Business (Chairman Kim Ki-moon) announced on the 10th that it held the '1st Large and Small-Medium Enterprise Delivery Price Adjustment Committee' at the Korea Federation of Small and Medium Business in Yeouido, Seoul.
The 'Large and Small-Medium Enterprise Delivery Price Adjustment Committee' was launched last May to establish a customized delivery payment adjustment review process for small businesses by having the Korea Federation of Small and Medium Business directly negotiate delivery price adjustments with large corporations on behalf of small enterprises and small business cooperatives.
At the first meeting since its launch, industry experts discussed measures to revitalize the system, including ▲easing the application requirements for adjustment consultations ▲removal of adjustment consultation requirements ▲penalties for refusal of adjustment consultations and refusal of price increase requests.
Chairman Seo Byung-moon stated, "In a situation where the gap between large and small-medium enterprises is widening day by day, the issue of unfair delivery payments must be resolved," adding, "We will strive to ensure that the Large and Small-Medium Enterprise Delivery Price Adjustment Committee serves as a catalyst to resolve delivery price issues and promote win-win cooperation between large corporations and small businesses."
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Meanwhile, the Korea Federation of Small and Medium Business's authority to negotiate delivery payment adjustments in consignment transactions is set to be implemented on April 21 next year following the amendment of the 'Win-Win Cooperation Act' last September, and the Federation is also pushing for amendments to the 'Subcontracting Act' to apply to subcontracting transactions.
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