The National Small-Amount Contract Limit Doubled... Expansion of Dispute Mediation Scope

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has decided to raise the limit for small-sum direct contracts and expand the scope of dispute mediation targets.

On the 29th, the government held a Cabinet meeting and deliberated and approved a partial amendment to the Enforcement Decree of the National Contract Act containing these details.

The amendment includes raising the limit for small-sum direct contracts by about two times. For example, the comprehensive contract limit will increase from up to 200 million KRW to up to 400 million KRW, and the specialized construction contract limit will increase from up to 100 million KRW to up to 200 million KRW.

Source=Ministry of Economy and Finance

The National Contract Dispute Mediation System, which helps procurement companies resolve disputes arising from contracts with the state quickly and efficiently, will expand its scope. Three additional items, including contract settlement, will be added to the mediation targets, and the monetary threshold will be lowered to about one-third of the current standard amount.

As a result, the target amount for comprehensive construction contracts will increase from 3 billion KRW to 1 billion KRW, and for specialized construction contracts from 300 million KRW to 100 million KRW.

This content was produced with the assistance of AI translation services.