InnoBiz Association Takes Initiative to Resolve Disputes Between Companies

Signing of Business Agreement with the Korean Commercial Arbitration Board

The Inno-Biz Association and the Korean Commercial Arbitration Board have signed a business agreement and are taking a commemorative photo.

On the 28th, the Inno-Biz Association announced that it signed a business agreement with the Korean Commercial Arbitration Board at the Samjung Hotel in Seoul to promote “efficient dispute prevention and resolution for Inno-Biz companies and their members.”

The main areas of cooperation include ▲collaborative services such as arbitration, mediation, referral, and consultation for association members ▲cooperation to revitalize and develop the arbitration system ▲joint events such as briefings and seminars to promote the arbitration system.

Following the signing of the agreement, both organizations plan to jointly adopt excellent standard contract forms incorporating arbitration provisions and operate educational programs for dispute prevention and resolution, thereby supporting the enhancement of external competitiveness for Inno-Biz companies and their members.

Established in 2002, the association manages the Inno-Biz certification system and has comprehensively supported the discovery and nurturing of Inno-Biz companies. This year, it was selected as the first technical evaluation agency by the Ministry of Trade, Industry and Energy among small and medium enterprise cooperative organizations, currently managing about 21,500 certified companies and 7,700 members.

The Korean Commercial Arbitration Board, established in 1966, is the only permanent legal arbitration institution in Korea. It handles dispute resolution tasks such as arbitration procedures for domestic and international civil and commercial disputes.

Im Byung-hoon, president of the Inno-Biz Association, said, “It is true that the possibility of disputes between companies is inevitably increasing in the rapidly changing business environment, which always poses a great threat to companies. We will actively support arbitration services for Inno-Biz companies and members based on the expertise of the Arbitration Board.”

Maeng Soo-seok, president of the Korean Commercial Arbitration Board, stated, “Through this business agreement, I am confident that the enhancement of exchange and cooperation between the two organizations, as well as effective dispute resolution through arbitration and other ADR (Alternative Dispute Resolution) methods, will serve as an opportunity for development for both institutions.”

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