Fair Trade Commission Holds Briefing on Subcontract Payment Disclosure System and Linkage System

One-Year Anniversary of Linkage System Introduction: Briefing Session for Large Business Groups

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The Fair Trade Commission announced on the 20th that it will hold a briefing session on the subcontract payment condition disclosure system and the subcontract payment linkage system for executives belonging to publicly disclosed business groups at the Korea Chamber of Commerce and Industry on the 23rd.

Primary contractors belonging to publicly disclosed business groups are required to disclose semiannually the payment amounts by payment method, payment amounts by payment period, and matters related to dispute mediation organizations concerning subcontract payments in accordance with the "Act on the Fairness of Subcontract Transactions (Subcontract Act)".

This briefing session will provide detailed explanations on the disclosure targets, methods, and procedures, and will also conduct recurrence prevention training focusing on issues that have been continuously detected during disclosure inspections (such as false or delayed disclosures, simple omissions, and errors). A "Guideline for Disclosure of Subcontract Payment Conditions" will also be distributed so that companies can continuously refer to it in their disclosure tasks.

Additionally, the briefing will include an explanation of the subcontract payment linkage system. It will introduce frequently asked questions from businesses over the past year since the introduction of the linkage system in October last year, and provide detailed guidance on how to conclude linkage contracts and precautions when concluding them.

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