Atlas Legal successfully completed a comprehensive English legal opinion within 5 business days for a Songdo-based electrical equipment manufacturer, supporting their bid for a major power transmission equipment supply framework agreement with Country A’s state-owned power company.
Project Overview
Korean electrical equipment manufacturer Company B participated in a bid for a large-scale power transmission equipment supply contract with Country A’s state-owned power company. The company faced an unfamiliar requirement to submit a “Legal Opinion prepared by Korean legal experts.” With only 5 business days until the submission deadline, Company B engaged Atlas Legal to prepare the required legal opinion.
Corporate Validity and Capacity Review
Atlas Legal promptly reviewed all relevant documents including the corporate registry certificate, articles of incorporation, business registration certificate, and quarterly reports. Based on the Commercial Act Articles 172 (incorporation registration), 180 (acquisition of legal personality), 389 (representative authority), and Civil Act Article 34 (legal capacity of corporations), we confirmed that Company B was duly incorporated and possessed full legal capacity to enter into the contract.
Board Resolution Requirements Analysis
Regarding the unlimited Parent Company Guarantee to be provided by Company B’s holding company, we clarified that board resolution is required under Commercial Act Article 393 (matters requiring board resolution). We applied the comprehensive judgment criteria presented in Supreme Court Decision 2020Da290187 (decided May 11, 2023), which considers “total company assets, capital, transaction value, and impact on company operations.”
Foreign Judgment Enforceability Confirmation
Given that the contract is governed by Country A law with Country A courts having exclusive jurisdiction, we reviewed the recognition and enforcement possibilities of Country A court judgments in Korea based on Civil Procedure Act Article 217. We analyzed all four requirements including recognition of international jurisdiction, proper service, compliance with public policy, and reciprocity, confirming that enforcement is possible.
Anti-Corruption and Trade Law Compliance
We reviewed compliance with essential anti-corruption and anti-bribery provisions in international transactions, including the Improper Solicitation and Graft Act (Kim Young-ran Act), Criminal Act Article 129 (bribery), and the Act on the Aggravated Punishment of Specific Economic Crimes. We also analyzed trade-related laws including the Foreign Exchange Transaction Act to ensure full regulatory compliance.
Legal Expertise
Atlas Legal provides rapid and accurate English legal opinion services through attorneys specializing in international transactions. With deep expertise in the Commercial Act, Civil Act, and Civil Procedure Act, combined with extensive overseas contract experience, we support Korean companies’ successful global expansion. Our firm is recognized for its expertise in diverse international transaction areas including international bidding, joint ventures, and project financing.