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Legislative boost for South Korean subcontractors, distribution firms, franchise stores

( March 4, 2016, 05:22 GMT | Official Statement) -- MLex Summary: South Korean legislators yesterday passed an amendment to the Fair Transactions in Subcontracting Act, the Large-Scale Distribution Act and the Fair Franchise Practice Act at a parlaimentary plenary session. Under the revisions, when a subcontracting agreement is made, a written document is required, and further written documents when changes are made. The Korea Federation of Small and Medium Business now has 20 days to prepare to ask a contractor to reach agreement with subcontractors when dispute meditation is requested by subcontractors. It previously had just seven days. For franchise businesses, when a store needs to be relocated, there must be an agreement between the franchise's head office and the franchisee. Previously only a discussion was required.The regulator’s statement, in Korean, is attached....

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