Cha & Kwon Law Offices advised an institution entering into an overseas contract on legal issues concerning alternatives to tax-related supporting documents required from the overseas contracting party, and prepared the relevant representations and undertakings.

The key issue in this matter was to identify appropriate documents that could be used in lieu of tax-related documentation from the overseas contracting party, which was unable to obtain the relevant tax documents from its jurisdiction of residence within the required timeframe, while also establishing appropriate contractual risk management measures.

Following a comprehensive review of the applicable laws and contractual procedures, Cha & Kwon Law Offices determined that the relevant documents were primarily intended as verification documents required under the contractual process, rather than documents that were mandatorily required by law. Based on this analysis, we proposed a solution under which representations and undertakings executed by the contracting party could be used as alternative documentation, subject to certain conditions. Based on this approach, we prepared representations and undertakings incorporating obligations to submit supporting documents, notification obligations, and contractual measures in the event of false representations, thereby establishing a standard form that could be used throughout the contracting process.

Cha & Kwon Law Offices provides legal advice that takes into account both contractual procedures and legal risks by designing and preparing alternative documents that can be practically utilized in contractual transactions.