A proposed amendment to the Fair Transactions in Subcontracting Act was passed by Korea’s National Assembly on February 1, 2024 (the “Amendment”). The Amendment (i) strengthens the maximum liability for damages in case of misappropriation by a prime contractor of the technical information of a subcontractor, increasing it from three times the actual damages to five times, and (ii) introduces specific criteria for calculating damages caused by the misappropriation of technical information, which will likely alleviate the burden of proof on the subcontractor regarding the amount of damages.

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