Industry
Mutual guarantee rule for private ICT construction projects; supervision management system to be introduced
South Korea has amended a law governing the information and communications construction sector to strengthen contract fairness and protect smaller firms. The revision introduces a mutual guarantee obligation for privately ordered projects and makes liability insurance or mutual aid coverage mandatory. It also establishes a basis to build and operate a supervision management system and requires new registrants to complete training within six months. The Ministry of Science and ICT said the change would support shared growth in the market.
