Lee&Ko Defense Industry Team Newsletter
|
The Defense Acquisition Program Administration (DAPA) announced that, in December 2014, the DAPA will be reorganizing the registration information of all of its registered sources of foreign procurements. Hence, any foreign companies that are currently registered or are planning to register with DAPA should take note of this upcoming change in the submission requirements. If you require any advice regarding this process or assistance in preparing documents for submission, please feel free to contact Lee & Ko’s Defense Industry Team at any time (Head attorney : Jong-Soek Lee, 02-772-4335, jsl@leeko.com). |
 |
Summary of the DAPA’s reorganization plan |
| |
|
Due to the recent corruption scandal, the DAPA will first hold two briefing sessions and then update its entire database of registration information in December 2014 in an effort to more transparently and effectively manage the information of its foreign procurement companies. For more information regarding the scandal, please follow the link to a Koreaherald news article on the issue. |
| |
|
In this latest effort, the DAPA will seek to identify any paper companies that have been inadequate in fulfilling their respective contracts. Furthermore, to conduct procurement operations more efficiently, DAPA will be (1) changing two of the four types of application forms that have been previously required, and (2) also requiring the submission of two additional types of documents during the application process. Please note, in particular, that one of the additional document types includes audit reports (as well as the corresponding financial statements) from the 2-3 year period prior to the application date. For more information, please refer to the attached file. |
|
Warning against non-participants |
| |
|
To those businesses that fail/refuse to cooperate in the upcoming reorganization plan in December, the DAPA has issued a warning, stating that applicable businesses may lose their respective qualifications to bid and may be unable to participate in future bids. |
|
|
|
