Cha & Kwon Law Offices conducted a legal review of software development contracts related to the provision of decentralized financial services using blockchain.

Software that utilizes blockchain cannot be replaced with conventional software since it must meet the technical specifications required to execute blockchain technology. Therefore, a software development contract is a non-fungible contract. In the event of a legal dispute in a software development contract such as this case, it is important to closely examine whether the project owner explicitly requested the necessary performance and function at the contract stage.

Furthermore, if it is deemed that the software has a serious defect and does not meet the performance standards generally accepted by common sense, individual and professional judgment is required on the scope of liability, causes attributable, and the size of the damages.

Consult with Cha & Kwon Law Offices for legal advice from accumulated knowledge and experience in the blockchain industry to thoroughly review contracts and agreements before starting a virtual asset business.