SM Entertainment have renewed contracts with BoA, TVXQ, SNSD, Super Junior and other artists under the agency earlier this year. On December 23rd, Fair Trade Commission (FTC) acknowledged the current revised contract.
According to FTC, SM have voluntarily revised their conditions for 3 years’ extension which are implemented in the new exclusive contract.
Through today’s press release, SM stated, “Due to the strong advice given by FTC regarding the exclusive contracts, SM have voluntarily taken corrective actions and made revisions to the conditions of the 3-year extension contract which will be applicable to the current trainees. SM, as a leader in the entertainment industry will always protect the rights and interests of the artists and contributes to Korea’s entertainment industry as well as building a sustainable Korean Wave industry by continuously working with National Assembly, related agencies and bodies to derive exclusive contracts which can be used as benchmarks”.
SM further stated, “After having series of discussions and consultations with FTC, National Assembly, legal professionals, etc and in compliance to FTC’s Standard Terms and Conditions, the new revised exclusive contract was derived. Thus, the newly revised exclusive contract is applicable to all artists and rookies of the agency from year 2010 onwards. On the contract extension for trainees, SM have been working with FTC on the revision to the original contract to derive a more developed contract”.
SM added, “In the future, SM will continue to work closely with the FTC, cultural industries and artists for the advancement of Korea’s pop culture and enhancing the Korean wave culture through good contractual practice”.
According to FTC, SM have voluntarily revised their conditions for 3 years’ extension which are implemented in the new exclusive contract.
Through today’s press release, SM stated, “Due to the strong advice given by FTC regarding the exclusive contracts, SM have voluntarily taken corrective actions and made revisions to the conditions of the 3-year extension contract which will be applicable to the current trainees. SM, as a leader in the entertainment industry will always protect the rights and interests of the artists and contributes to Korea’s entertainment industry as well as building a sustainable Korean Wave industry by continuously working with National Assembly, related agencies and bodies to derive exclusive contracts which can be used as benchmarks”.
SM further stated, “After having series of discussions and consultations with FTC, National Assembly, legal professionals, etc and in compliance to FTC’s Standard Terms and Conditions, the new revised exclusive contract was derived. Thus, the newly revised exclusive contract is applicable to all artists and rookies of the agency from year 2010 onwards. On the contract extension for trainees, SM have been working with FTC on the revision to the original contract to derive a more developed contract”.
SM added, “In the future, SM will continue to work closely with the FTC, cultural industries and artists for the advancement of Korea’s pop culture and enhancing the Korean wave culture through good contractual practice”.
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