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Your reliable partner, A financial hub of SW industry, Korea Software Financial Cooperative

BACKGROUND
OF ESTABLISHMENT

To promote the development of SW industry by providing financial or guarantee support on the basis of non-security, no-warranty and a low rate for competitive SW companies which have financing difficulties due to lack of collaterals. (+) more

INTRODUCTION
TO THE GUARANTEE

Government Affiliated Guarantee Organization Under the government enactment that specifies the guarantee organizations which operate with the government as a guaranty creditor, KSFC was legally registered. (+) more

CONTACT
INFORMATION

Tel. 02-2141-7800 / Fax. 02-2141-7801
E-mail. webmaster@ksfc.or.kr (+) more

INTRODUCTION TO KSFC

BACKGROUND OF ESTABLISHMENT

To promote the development of SW industry by providing financial or guarantee support on the basis of non-security, no-warranty and a low rate for competitive SW companies that have financing difficulties due to lack of collaterals.

BASIC IDEOLOGY

Foster the sound development of SW industry through self-regulating economic activities based on the spirit of mutual aid and relief among SW business operators.

LEGAL BASIS AND DATE OF ESTABLISHMENT
Legal Basis :
Article 27 of the Software Industry
Promotion Act
Date of Establishment :
January 3, 1998
FINANCIAL RESOURCES
1. Public Section :
Government's Contribution
2. Private Section :
Members' Investment
HISTORY
2018. 02 Holding 20th Anniversary Celebration
2017. 06 Acquired ISO 9001 certification(KPC-QA)
2016. 03 Profit Dividend(Increased stake value) Implementation
2015. 05 Purchased SW Tower(Company Building) located in Yeoksam-dong, Gangnam-gu
2013. 05 Member companies were at the 1,500 mark.
2012. 03 Achieved the fundamental property of 200 billion won.
2010. 12 Surpassed the yearly guaranteed amount of 3 trillion won.
2007. 10 Achieved the fundamental property of 100 billion won.
2007. 06 Awarded the presidential group citation.
2001. 08 Entered into an agreement with Public Procurement Service about electronic guarantee.
1998. 01 Established KSFC(Independent corporation).
1997. 07 Mutual aid services began.
1997. 02 Korea SW Industry Association was designated as a mutual aid organization.

INTRODUCTION TO THE MUTUAL AID SERVICES

MAIN BUSINESS

MAIN BUSINESS

PERFORMANCE
GUARANTEE

Issue a bid bond, a performance bond and other bonds which guarantee a contract, defect repair, advance payment, etc, for SW related business.

CAPITAL LOAN
SERVICE

Provide funds for the operation of the business for the SW related business.

CAPITAL
INVESTMENT

Seek out and invest in SW companies with excellent growth potentials to help promote the development of the industry.

SPECIALIZED
SERVICES

Provide various services such as survey researches, business management consultations, information provision, social works, etc, to promote convenience of KSFC members.

ENHANCED EXPORT-RELATED BUSINESS

INTRODUCTION TO THE GUARANTEE

GOVERNMENT AUTHORIZED GUARANTEE AGENCY ANNUAL GUARANTEE RESULTS(IN THE PAST 3 YEARS)
Unit:100 million won
Division 2015 2016 2017
Bid Guarantee 3,447 3,833 3,852
Contract Guarantee 12,916 13,023 13,816
Defect Guarantee 2,936 3,339 3,514
Prepayment Guarantee 12,106 13,518 12,781
Others 1,158 1,271 1,138
Total 32,563 34,984 35,101

TYPES OF THE GUARANTEES

BID GUARANTEE
Guarantee Contractor Bidder
Guarantee Creditor Owner
Guaranteed Promises
  • - A bidder pays bid bond, which becomes a compulsory measure to conclude a contract in the case of a winning bid.
  • - Guarantee the loss that the owner might get in case the successful bidder fails to conclude a contract.
Guaranteed Term
  • - 5 days(short-term), One year(long-term)
  • - Beginning Date : The previous day of the bid date
  • - Closing Date : Date of contract fulfillment or a certain number of days are added.
Guaranteed Amount
  • - Approx. 3~10% (usually 5%) of the bidding price
  • - Specified in a notice of a bid
CONTRACT GUARANTEE
Guarantee Contractor Contractor
Guarantee Creditor Owner
Guaranteed Promises
  • - This is a sort of deposit paid by a contractor, which guarantees fulfillment of the contract. This includes default penalty, cancellation charge,
    compensation, etc, and complies with the clauses specified in a main contract and the general terms and conditions of certificate of guaranty.
  • - Guarantee the loss the guarantee creditor might get in case the contractor fails to fulfill the obligations under the agreement. Generally compensate
    full amount of deposit in case of an accident.
Guaranteed Term
  • - A certain number of days(60) are added to the contract period
  • - Beginning Date : Contract date or commencement date of a contract
  • - Closing Date : Date of Contract Fulfillment. Or a certain number of days are added.
Guaranteed Amount Approx. 5~20%(usually 10%) of the contract price
There are instances where more than 40% are demanded after the introduction of the construction performance guarantee.
PREPAYMENT GUARANTEE
Guarantee Contractor Contractor entitled to get prepayment
Guarantee Creditor Owner obliged to fulfill prepayment
Guaranteed Promises
  • -If a contractor doesn’t have enough funds, it is hard to expect the contract would smoothly run.
  • -Thus part or full amount of contract price need to be prepaid. Guarantee the refund of the prepayment in case the contractor makes a breach of contract.
Guaranteed Term
  • - Beginning Date : Issue date of guarantee or date of prepayment
  • - Closing Date : Date of contract fulfillment. or a certain number of days are added.
Guaranteed Amount Amount of prepayment or a certain amount are added
DEFECT GUARANTEE
Guarantee Contractor Contractor
Guarantee Creditor Owner
Guaranteed Promises Guarantee the actual expense required for recovery of defects for the time being after the termination of the contract.
Guaranteed Term
  • - Term of warranty liability or a certain period of time are added
  • - Beginning Date : Date to complete fulfillment
  • - Closing Date : Term of warranty liability or a certain period of time(60days) are added.
Guaranteed Amount Usually approx. 2~10% of the contract price
PERFORMANCE GUARANTEE
Guarantee Contractor Contractor
Guarantee Creditor Owner
Guaranteed Promises
  • 1) Generally : Guarantee the liability payment according to various contracts.
  • 2) Progress payment : Guarantee progress payment balance
  • 3) Government subsidies: Guarantee the refunds of government subsidies.
Guaranteed Term
  • 1) Generally : From the date of contract to the date of contract fulfillment
  • 2) Progress payment : From the previous day of the progress payment date to the closing date of contract fulfillment, or a certain period of time(60days) are added.
  • 3) Government subsidies : From the day previous to the payment date of government subsidies to the closing date of fulfillment
Guaranteed Amount
  • 1) Performance payment : Amount to be paid to secure fulfillment of obligation
  • 2) Progress payment : Amount to be paid to secure the refunds of progress payment
  • 3) Government subsidies : Amount to be paid to secure the refunds of government subsidies
SALES MONEY GUARANTEE
Guarantee Contractor Obligor
Guarantee Creditor Owner
Guaranteed Promises Used as security for credited price.
Guaranteed Term Term of credits
Guaranteed Amount Credited price or a certain amount is added.

GUARANTY MONEY REQUEST PAYMENT

GUARANTY REQUEST
  • 1
    Insurance Accident
    When a guarantee contractor defaults on a debt
  • 2
    Guaranty Request
    Request guaranty money in writing
  • 3
    Check on facts
    Upon receiving the request on guaranty money, notify the person directly concerned of the accident and check whethe it is true or not.
  • 4
    Compensation Screening
    After the screening, decide whether to pay guaranty money or not.
  • 5
    Guaranty Payment
    When the guaranty payment is decided, pay the equivalent amount to the guarantee creditor.
REQUIRED DOCUMENTS
 Documents required
for guaranty request
  • - An official document to request guaranty money
  • - A main contract
  • *There may be some differences by items.
  • - Original or a copy of certificate of guaranty
  • - Documents verifying the default and relevant loss
 Documents required
for guaranty payment
  • - Receipt of guaranty money
  • - Original copy of a certificate of guaranty
LIMIT AND THE RATE OF GUARANTEE
Types Guarantee Limit Guarantee Rate
Bid Guarantee 16 fold 2 fold 0.017%
Contract Guarantee (Defect Guarantee) 33 fold 2 fold Annual 0.306% (Annual 0.272%)
Prepayment Guarantee (Others) 11 fold 1 fold Annual 0.425% (Annual 0.816%)
  • - Guaranteed multiple depends on money invested.
  • - Limit of guarantee is determined by the result of credit evaluation.
  • - Guarantee rate varies depending on invest money, credit rating and technical skills.
TERMS AND CONDITIONS OF GUARANTEE
JOINT GUARANTOR
Joint and several sureties such as the representative, oligopolistic stockholder and power holder should be needed.
According to the result of credit evaluation, additional surety may be required.

FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION

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PROFIT AND LOSS

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