Understanding business and legal terminology is crucial when dealing with contracts in Korea. This guide focuses on the essential Korean term for “Performance Guarantee” or “Performance Bond,” known as 계약이행보증, and related expressions you’ll encounter in contractual agreements and discussions.
Table Of Content
Core Expression
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Expression: 계약이행보증
Pronunciation: gye-yak-i-haeng-bo-jeung
Meaning: Performance Guarantee / Performance Bond (A guarantee ensuring the fulfillment of contractual obligations)
Key Vocabulary Related to Contracts
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Expression: 계약
Pronunciation: gye-yak
Meaning: Contract -
Expression: 이행
Pronunciation: i-haeng
Meaning: Fulfillment, Performance, Execution (of a duty or contract) -
Expression: 보증
Pronunciation: bo-jeung
Meaning: Guarantee, Warranty, Surety -
Expression: 보증금
Pronunciation: bo-jeung-geum
Meaning: Security Deposit, Guarantee Money -
Expression: 계약서
Pronunciation: gye-yak-seo
Meaning: Written Contract, Contract Document -
Expression: 계약 조건
Pronunciation: gye-yak jo-geon
Meaning: Contract Terms/Conditions -
Expression: 의무
Pronunciation: ui-mu
Meaning: Obligation, Duty -
Expression: 책임
Pronunciation: chae-gim
Meaning: Responsibility, Liability -
Expression: 계약 당사자
Pronunciation: gye-yak dang-sa-ja
Meaning: Contracting Party -
Expression: 보증인
Pronunciation: bo-jeung-in
Meaning: Guarantor, Surety -
Expression: 위약금
Pronunciation: wi-yak-geum
Meaning: Penalty (for breach of contract), Liquidated Damages -
Expression: 계약 기간
Pronunciation: gye-yak gi-gan
Meaning: Contract Period
Phrases for Discussing Performance Guarantees
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Expression: 계약이행보증이 필요합니다.
Pronunciation: gye-yak-i-haeng-bo-jeung-i pil-yo-ham-ni-da.
Meaning: A performance guarantee is required. -
Expression: 계약이행보증서를 제출해야 합니다.
Pronunciation: gye-yak-i-haeng-bo-jeung-seo-reul je-chul-hae-ya ham-ni-da.
Meaning: You must submit a performance guarantee bond (document). -
Expression: 보증 금액은 얼마입니까?
Pronunciation: bo-jeung geu-mae-geun eol-ma-im-ni-kka?
Meaning: What is the guarantee amount? -
Expression: 계약 금액의 10%를 보증금으로 내야 합니다.
Pronunciation: gye-yak geu-mae-gui sip-peo-sen-teu-reul bo-jeung-geum-eu-ro nae-ya ham-ni-da.
Meaning: You must pay 10% of the contract amount as a security deposit. -
Expression: 이행보증은 언제까지 유효합니까?
Pronunciation: i-haeng-bo-jeung-eun eon-je-kka-ji yu-hyo-ham-ni-kka?
Meaning: Until when is the performance guarantee valid? -
Expression: 어떤 형태의 보증을 선호하십니까?
Pronunciation: eo-tteon hyeong-tae-ui bo-jeung-eul seon-ho-ha-sim-ni-kka?
Meaning: What form of guarantee do you prefer? (e.g., cash, bond) -
Expression: 은행 보증서도 가능합니까?
Pronunciation: eun-haeng bo-jeung-seo-do ga-neung-ham-ni-kka?
Meaning: Is a bank guarantee acceptable? -
Expression: 계약 불이행 시 보증금이 몰수됩니다.
Pronunciation: gye-yak bul-i-haeng si bo-jeung-geum-i mol-su-doem-ni-da.
Meaning: The security deposit will be forfeited in case of contract non-performance. -
Expression: 계약이행보증 관련 조항을 확인해 주세요.
Pronunciation: gye-yak-i-haeng-bo-jeung gwal-lyeon jo-hang-eul hwa-gin-hae ju-se-yo.
Meaning: Please check the clause related to the performance guarantee. -
Expression: 보증 발급 절차는 어떻게 되나요?
Pronunciation: bo-jeung bal-geup jeol-cha-neun eo-tteo-ke doe-na-yo?
Meaning: What is the procedure for issuing the guarantee? -
Expression: 이행보증보험증권으로 대체할 수 있나요?
Pronunciation: i-haeng-bo-jeung-bo-heom-jeung-gwon-eu-ro dae-che-hal su in-na-yo?
Meaning: Can it be substituted with a performance guarantee insurance policy?
Phrases for Contractual Obligations
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Expression: 계약 내용을 성실히 이행해야 합니다.
Pronunciation: gye-yak nae-yong-eul seong-sil-hi i-haeng-hae-ya ham-ni-da.
Meaning: You must faithfully fulfill the contract contents. -
Expression: 모든 계약 조건을 준수하겠습니다.
Pronunciation: mo-deun gye-yak jo-geon-eul jun-su-ha-get-sseum-ni-da.
Meaning: We will comply with all contract terms. -
Expression: 계약상의 의무를 다하겠습니다.
Pronunciation: gye-yak-sang-ui ui-mu-reul da-ha-get-sseum-ni-da.
Meaning: We will fulfill our contractual obligations. -
Expression: 납기일을 반드시 지켜주십시오.
Pronunciation: nap-gi-il-eul ban-deu-si ji-kyeo-ju-sip-si-o.
Meaning: Please strictly adhere to the delivery date. -
Expression: 품질 기준을 만족시켜야 합니다.
Pronunciation: pum-jil gi-jun-eul man-jok-si-kyeo-ya ham-ni-da.
Meaning: The quality standards must be met. -
Expression: 계약을 위반하면 어떻게 됩니까?
Pronunciation: gye-ya-geul wi-ban-ha-myeon eo-tteo-ke doem-ni-kka?
Meaning: What happens if the contract is breached? -
Expression: 계약 해지 사유가 발생했습니다.
Pronunciation: gye-yak hae-ji sa-yu-ga bal-saeng-haet-sseum-ni-da.
Meaning: Grounds for contract termination have occurred. -
Expression: 책임 소재를 분명히 해야 합니다.
Pronunciation: chae-gim so-jae-reul bun-myeong-hi hae-ya ham-ni-da.
Meaning: We need to clarify the responsibility (where the liability lies). -
Expression: 이 프로젝트를 성공적으로 완료할 것을 약속합니다.
Pronunciation: i peu-ro-jek-teu-reul seong-gong-jeo-geu-ro wan-lyo-hal geo-seul yak-sok-ham-ni-da.
Meaning: We promise to successfully complete this project. -
Expression: 계약 이행 상황을 보고해 주십시오.
Pronunciation: gye-yak i-haeng sang-hwang-eul bo-go-hae ju-sip-si-o.
Meaning: Please report on the contract performance status.
Cultural Tips
In Korean business culture, contracts (계약) are taken very seriously. Trust is important, but formal agreements and guarantees provide essential security for both parties.
Performance guarantees (계약이행보증) are common, especially in construction, large-scale supply agreements, and government contracts, ensuring commitment and mitigating risk.
Understanding the specific terms and conditions, including the guarantee requirements and consequences of non-performance (계약 불이행), is crucial before signing any contract.
While negotiations are part of the process, clearly defined obligations and guarantees are preferred to avoid ambiguity and potential disputes later on.
Using precise terminology like 계약이행보증 demonstrates professionalism and a clear understanding of standard business practices in Korea.
Real Conversation Example
Situation: Company A (Client) is finalizing a contract with Company B (Supplier) and needs to confirm the performance guarantee details.
Roles: A: Client Representative, B: Supplier Representative
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Expression: A: 계약서 초안 잘 받았습니다. 계약이행보증 관련해서 확인하고 싶은 것이 있습니다.
Pronunciation: gye-yak-seo cho-an jal ba-dat-sseum-ni-da. gye-yak-i-haeng-bo-jeung gwal-lyeon-hae-seo hwa-gin-ha-go si-peun geo-si it-sseum-ni-da.
Meaning: A: We received the draft contract well. There’s something I’d like to confirm regarding the performance guarantee. -
Expression: B: 네, 말씀해 주십시오. 어떤 점이 궁금하십니까?
Pronunciation: ne, mal-sseum-hae ju-sip-si-o. eo-tteon jeom-i gung-geum-ha-sim-ni-kka?
Meaning: B: Yes, please tell me. What are you curious about? -
Expression: A: 계약서에 따르면 계약 금액의 10%를 계약이행보증금으로 납부해야 한다고 되어 있는데요. 현금 대신 은행 보증서로 제출해도 괜찮을까요?
Pronunciation: gye-yak-seo-e tta-reu-myeon gye-yak geu-mae-gui sip-peo-sen-teu-reul gye-yak-i-haeng-bo-jeung-geum-eu-ro nap-bu-hae-ya han-da-go doe-eo in-neun-de-yo. hyeon-geum dae-sin eun-haeng bo-jeung-seo-ro je-chul-hae-do gwaen-chan-eul-kka-yo?
Meaning: A: According to the contract, it says we need to pay 10% of the contract amount as a performance guarantee deposit. Instead of cash, would submitting a bank guarantee be acceptable? -
Expression: B: 네, 은행에서 발행한 이행보증서도 가능합니다. 계약 기간 전체를 보증하는 내용으로 발급해 주시면 됩니다.
Pronunciation: ne, eun-haeng-e-seo bal-haeng-han i-haeng-bo-jeung-seo-do ga-neung-ham-ni-da. gye-yak gi-gan jeon-che-reul bo-jeung-ha-neun nae-yong-eu-ro bal-geup-hae ju-si-myeon doem-ni-da.
Meaning: B: Yes, a performance guarantee issued by a bank is also possible. Please have it issued covering the entire contract period. -
Expression: A: 알겠습니다. 그럼 계약 체결 후 신속하게 준비해서 제출하겠습니다.
Pronunciation: al-get-sseum-ni-da. geu-reom gye-yak che-gyeol hu sin-so-ka-ge jun-bi-hae-seo je-chul-ha-get-sseum-ni-da.
Meaning: A: Understood. Then, after the contract signing, we will prepare it quickly and submit it. -
Expression: B: 감사합니다. 다른 문의사항은 없으신가요?
Pronunciation: gam-sa-ham-ni-da. da-reun mun-ui-sa-hang-eun eop-seu-sin-ga-yo?
Meaning: B: Thank you. Do you have any other inquiries?
Practice Tips
Familiarize yourself with the core term 계약이행보증 (gye-yak-i-haeng-bo-jeung) and related vocabulary like 계약 (contract), 이행 (fulfillment), and 보증 (guarantee)~!
Practice saying the phrases related to requesting, submitting, and discussing the terms of a performance guarantee. Try reading the conversation example aloud to get used to the flow.
When reviewing sample contracts or business documents in Korean, look for these terms to understand their context. Understanding these expressions is key for smooth business dealings in Korea!
