Membership
According to the corporation’s needs, one can choose their kind of membership as the requirements, procedure, and mutual aid project benefits differ for each membership classification, as specified below.
Regular member
- Investment in mutual aid projects fund
- Utilizing mutual aid projects such as guarantee service of general products, PL group insurance, material group purchasing
Certified member
- Investment in mutual aid investment fund for certified products
- Members can use quality assurance service at lower costs for NEP certified products.
Root industry member
- Investment in fulfillment guarantee funds.
- Fulfillment guarantee can be used at lower costs for root industry products.
- 'Basic member' System
- A basic member refers to a member that obtained a certification such as the government’s new excellent product (NEP) certification, which can join the union without investing and use our certified products guarantee service.
- Difference between certified members and basic members
- Members for use have only right to use relevant business except for the general members' right (voting right for general assembly, right to elect executives, right to run for an election, etc.) and responsibility (liability for reimbursement of union debt within shares of investment).
- In the case of basic members, the transaction conditions ( limit, commission rate, etc.) with the union are applied differently reflecting the risks as a non-investor.
Union member classification
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보증약관게시판 Classification Regular member Certified member Covered Products Machinery, parts, materials, plant New excellent products (NEP) and auxiliary facilities Details Investment - Investment required - Investment or no investment
(in case of no investment, 'basic member' status)Warranty Limit - Credit guarantee limit by credit rating
- Full warranty limit (less than 80 times)- Small amount guarantee limit (within 300 million won)
- Credit guarantee limit by credit rating
- Full warranty limit (less than 80 times)Guaranteed rate General rate 50% level of the general rate Damage Indemnification Not available Available Product Liability (PL) Use as PL group insurance Direct acquisition through Product Liability (PL) deductions (cheaper commission) Purchase of raw materials Available Available Performance Insurance Available Available Other supporting services Available Available
- 1. Basic members among certified members cannot use the joint purchase of raw materials and other supporting services business
- 2. However, one must join as a regular member if they want to use the union services along with general products, because items subject to use as a 'certified member' are limited.
Rights & Liabilities
Rights of a member
- Rights to utilize member service and all rights specified in association articles.
- Voting rights at an association committee
- Rights to vote board members of the association
Liabilities of a member
- Duty to comply with all articles of association, regulation, and resolution made by board members
- Duty to cooperate with all business execution such as data submission, requested by the association to perform its service
- Duty to notify the association when there is any change in member information (name, representative, address, contacts)
- Member is responsible for reimbursing the association loan limited by their share of investment.
- ※ For basic members, only the right to use the certified product quality guarantee business is available