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The Korean Film Council (KOFIC, Chairman KIM Eui-suk) announced its ‘Standard VFX Contract Recommendations’ on December 19th. Since 2012, KOFIC has been consulting with people from CG, investment, production and other related areas to draw up this advisory document, with the purpose of improving poor contract practices in the VFX (Visual Effect) industry in Korea.
 
Korea’s VFX industry has been growing very fast in recent years. It is becoming more important not just for Korean films but also internationally as foreign demand is on the rise. However, the VFX industry’s related companies are suffering financial difficulties due to poor contract conditions. The new recommendations for VFX contracts are a reflection of the hardships being faced by those companies.

 

The document advises that the quantity of work must be decided and indicated in the contract after considering a VFX list and estimate. Also included should be the starting and finishing date and clear indications of the duties and responsibilities of both a production company and VFX company. In addition, it includes elements that could help relieve financial problems for VFX companies such as regulations regarding installment policy and reasonable approval processes during projects.
 
“In order for this Standard VFX Contract to take root in the industry, we will apply it to projects that we support from 2014,” said KOFIC. Any VFX companies seeking for KOFIC subsidies from next year must make a contract based on the Standard VFX Contract. “We expect that these new recommendations will help rationalize the domestic VFX industry by reforming unfair contract practices which had been embedded from previous years,” said KOFIC.