The agency of Wonder Girls, 2AM, and 2PM, JYP Entertainment, has stated that they are against the use of slave contracts.
The Fair Trade Commission of Korea has stated on the 26th “JYP is currently using a contract that is made from our standards with standard stipulations.”
Following what the FTC stated, it has been revealed that JYP utilizes a contract set up by the FTC last July for celebrities. They went on to say “JYPE is the first entertainment company to use our standard contracts.”
The contracts of JYP as revealed by FTC show that the 7 year contracts are exclusive to the time period and lets the entertainer control their own activities. Should their income increase, the amount distributed back to the entertainer will also increase, also known as a sliding system.
“We hope that JYP will become the stepping stone to a new standard of contracts in the music world.”