The contract:
I. INTRODUCTION
This is an agreement between ____ hereinafter called 'the Institue or the School' and ___ hereinafter called 'the Instructor'.
The Instructor agrees to teach students at the Institute at times designated by the Institute management and agrees to develop and present educational programs for the students.
The instructor agrees to follow and strictly comply with the School's policies and guidelines during the period of this agreement.
II. CONTRACT DURATION
(A) It is hereby agreed between the School and the Instructor shall teach at the School starting from ___ and ending ___ (The starting date of the contract is the Instructor's first day of teaching at the School.)
(B)If the Instructor wishes to renew his/her contract at the end of one year, he/she must inform the School two months prior to the end of one year's service and contract may, if both parties agree, be renewed at that time for another year by mutual agreement.
III. DISCOURSE
Contracted information shall be kept confidential and should not be disclosed.
IV. SCHEDULE
(A) The working hours of Employee are set under the Labor Standards Act of Korea, 40 hours per week from Monday to Friday. Teaching classes schedules are held in accordance with the needs of the Employer, however, reasonable efforts shall be made to accommodate the Employee's requests.
The emoloyee shall keep their assigned working hours, 8 hours per day excluding resting time of 1 hour, Monday to Friday. The Employee must not accept any other work not assigned by the Employer.
(B) It is mandatory for the Instructor to attend regular workshops and parent days on Saturdays: 3 times per year, which are headed by the head office. These workshops or parent days do not count towards the instructor's designated weekly working hours.
If the workshops etc are mandatory, then they count towards your weekly hours. I'm fairly certain that the labour board would back you on this. (C) Graduation Ceremony: Once per year ___ produces a ceremony for all kindergarten students. All kindergarten students perform various skits and songs arranged by the Korean teachers and Instructor.
The Instructor will be required to contribute to the development of these materials, as well as regular rehearsals and attend the Graduation Ceremony. The Graduation Ceremony does not count towards the instructor's designated weekly working hours.
I'm pretty sure that they do..V. TEACHER'S SALARY
(A) The Employer agrees to pay the employer the total amount of (KR 32,500,000) won per year including a severance pay. Salary of (KR 2,500,000) won will be paid per month.
Additionally, one month salary equivalent payment will be paid as severance only upon a full year long service and when the contract is ended.
Just to be clear, they listed this twice: this has already been included in the 32,500,000.However, if the contract is renewed the accumulated severance sum for the period will be paid only when the final contract is ended in accordance with the Korean law.
(B) If the Instructor teaches by mutual agreement of the Instructor and Institute, additional teaching hours over and above 30 hours per week overtime compensation at 20,000 won per hour shall be paid for those hours.
The over time rate is applied for additional teaching classes only.
No no no. I'm fairly certain that this applies to *any* time worked outside of the 40 hours per week regardless if it's teaching or not.Employees shall not claim against Employer any compensation and/or payment other than those provided for in this contract.
(C) The monthly salary is payable on the last day of every month following each pay period. If the last day of the month falls on a weekend or a non-banking day, payment will be made on the nearest subsequent banking day.
VI. ACCOMODATION
The Employer shall provide the Employee with housing selected by the Employer. Housing selected by the Employer may be, including
but not limited to,
probably would want to clarify what this means specifically: do they intend to house you in a shared one-room with the owners elderly parents? a residential house, a studio type room, or an apartment.
Once accommodation is decided, it shall not be changed at the Employee's discretion during the term of Employment. The Employer may provide temporary housing until the appropriate housing for the Employee becomes available.
Employer may provide appliances and furniture such as a bed, a closet, a gas range, a refrigerator, a washing machine.
Depending on where you live, an A?C might be pretty necessary. Would ask about thisEmployee shall not request or demand any other appliances than those provided by Employer.
The Employee is responsible for the payment of utility expenses and other maintenance expenses.
Make sure you take *many many* pictures of the apartment so that you don't get ambushed with claims of damage that you are responsible for. Document every scuff, dent, scratch, and stain!The Employee agrees to compensate fully for any losses due to fire, any damages to equipment, furniture and any household articles and other accidents resulting from Employee's faults, causes and negligence.
Employee who is provided with housing shall pay a one time only security deposit of 500,000 Korean Won to the Employer. The security deposit will be returned to the Employee at the end of the contract, less the last month's utilities.
However, the Employer may deduct equivalent cost to replace or repairs to those damages done to appliances and furniture provided.
VII. VACATION TIME
The Instructor shall enjoy 10 days of paid vacation in addition to all Korean national holidays, and Saturdays and Sundays
Except, apparantly, when thereare workshops, grad ceremonies, test grading sessions, video conferences, etc etc. 
.
The paid vacation will normally be 5 days for summer and 5 days for winter. The schedule is due to change in accordance to the School's schedule.
VIII. SICK LEAVE/ABSENCE/TARDINESS
(A) Documented sick leave and emergency leave will be paid for a combined total of 3 working days a year. However,
3 consecutive days of absense, sick leave or emergency leave is not allowed.
Korean labour law says otherwise. The Employee is obligated to coordinate in advance with the Employer for any intended leaves. In circumstances where the Employee is incapacitated due to illness and unable to fulfill their teaching duties,
it is mandatory that the Employer be notified at least two hours prior to the commencement of their scheduled class. This ensures the proper management of schedules and allows for the adequate implementation of contingency plans,
maintaining the smooth operation of educational services.
(B) The Instructor should provide the Institute with as much advance notice as possible. The Instructor should submit a doctor's prescription to the School for approving sick leaves.
Unused sick leave may not be converted into any cash payment.
If it is found that the hours/days of absence reported as sick leave or emergency leave were not in fact for such purposes, (150,000) Korean won per day shall be subtracted from the following month's salary.
This sounds like a penalty clause, which I'm not sure is legal.The above leaves will be included in the period of medical care compensation according to the Article 78 of Korean Labor Standard Law.
(C) If the Instructor is tardy to a class by more than 10 minutes without notification, the equivalent of one hour's pay will be deducted.
IX. RESPONSIBILITIES OF TEACHER
(A) The Instructor is expected to devote no less than 2 hours a day at the Institute for the lesson planning with co-teachers, student evaluation, syllabuses, assessments, report cards, field trips, consultations with parents, supervision of play,
maintenance of English environment during breaks, workshops, staff meetings, and upgrading one's professional knowledge and skills without additional pay. The work week will follow the yearly academic calendar issued by the School.
(B) The Instructor's working hours (9:00AM - 6:00 PM)
This is 9 hours of work per day, which is 45 hours per week, which is 5 hours over legal working hours. This might be a typo? shall be determined by the School's schedule. However, the teaching schedule can be changed according to the School's schedule.
(C) The Instructor shall respect the Korean people's moral standards and customs.
What?(D) Any form of physical punishment will not be allowed by the Instructor.
(E) The Instructor is responsible for familiarizing him or herself with all Institute materials relevant to teaching at the School. The Instructor shall faithfully teach and train students at the School.
X. HEALTH INSURANCE
The Instructor will be covered by medical benefits under the Korean Medical Insurance Union, a Government Health Organization. The cost of this coverage will be borne half by Institute and half by the Instructor. The Instructor's share of this coverage will be deducted from Instructor's monthly salary.
XI. PENSION
The Employer agrees to provide medical insurance, industrial accident compensation insurance and national pension for the Employee.
The Employer agrees to pay (50%) excluding industrial accident compensation insurance (100%) of the monthly premium, the Employee is responsible for the other (50%). The Employee's portion of the monthly premium is made through a salary deduction each month.
[Airfare they provide a 1 way ticket home on completion of contract]
XIII. DUTY OF SECRECY
[this is basically all just saying that I have to keep everything quiet and pay for compensation to the school for defamation or losses or whatever]
XIV. CODES OF CONDUCT
[dress code, follow schedules, no alcohol or drugs, no relationships with students...just standard stuff. If I break those or don't act right then the contract is voided and if it's within 8 months then i have to pay back airfare (which doesn't make sense since they aren't paying my way over anyway)]
XV. RELEASE FROM CONTRACT
(A) The Employer has the right to make the contract null and voice under of the following circumstances:
-The health of the Employee is such that it is deemed impossible for the Employee to continue carrying out the responsibilities of the position.
-If Employee fails to perform or unsatisfactorily performs any of the duties stipulated in this contract.
-If any of the information provided in Employer's application is neither true nor accurate.
-Blatant misconduct by the Employee either professionally or otherwise.
-The Employer has the right to dismiss an employee at any time after the commencement of the contract for his/her unwillingness or inability to meet conditions of employment or for not complying with the specifications of the employee's job description,
and providing that the employee does not show an improvement in teaching skills after he/she has received warnings from the employer. The Employee will recieve two oral or written warnings and one final written warning before dismissal.
-The Employee violates Korean law.
(B) The Employee has the right to make the contract null and void under one fo the following circumstances:
-The health of Employee is such that it is deemed impossible for the Employee to continue carrying out the responsibilities of the position.
- In case the Employer is not able to pay the Empoyee's relevant salary for more than two months consecuitively.
-The Employee has a special and resonable reason to terminate and the Employee must have an agreement from the Employer.
XVI. CONCLUSION
[i'll omit this because it's basically just saying we both read it and blah blah blah]
I've seen worse contracts, but I personally wouldn't touch this job.
Korean labour laws are very specific about what kinds of penelties can be duducted from pay, but I can't seem to dredge up the relevant clauses regarding those clauses that penalize the employee if they're late for work. If anybody can find and post it, that'd be cool. 
