The defendant.

A. 1) The Plaintiff is a corporation established pursuant to Article 2 subparagraph 1 of the former Act on the Construction Industry (amended by Act No. 5230 of Dec. 30, 1996) for the purpose of providing necessary guarantee, financing, mutual aid, etc. to partners. 2) The Defendant is a corporation established pursuant to the former Act on the Construction Industry (amended by Act No. 5230 of Dec. 30, 1996).

B. The Plaintiff and C Co., Ltd. subcontract and the Defendant’s payment guarantee 1) D Co., Ltd. (hereinafter “D”).

Corporation C (hereinafter referred to as “C”) shall be

(2) On May 8, 2013, the Plaintiff entered into a subcontract with C to perform the boiler installation works (hereinafter “instant construction works”) during the said construction works (hereinafter “original subcontract”).

The main contents of the original subcontract shall be as follows:

(1) Contract amount: 29.66.7 million won (2) The construction period: 3 from May 8, 2013 to June 30, 2016) C means a contract under which the Defendant and the Defendant guarantee the payment of KRW 2,994, 438,260, out of the contract amount in the prime subcontract (hereinafter referred to as “instant prime payment guarantee”) on May 29, 2013.

(1) The Defendant entered into a contract and issued a payment guarantee letter from the Defendant to the Plaintiff regarding the aforementioned payment guarantee. The key contents of the instant payment guarantee are as follows: (1) In the event C does not perform its obligation to pay the subcontract price in the original subcontract (hereinafter referred to as “guarantee accident”).

(2) The deposit to be paid by the Defendant is an amount recognized by the standard of Article 7 (4) from among the construction cost incurred by the actual execution of the Plaintiff not later than the date of performance of the contract indicated in the front guarantee form, within the limit of the amount guaranteed under this guarantee form and the terms and conditions (Article 3).