On May 23, 2016, the Plaintiff received a down payment of KRW 7 million from the Defendant, with the first registration of the transfer of ownership, and thereafter, on May 23, 2016, the Plaintiff prepared a loan certificate stating that “The remaining amount of KRW 653 million shall be repaid in five equal installments, but if each due period is delayed, the payment shall be promptly forfeited the benefit of the due date and shall be paid by adding interest at 27.5% per annum to the remaining amount.”

However, the Plaintiff did not pay only KRW 400 million, which the Defendant agreed to pay simultaneously with the registration of transfer of ownership on May 27, 2016, and did not pay KRW 60 million until July 31, 2016, thereby losing the benefit of time. As such, the Plaintiff seek to pay to the Defendant the agreed damages for delay calculated at the rate of KRW 253 million from August 1, 2016 to the day of full payment, which is the day following the day of loss of the term interest.

2. Article 208 (3) 3 of the Basic Civil Procedure Act (Decision by public notice);