A. On April 11, 2012, the Plaintiffs, D, E, and Han L&C Co., Ltd (contractors) concluded a contract for civil works (hereinafter “instant contract”) with the Defendant (contractors) that is a merchant under the Commercial Act as follows.

1) The name of the construction project: The date of commencement of the F Civil Works (hereinafter referred to as the “instant construction project”): G Council member 3: the date of completion of the project: G Council member 3: April 11, 2012: May 31, 2012: 95,000 won (excluding value-added tax, labor cost: 37,136,090 won) advance payment: 47,000,000 won (excluding value-added tax): Article 31 [i] of the payment (47,00,000,000 won) after the completion of the project (excluding value-added tax):

1. Where “B” has failed to commence construction even after the date of commencement agreed upon without any justifiable reason;

(2) The cancellation or termination of a contract pursuant to the provisions of paragraph (1) shall take effect by notifying “B” of the cancellation or termination of the contract when “B” is not performed within the deadline after setting the deadline for performance of the contract in writing and giving written notice to “B.”

Article 33 [Handling at the time of termination of a contract] (1) When a contract is terminated under Articles 31 and 32, "A" and "B" shall settle the construction amount of the completed portion without delay.

(2) If any loss has been incurred due to the rescission or termination of a contract under Articles 31 and 32, the other party may claim compensation therefor from the latter.

Article 34 [Simultaneous Performance Defenses by “B”] (1) Where “A” delays the payment of advance payment and completed payment under the terms of the contract, “B” has set a reasonable time limit and urged the payment thereof, but “B” does not pay it, either partially or partially.