A. The Plaintiff is a local public enterprise established with the purpose of constructing, acquiring, improving, supplying and managing housing and buildings, and urban development projects under the Urban Development Act in order to contribute to the stability of citizens’ residential life and the improvement of welfare and the development of local communities through urban development projects.

B. On October 26, 2010, the Plaintiff entered into an entrustment agreement (hereinafter “instant agreement”) with the Defendant on the implementation of an urban development project of the East-ri District under the Urban Development Act (hereinafter “instant urban development project”). The main contents relating to the settlement of investment project costs, etc. among them are as follows.

(hereinafter referred to as “A” and “B” respectively are the Defendants, and “B” and “B” respectively. The Yeongdeungpo-gu Busan Metropolitan City and the Busan Urban Corporation will undertake an urban development project of the Eastern District (hereinafter referred to as “the project”) in accordance with the Urban Development Act and enter into an implementation agreement (hereinafter referred to as “this agreement”).

Article 2 (Definitions of Terms) The definitions of terms used in this Convention shall be as follows:

(11) Taxes and public charges: Acquisition tax, registration tax, value-added tax, and other taxes, public charges, dues, and various charges, fees, and other charges or fees imposed and collected by a related agency in connection with the implementation, completion, registration, transfer of ownership, etc. of the project.

(13) Project costs: All the expenses incurred in performing the project, such as the survey and design costs, development costs, construction supervision costs, construction interest, price increase expenses, sales and maintenance expenses, ex post facto environmental impact assessment costs, site costs, compensation costs, various facility contributions, and facility supplementary costs, which are actually incurred in implementing the project.

(14) The above consignment fee: The consideration that a “A” pays to “B” in accordance with the implementation of the above consignment.

Article 4 (Entrustment of Business) (1) The project operator, “A”, shall be deemed to be “B” in accordance with the provisions of this Convention.