A. On March 22, 2016, the Plaintiff entered into a contract with the Defendant for the supply of life jackets (hereinafter “instant contract”) indicated in the separate sheet of contract goods (hereinafter “instant goods”), and agreed as follows:

(No. 1). The defendant shall complete the supply by May 10, 2016.

(Article 3(3). The price shall be KRW 96,88,00 (including value-added tax), but shall be KRW 32,700,000 paid by the Plaintiff as advance, and the remainder 64,188,00 shall be paid when there is no error after the completion of the supply.

(Article 4) The Defendant shall obtain KC Safety Certification necessary for the pertinent product and submit a copy of the certificate to the Plaintiff immediately.

(Article 5(2). The Defendant has delayed the delivery of all or part of the goods within the payment period prescribed in Article 3 ( May 10, 2016) (Article 7) - The delayed compensation equivalent to 3/100 of the total amount of the goods to be delayed every day shall be paid in cash to the Plaintiff or deducted from the money to be paid by the Plaintiff first.

(hereinafter referred to as the “Agreement on Compensation for Delay”). - In addition to the above liquidated damages, other damages suffered by the plaintiff due to the delay in the payment period of the defendant shall be compensated.

B. From June 22, 2016 to July 14, 2016, the Plaintiff paid 19 million won out of the remainder stipulated in the instant contract to the Defendant four times.

C. However, as of August 30, 2016, the Defendant, as of August 30, 2016, delivers the delivery date stipulated in the instant contract by delay, and calculated the penalty for delay in accordance with the rate of the penalty for delay stipulated in the instant agreement, shall be a total of 210,801,665 won (the formula of calculating the penalty for delay shall refer to the attached Form calculation table for the penalty for delay).

2. Determination

A. 1) According to the above fact of recognition, the Defendant is liable to pay the Plaintiff the liquidated damages in accordance with the instant liquidated damages agreement due to the delay in delivery. 2)