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1. The Defendant’s KRW 1,853,200,000 as well as 5% per annum from November 6, 2012 to July 19, 2013 to the Plaintiff.
Reasons
1. Basic facts
A. Southyang Construction Co., Ltd., Korea Development Co., Ltd., and Korea Exchange Co., Ltd. (hereinafter “Seoul Yangyang Construction Co., Ltd”) constituted a joint supply and demand organization and was awarded contracts from the Yansan Regional Land Management Office under the Ministry of Land, Infrastructure and Transport for the construction of Heungsan-
B. On September 20, 2009, Namyang Construction, etc. entered into a subcontract (hereinafter referred to as the “instant subcontract”) with respect to the construction cost of 18,953,00,000 won (i.e., increase of KRW 1,940,510,000 on December 27, 201), the construction period from September 20, 2009 to April 30, 2013; and (ii) the 10% (1,895,30,000,000 won) of the contract price for the contract deposit (hereinafter referred to as the “instant subcontract”).
Article 7 (Execution of Contracts and Guarantee for Payment of Construction Costs) (1) The performance of construction works and the payment of construction costs shall be guaranteed mutually by means of any of the following subparagraphs:
1. The method of guaranteeing the performance of a contract in an amount equivalent to 10% of the contract amount to the southyang Construction, etc..
1. In the event that the construction mutual aid association, specialized construction mutual aid association, guarantee insurance company, and the Korea Credit Guarantee Fund, which are equivalent guarantee agencies to the former, cancel or terminate the contract in whole or in part pursuant to the provisions of Article 25(1) due to the failure to perform contractual obligations, the joint supply and demand company of this case may claim for payment of the amount equivalent to the loss due to the cancellation or termination of the contract for the deposit under Paragraph (3) 1 (the "paragraph (2) 1" appears to be the clerical error in Paragraph (3) 1).
Provided, That the payment in cash or the issuance of a certificate under paragraph (3) 2 and 3 shall be made.