1. The defendant shall pay 97,160,000 won to the plaintiff and 15% per annum from October 3, 2018 to the day of complete payment.

1. Basic facts

A. On January 8, 2018, the Plaintiff entered into a contract with the Defendant under which the construction of ready-mixed production facilities (hereinafter “instant facilities”) (hereinafter “instant construction”) was to be the construction cost of KRW 240,00,000 (excluding value-added tax) and the construction period was to be set at 60 days from the date of ordering the construction (hereinafter “instant construction contract”).

According to the instant construction contract, compensation for delay shall offset the amount of 3/1,000 of the contract amount from the construction price at each time when the agreed construction period is delayed per day (Article 9). The Plaintiff may rescind the instant construction contract where “the instant construction project fails to proceed as scheduled, or the Defendant is deemed unable to complete the instant construction project within the scheduled construction period under the contents of the instant construction project.”

(Article 14 of the General Terms of Contracts). (b)

Under the instant construction contract, the Plaintiff paid the Defendant KRW 187,400,000, totaling KRW 52,800,000 (including value-added tax; hereinafter the same shall apply), KRW 61,600,000 on January 15, 2018, and KRW 73,000,000 on March 15, 2018.

C. Since then, the Plaintiff and the Defendant agreed to postpone the instant construction period until March 31, 2018.

However, the Defendant failed to complete the instant construction by the due date when the installation of the main production facilities of the instant facilities was not completed properly. On April 2018, the Defendant asserted that there was no material purchase cost for performing the instant construction to the Plaintiff, and expressed his intention that the instant construction cannot be performed.

On April 30, 2018, the Plaintiff notified the Defendant of the cancellation of the instant construction contract on the ground that it falls under “where the instant construction project is not scheduled as scheduled, or where the Defendant is deemed unable to complete the instant construction project within the scheduled construction period under the content of the instant construction project,” and thereafter, the Defendant around May 4, 2018.