The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1. As to the ground of appeal No. 1, the lower court, based on its stated reasoning, deemed that there are no special circumstances to interpret the forfeiture provision of the instant special agreement as a penalty, and determined that the said forfeiture provision was an estimated amount of damages.

Examining the record in accordance with the relevant legal principles, the lower court’s aforementioned determination is justifiable.

There is no violation of law by failing to exhaust all necessary deliberations or by misapprehending the legal principles on penalty for negligence.

2. On the ground of appeal No. 2, the lower court, based on its stated reasoning, deemed that the estimated amount of damages stipulated in the instant special agreement was unfairly excessive, reduced by KRW 420,000,000,000, which is 60%.

Examining the record in accordance with the relevant legal principles, the lower court’s aforementioned determination is justifiable.

There is no error of law by failing to exhaust all necessary deliberations or by misapprehending the legal principles on the reduction of the estimated amount of damages.

3. Therefore, the appeal is dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices on the bench.