1.The judgment of the first instance shall be modified as follows:

The defendant shall pay to the plaintiff A 8,490,547,370 won and this shall apply.

Basic Facts

On April 23, 2009, the Incheon Metropolitan City Urban Development Corporation (hereinafter referred to as the “Incheon Urban Development Corporation”) entered into a contract with the Incheon Free Economic Zone Authority (hereinafter referred to as the “In Incheon Free Economic Zone Authority”) to purchase H (I) 60,706m2, etc. of Yeonsu-gu Incheon Free Economic Zone Authority (hereinafter referred to as the “instant project site”), and the main contents thereof are as follows.

AC. AC. The seller of land for multi-family housing in the AD Section: The seller and the buyer (hereinafter “B”) enter into a sales contract as follows with respect to three parcels outside H in Yeonsu-gu Incheon Metropolitan City (H: 60,706m2) located outside H (H: 60,706m2) in the location of the land for the president of the Incheon Urban and Urban Corporation, and with respect to three parcels outside H (H: 60,706m2) 330,753.1.

Article 4 (Payment of Damages for Delay) (1) If “B” fails to pay the purchase price under Article 3 on the agreed date, the late payment damages calculated under Article 80(1) of the Enforcement Decree of the Public Property and Commodity Management Act for the delayed payment from the day following the agreed date to the date of actual payment shall be paid to “A”.

1. Where the period in arrear is less than one month: 12% per annum;

2. Where the period in arrear is not less than one month but less than three months: 13% per annum;

3. Where the period in arrear is not less than three months but less than six months: 14% per annum;

4. Where the period in arrear is not less than six months: 15 per annum Article 12 (Cancellation of Contracts) (1) In any of the following cases, "A" may be rescinded if the performance is not performed within the prescribed period after peremptory notice is given for a fixed period not exceeding 30 days:

4. Where “B” delays the payment of intermediate payments or remainder for at least three months, (5) Where “A” cancels this contract pursuant to paragraph (1), “B” suffers losses due to the cancellation of the contract.

8.2