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1. The defendant's claim for insurance money based on the attached guaranty insurance policy against Seoul Guarantee Insurance Co., Ltd.
Reasons
1. Presumed factual basis
A. On April 1, 2013 (round April 29, 2013 under the contract) the Plaintiff was awarded a subcontract by the Defendant for the waterproof Construction Work during the period from April 1, 2013 to February 28, 2014, with the cost of construction KRW 712,580,000, and the construction period from April 29, 2013 to February 28, 2014.
(A) Article 7 (Performance of Contracts and Guarantee for Construction Payment) (1) and B (Plaintiffs) guarantee each other for the execution of contracts and the payment of the construction cost in any of the following manners: (a) the period of construction was extended by August 31, 2014 through a contract for change made on January 10, 2014; and (b) the period of construction was extended by October 31, 2014 through a contract for change made on August 11, 2014; (c) the period of construction was extended by October 31, 2014:
1. The method of guaranteeing the contract performance of an amount equivalent to 10% of the contract amount to Gap.
1. A person who cancels or terminates a contract pursuant to Article 25 (1) by failing to perform his/her contractual obligations, as the construction mutual aid association, specialized construction mutual aid association, guarantee insurance company, and credit guarantee fund, etc. issued by a guarantee agency equivalent thereto.
Provided, That where B pays in cash or delivers the certificates under paragraph (3) 2 and 3, the amount equivalent to the amount of loss shall be reverted to A.
Article 25 (Cancellation and Termination of Contract) (1) In case where a contract falls under any of the following subparagraphs, A or B may cancel or terminate all or part of the contract concerned after demanding in writing that the contract be performed within a reasonable fixed period of time, and then the contract be not performed within the said period of time:
1. A or B violates the terms and conditions of the contract;