1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. Basic facts

A. The Plaintiff and the Co-Defendant B Co-Defendant B Co-Defendant B of the first instance trial (the purpose of the instant guarantee insurance contract, the occurrence of insurance accidents and the payment of insurance proceeds, etc.)

hereinafter referred to as “B”

B) around August 2014, 2014, I Co., Ltd. (hereinafter referred to as “I”).

In order to guarantee the performance of a construction project, a guarantee insurance agreement was entered into between a performance contract for a kind of guarantee, the insured I, the amount of insurance coverage amount to KRW 396,809,113, and the insurance period from August 21, 2014 to October 25, 2016 (hereinafter “instant guarantee insurance agreement”).

(2) Article 4 of the Guarantee Insurance Agreement provides for the compensation of losses and the cost-bearing as follows.

When the company pays insurance proceeds to the insured by failing to perform its obligations or obligations guaranteed by the company (hereinafter referred to as "insurance accident") (hereinafter referred to as "the insured") under Article 4 (Compensation and Bearing of Expenses) of the Performance Guarantee Insurance Agreement, the principal and the guarantor shall pay the insurance proceeds to the insured, but if delayed, they shall pay the insurance proceeds in addition to the damages for delay.

(2) The damages for delay referred to in paragraph (1) shall be calculated by calculating the number of delayed days per day and multiplying the insurance proceeds by the applicable interest rate applicable to the damages for delay publicly announced by the company on a daily basis from the day following the payment date of insurance proceeds to the full payment date

(3) In addition to the damages for delay referred to in paragraph (1), the principal and the surety shall immediately repay the following expenses paid by the company:

1. Expenses required for the preservation (including termination) or transfer of claims for compensation, subrogation, etc. by the company against the principal guarantor or the person who has pledged his/her property;

2. Expenses incurred in investigating, collecting, and disposing of collateral.

3. Litigation costs, legal costs required for the execution, preservation (including termination), execution, etc. of claims, and expenses for property inquiry under the Civil Execution Act;

4. Other legal or contractual persons.