Opinions and Legal Insights

Compromise Agreement

This is only a sample of COMPROMISE AGREEMENT format.  It could be subject to modifications to suit the purpose/s of its execution and requirements of the parties.  It is advisable that before an execution of any legal document, one must seek legal advice or assistance from a Lawyer.

Legal Notes:

A compromise is a contract whereby the parties, by making reciprocal concessions, avoid a litigation or put an end to one already commenced. (Article 2028, Civil Code of the Philippines)

REPUBLIC OF THE PHILIPPINES

NATIONAL CAPITAL JUDICIAL REGION

REGIONAL TRIAL COURT

Branch 143, City of Manila

ILOVEFIL INC.

                                      Plaintiff;

-versus-                                                     CIVIL CASE NO. 13-122870

                                                                    For Sum of Money

DIWATA ACOH

                                      Defendant.

x————————————-x

COMPROMISE AGREEMENT


 

KNOW ALL MEN BY THESE PRESENTS:

This Compromise of Agreement is executed this 14th day of February 2015   in City of Manila, by and between:

ILOVEFIL INC. (ILOVEFIL), is a domestic corporation registered with Securities and Exchange Commission, and with principal office address at 111 Mabuhay Avenue, Barangay 123, City of Manila, represented by ATTY. BINIBINI C. MAGANDA Head, Legal Department pursuant to the resolution issued by its Board of Directors dated 24 October 2014, (copy of which is hereto attached as Annex “A” and made an integral part of this Compromise Agreement), and hereinafter referred to as the “FIRST PARTY”;

and

DIWATA B. ACOH, of legal age, married, with residence and postal address at No. 118 Diamond Road, Global City hereinafter referred to as the “SECOND PARTY”;

 WITNESSETH: THAT

WHEREAS, the FIRST PARTY is the Plaintiff in Civil Case No. 13-122870, entitled “ILOVEFIL, INC. versus DIWATA B. ACOH”, pending in the Regional Trial Court of City of Manila, Branch 143,  hereinafter referred to as the “Pending Case“;

WHEREAS, all the parties are desirous of settling amicably the Pending Case in order to avoid inconvenience and costly litigation;

NOW, THEREFORE, in consideration of the foregoing premises, the parties hereby undertake as follows:

1.      The SECOND PARTY shall pay the FIRST PARTY the unpaid balance of the Loan amounting to Eight Hundred Eight  Thousand Pesos (Php808,000.00) and the interest amounting to Two Hundred Two Thousand Pesos (P202,000.00), or the aggregate amount of One Million Ten Thousand Pesos (P1,010,000.00);

2.      The SECOND PARTY shall deliver on or before 30 March 2015 to the FIRST PARTY the Ten (10) post dated checks (PDCs) in the amount of 101,000.00 each, payable to the FIRST PARTY (ILOVEFIL, INC).  Each check must be dated every 30thday of the month beginning 30 March 2015 and the succeeding 9 months thereafter;

3.      In case of delay and/or default in funding the check on said dates, the whole obligation becomes due and demandable without further notice from the FIRST PARTY

4.      All other claims and counterclaims not included in this Agreement shall be deemed waived;

5.      This agreement shall not in any way be construed as an admission on the part of any party of any fault, negligence or liability, of whatever kind and nature, in connection with the Pending Case; and

6.      In case of material breach of the terms and conditions of this agreement, the innocent party is hereby authorized to apply for a Writ of Execution in the Pending Case for the purpose of compelling compliance with the terms and conditions of this agreement.

IN WITNESS WHEREOF, the parties have hereunto set their hand at the place and on the date written above.

First Party

ILOVEFIL, INC

by:

____________________________

ATTY. BINIBINI C. MAGANDA

Second Party

______________________

DIWATA B. ACOH

Witnessed By:

__________________________   __________________________

ACKNOWLEDGEMENT

BEFORE ME, a Notary Public for and in City of Manila, personally appeared the following and presented their Government Identification Cards:

1.           ATTY. BINIBINI C. MAGANDA

LTO Driver’s License ID No. N02-18-073109

Quezon City

Valid until 12/28/2016

2.           DIWATA B. ACOH

Driver’s License ID No. N02-09-123456

Quezon City

Valid until 11/13/2015

and they acknowledged to me that they are the same persons who executed the foregoing instrument, consisting of 4pages, including this page; that ATTY. BINIBINI C MAGANDA is duly authorized to appear in behalf of ILOVEFIL, INC and DIWATA B ACOH, in his personal capacity as Defendant in the aforecited case; and that they executed the foregoing instrument as their own free and voluntary act and deed, in behalf of the said Principal and for herself, respectively.

                                                                   NOTARY PUBLIC

         

Doc. No. ____;
Page No. ____;
Book No. ____;
Series of 2015.