Draft Compromise Agreement

COMPROMISE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This (“Agreement”) is entered into by and between:
_______________, Filipino Citizen, doing business under the name and style
GDY Airtech Enterprises with principal address at _________________
(hereinafter referred to as the “FIRST PARTY”);
and
_________________ a corporation duly organized and existing under the laws

of the Republic of the Philippines represented by _______________ with
principal address at __________________, (herein referred to as the
“SECOND PARTY”);
(FIRST PARTY and SECOND party shall hereinafter be collectively referred as

the “PARTIES”).
WITNESSETH:
WHEREAS, the FIRST PARTY filed a case for sum of money against the
SECOND PARTY which is now pending before ________________________;
WHEREAS, in the best interest of all concerned and to avoid prolonged

litigation, it was agreed that a settlement was to be me made with respect to
the abovementioned case;
WHEREAS, the parties agreed that the amount of Two Million Four Hundred
Twenty-Eight Thousand Three Hundred Sixty Pesos and 50/100
(P2,428,360.50) representing the principal amount of unpaid purchases shall
be paid by the SECOND PARTY to the FIRST PARTY by way of installments;
WHEREAS, in addition thereto, the SECOND PARTY shall likewise pay the
amount of Fifty-Three Thousand Four Hundred Fifty Six Pesos and 66/100
(P53,456.66) representing litigation expenses and One Hundred Thousand
Pesos (P100,000.00) representing attorney’s fees, the sum of which are to be
added to the installments;
NOW, THEREFORE, for and in consideration of the foregoing premises and of

the following stipulations and covenants, the SECOND PARTY hereby agrees
to the following terms and conditions:
1. The SECOND PARTY shall pay the amount of Two Million Four Hundred
Twenty-Eight Thousand Three Hundred Sixty Pesos and 50/100
(P2,428,360.50) to the FIRST PARTY;
2. In to the said principal amount, the SECOND PARTY shall likewise pay the
amount of Fifty-Three Thousand Four Hundred Fifty Six Pesos and 66/100
(P53,456.66) representing litigation expenses and One Hundred Thousand
Pesos (P100,000.00) representing attorney’s fees;
3. Thus, the total settlement amount to be paid by the SECOND PARTY to

the FIRST PARTY shall be TWO MILLION FIVE HUNDRED EIGHTY-ONE
THOUSAND EIGHT HUNDRED SEVENTEEN AND 16/100
(P2,581,817.16);
1
4. The payment of the total settlement amount shall be by way of Six (6)
Equal Monthly Installments in the amount of Four Hundred Thirty
Thousand Three Hundred Two Pesos and 86/100 (P430,302.86) which
shall start on July 30, 2023 up to December 30, 2023;
5. The installments shall be guaranteed by Six (6) post dated checks dated
July 30, 2023 to December 30, 2023 which will be delivered to the
FIRST PARTY UPON SIGNING OF THIS AGREEMENT;
6. In concession to the SECOND PARTY, the FIRST PARTY shall waive any
interest due or accruing thereon on the former’s principal balance;
7. Failure of the SECOND PARTY to pay any of the installments pursuant to

this compromise agreement for whatever reason or purpose shall be cause
for the entire balance of the obligation (plus legal interest) to be due and
demandable without need of demand. Likewise, FIRST PARTY shall
immediately be entitled to the issuance of a Writ of Execution for the
satisfaction of his claims without prejudice to the filing of any possible suit
as a consequence of its failure to pay the installments due;
8. This agreement shall become immediately executory upon approval of the

Honorable Court;
9. The parties shall observe, strictly abide by and perform the terms of this
compromise agreement in good faith.
IN WITNESS WHEREOF, the parties signed this instrument this _______ day
of _________ at Davao City, Philippines.
________________ _________________
First Party Second Part
Represented by:
______________________
Second Party
Signed in the presence of:
_____________________ ______________________
2
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )

__________________________) S.S.
BEFORE ME, a Notary Public for and in ___________________ this ____

day of ________, 2023, personally appeared:
NAME Identification No. DATE/PLACE

ISSUED
_________________ ____________ _______________
________________ ____________ _______________
who represented to me to be the same persons who executed the

foregoing document and they acknowledged that the same is their free and
voluntary act and deed, and those of the entities represented. This Agreement
consists of three (3) pages including the page where this acknowledgment is
written, signed by the parties and their instrumental witnesses on each and every
page thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

notarial seal at the place and date hereinbefore stated.
Doc. No. _____;

Page No. _____;
Book No. _____;
Series of 2023.

Draft Compromise Agreement

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COMPROMISE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This (“Agreement”) is entered into by and between:

_________________ a corporation duly organized and existing under the laws

(FIRST PARTY and SECOND party shall hereinafter be collectively referred as

WHEREAS, in the best interest of all concerned and to avoid prolonged

NOW, THEREFORE, for and in consideration of the foregoing premises and of

3. Thus, the total settlement amount to be paid by the SECOND PARTY to

7. Failure of the SECOND PARTY to pay any of the installments pursuant to

8. This agreement shall become immediately executory upon approval of the

Signed in the presence of:

REPUBLIC OF THE PHILIPPINES )

BEFORE ME, a Notary Public for and in _______________ this

NAME Identification No. DATE/PLACE

___ _

__ _

who represented to me to be the same persons who executed the

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

Doc. No. _____;

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