Draft Compromise Agreement
Draft Compromise Agreement
_______________, Filipino Citizen, doing business under the name and style
GDY Airtech Enterprises with principal address at _________________
(hereinafter referred to as the “FIRST PARTY”);
and
WITNESSETH:
WHEREAS, the FIRST PARTY filed a case for sum of money against the
SECOND PARTY which is now pending before ________________________;
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;
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;
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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;
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
_____________________ ______________________
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ACKNOWLEDGMENT