COMPROMISE AGREEMENT KNOW ALL MEN BY THESE PRESENTS: This Compromise Agreement made and executed this 4th day of December 2017at , by and between:
-andWITNESSETH: WITNESSETH : That – WHEREAS, WHEREAS, instituted a civil case for Collection of Sum of Money against under Civil Case No. pending before 10th Judicial Region, Municipal Trial Court in Cities, captioned as ; WHEREAS, WHEREAS, has unpaid balances for in the amount of TWO HUNDRED NINETY SEVEN THOUSAND SIX HUNDRED FORTY EIGHT PESOS (Php 297,648.00); WHEREAS, WHEREAS, for goodwill desired by both parties, herein Parties agree to settle this case whereby agrees to pay the amount TWO HUNDRED NINETY SEVEN THOUSAND SIX HUNDRED FORTY EIGHT PESOS (Php 297,648.00) plus FORTY THOUSAND PESOS (Php 40,000.00) as reimbursement to the expenses made by to file the instant case subject to the conditions hereinafter hereinafter set forth; NOW THEREFORE, THEREFORE, in consideration of the foregoing and the further agreement hereinafter hereinafter set forth, the parties agree as follows:’ 1. That the total amount payable is THREE HUNDRED THIRTY SEVEN THOUSAND SIX HUNDRED FORTY EIGHT PESOS (Php 337,648.00); 2. ABCD will NOT ADD INTEREST to any further extent to the total amount payable until fully paid; 3. That upon signing of this Agreement, shall pay the amount of FORTY THOUSAND PESOS by cash within five (5) months with the following schedule: December 30, 2017 – Php Php 8,000.00 – Php January 30, 2017 Php 8,000.00 February 28, 2017 – Php Php 8,000.00 March 30, 2017 Php 8,000.00 – Php Page 1 of 3
April 30, 2017
Php 8,000.00
–
4. That the balance of TWO HUNDRED NINETY SEVEN THOUSAND SIX HUNDRED FORTY EIGHT PESOS (Php 297,648.00) shall be paid by monthly installment at FIVE THOUSAND PESOS (Php 5,000.00); 5. That payments must be made on or before 30 th day of the month until fully paid; 6. That in case of failure to pay the monthly installment, ABCD agrees to give a sixty (60) days grace period; 7. That after payment of the above mentioned amounts, both parties waive any and all rights and claims against each other arising from any and all causes of action respectively claimed by the parties in Civil Case No. ; 8. In the event that any one or more of the provisions of this compromise agreement, be later on declared invalid, illegal or unenforceable by the appropriate court of justice, the validity, legality and enforceability of the remaining provisions shall in no way be impaired or affected thereby; 9. The parties hereby acknowledge that the stipulations contained in this Agreement have been mutually agreed upon by the respective Parties, without any act of force, fraud or undue intimidation; 10. The Parties also acknowledge that they have consulted their respective legal counsels and that they understand the legal consequences of this Agreement; 11. Accordingly, the Parties hereby agree to abide by the foregoing stipulations with the force and effect of a lawful right and demandable obligation; 12. With the execution of the foregoing Agreement, parties hereby agree to move for the approval of this Compromise Agreement before this Court. IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.
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Signed in the presence of: ________________________
________________________
ACKNOWLEDGEMENT Republic of the Philippines ) ) S.S. BEFORE ME, a Notary Public for and in the above jurisdiction, this 4th day of December 2017, personally appeared: Known to me and by me known to be the same persons who executed the foregoing instrument consisting of three (3) pages including this page where this acknowledgement is written and acknowledged to me that the same is their own free and voluntary act and deed. Witness my hand and notarial seal on the date and place first above written.
Doc. No. Page No. Book No. Series of 2017.
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