Chan v. A.V. Andres Construction and Industrial Corp.

[SEC-SICD * CASE NO. 09-93-4575. October 3, 1994.] SIMEON NICOLAS CHAN , petitioner , vs . A.V. ANDRES CONSTRUCTION AND INDUSTRIAL CORPORATION, ET AL. , respondents . D E C I S I O N The parties, sans the assistance of counsel, admitted their Joint Motion For Judgment Based on Compromise Agreement, filed on 26 September 1994, the terms and conditions of which are as follows: 1. The parties hereby relinquish, set aside and abandon their respective Complaint and Counterclaim as embodied in the PETITION dated September 21, 1993 and ANSWER WITH COUNTERCLAIM dated November 8, 1993. Including any and all pending motions in the above-captioned case. LexLib 2. Respondent AVACORP agrees to pay petitioner the amount of Twenty One Million Pesos (P21,000,000.00) which amount shall be payable without interest, under the following terms and conditions to wit: a. For every collection hereafter to be made by AVACORP representing Escalation Amount due from the Armed Forces of the Philippines (AFP), 1/2 thereof of 50% ( sic ) shall be earmarked for payment to herein petitioner, until the amount of P21,000,000.00 shall have been fully paid; b. AVACORP shall remit the 50% pertaining to herein petitioner, to be derived from said Escalation Amount, within seven (7) banking days from actual receipt by AVACORP of the check payment from the AFP ( sic ). 3. For and in consideration of the full and complete performance by AVACORP of the obligations stated in paragraph 2, petitioner agrees to waive, relinquish, abandon and renounce any and all interests, shares and participation which he had, has or may have in AVACORP. 4. Parties agree to submit this Compromise Agreement for the consideration and approval by the Honorable Office. Mandaluyong, Metro Manila. August 22, 1994 (signed) SIMEON NICOLAS CHAN AVACORP Petitioner Respondent by: (signed) EDGARDO NUNIENZA President (signed) EDGARDO NUNIENZA (Respondent) (signed) VIRGINIO VALLE (Respondent) It appearing that said Joint Compromise Agreement is not contrary to law, morals and public policy, the same is hereby APPROVED and judgment is hereby rendered in accordance thereat. Parties are hereby enjoined to comply strictly with the terms and conditions of their Joint Compromise Agreement. LibLex SO ORDERED. (SGD.) YSOBEL S. YASAY-MURILLO Hearing Officer