THIRD DIVISION
[G.R. No. 231642. September 18, 2017.]
STANDARD INSURANCE CO., INC., petitioner,vs. E-COPY CORPORATION, respondent.
NOTICE
Sirs/Mesdames :
Please take notice that the Court, Third Division, issued a Resolution dated September 18, 2017, which reads as follows:
"G.R. No. 231642 (Standard Insurance Co., Inc. vs. E-Copy Corporation). — On motion, petitioner Standard Insurance Co., Inc. (Standard Insurance) prays for this Court to close and terminate the case in view of the Compromise Agreement it entered into with respondent E-Copy Corporation (E-Copy) on July 5, 2017.
The terms and conditions of the Compromise Agreement read:
xxx xxx xxx
WHEREFORE, for and in consideration of the above, the parties, by these presents, hereby agree as follows:
1. The SECOND PARTY [Standard Insurance] will pay the FIRST PARTY [E-Copy] the amount of One Million Three Hundred Thousand Pesos (Php1,300,000.00) as full and final settlement of the claim under SICI Performance Bond No. B00321; OIC NO. (G13) 16078; Policy No. NAG-03-PB3-16078 and Endorsement No. 60293520;
2. The FIRST PARTY will execute the necessary documents releasing the SECOND PARTY from any and all liabilities under the aforesaid Performance Bond which is the subject of the pending case before the Supreme Court with G.R. No. 231642;
3. The aforesaid payment by the SECOND PARTY will be considered full payment and satisfaction of the judgment against Irsam Flores and the SECOND PARTY;
4. The SECOND PARTY will file the appropriate pleading for the termination and closure of G.R. No. 231642 (CA-G.R. CV No. 100758; Civil Case No. 03-1160);
5. The SECOND PARTY shall have the right to recover and/or proceed against Irsam Flores as may be warranted under the circumstances; and
6. All parties represent and warrant that they have full legal right, power, and authority to execute and deliver this Agreement, and any other documents and instruments required to be delivered in connection herewith and to perform and observe the terms and conditions of the Agreement.
IN WITNESS WHEREOF, the parties have hereunto set their hands on the date and place first above written. 1 (words in brackets added)
Finding the terms and conditions in the Compromise Agreement to be in accordance with law, morals, and public policy, and considering that the signatories for the companies are duly authorized by their respective board of directors to enter into such an agreement, 2 the approval of the Compromise Agreement dated July 5, 2017 is in order.
Judgments based on a compromise agreement are immediately final and executory. 3 It appearing, however, that the conditions set forth under paragraphs (1) up to (4) have already been complied with, 4 the closure and termination of the present case is warranted herein.
IN VIEW OF THE FOREGOING, the motion of petitioner Standard Insurance Co., Inc. is hereby GRANTED. The Compromise Agreement dated July 5, 2017 is hereby APPROVED. Let entry of judgment be immediately issued.
SO ORDERED."
Very truly yours,
(SGD.) WILFREDO V. LAPITANDivision Clerk of Court
Footnotes
1.Rollo, pp. 21-22.
2.Id. at 24-25.
3.Gadrinab v. Salamanca, G.R. No. 194560, June 11, 2014, 726 SCRA 315.
4. Attached to the records of the case is a document denominated as "WAIVER, RELEASE and QUITCLAIM" signed by Anito L. Tan, the duly-authorized representative of E-Copy Corporation, in favor of Standard Insurance Co, Inc. Said document likewise acknowledges receipt of payment in the amount of P1,300,000.00. Proof of payment is likewise attached; Rollo, pp. 26-27.