COMPROMISE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Compromise Agreement (“Agreement”) is executed by and between:
__________________________, Filipinos, both of legal ages, and residing
at _________________________________, Manila, [hereafter referred to as
the “FIRST PARTY”];
and
_____________________________________, a corporation organized and
existing under the Philippine laws, with principal office address
at the 6th Floor, Renaissance Tower, Meralco Avenue, Pasig City,
represented by _____________________________________ [hereafter
referred to as the “SECOND PARTY”];
WITNESSETH:
WHEREAS, the FIRST PARTY, purchased from the SECOND PARTY a parcel of
land described ______________________, with an area of _____________________ Square Meters
more or less at Newport Hills (hereafter referred to as the “Subject Property”) for
the sum of __________________________ ____/100 Pesos (Php), duly acknowledged by the
SECOND PARTY;
WHEREAS, the FIRST PARTY requested from the SECOND PARTY for the
rescission of the sale over the Subject Property and the refund of the aggregate sums
paid thereon without interest;
WHEREAS, the SECOND PARTY agreed to the rescission of the sale over the
Subject Property and the SECOND PARTY has already paid and delivered to the
FIRST PARTY cash in the amount of _____________________________________________ and
00/100 Pesos (Php___________________). Said cash payment is hereby duly
acknowledged by the FIRST PARTY to have been received;
WHEREAS, with the delivery of cash, as of ____________________, the remaining
balance payable to the FIRST PARTY is _____________________________ and 00/100 Pesos
(Php____________________);
NOW, THEREFORE, for and in consideration of the foregoing premises and
the terms and conditions hereinafter set forth, the parties have agreed as follows:
1. Without admitting any fault or liability, and for the sole purpose of
buying peace of mind, the SECOND PARTY shall pay the claim of FIRST PARTY of
__________________________________________ and 00/100 Pesos (Php__________________), by
way of post-dated checks, receipt of which checks is hereby acknowledged by
FIRST PARTY, thus:
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Date Amount
Upon signing of this Agreement Php
2. By virtue of the execution of this Agreement by herein parties, the
Deed of Absolute Sale and/or Contract to Sell executed by and between the FIRST
PARTY and the SECOND PARTY for the Subject Property shall be deemed canceled
and rescinded and to be without further force and effect.
3. Simultaneous or immediately after the execution of this Agreement,
the FIRST PARTY shall surrender to the SECOND PARTY the following documents,
among others, relating to the Subject Property: Official Receipts, Provisional
Receipts, Contract to Sell, Deed of Absolute Sale and Reservation Agreement.
4. Upon the signing of this Agreement, each party shall desist from
pursuing any cases, actions or proceedings in relation to the Subject Property.
Herein parties’ intention is to have a comprehensive settlement of any and all past,
present or future controversies, cases, proceedings and investigations involving
and/or arising out of or in connection with the Subject Property.
5. Herein parties agree to absolutely and irrevocably release and waive
any cause, demand, claim or liability that one has or may have against the other,
including their respective officers, representatives and/or agents, related interests
and affiliates, heirs, assignees and successors-in-interest, arising from or in
connection with the sale, transfer or conveyance of the Subject Property. The
parties’ intention herein is to give an absolute, irrevocable and mutual release to
one another. The execution of this Compromise Agreement shall not be taken by
either party, their officers, representatives and/or agents, related interests and
affiliates, heirs, assignees and successors-in-interest as confession and/or admission
of liability on the part of either party.
6. Each party herein acknowledges that no representation, undertaking,
promise, or commitment of present or future act, opinion or event has been made by
each of them to the other to induce the execution of this Agreement. Each party
acknowledges that it entered into this Agreement relying solely on its own and
independent judgment and inquiries into all relevant facts and circumstances, and
with full knowledge or opportunity to obtain such knowledge, of facts and
circumstances relating to the subject matter of this Agreement.
7. If there are other documents which may be necessary or convenient
to implement or carry out the provisions of this Agreement, herein parties
undertake to execute the same forthwith in good faith without need of any demand.
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8. Except where the disclosure of the terms of this Agreement is
necessary or is required by law or court order, each party, including their officers,
representatives and/or agents, related interests and affiliates, heirs, assignees and
successors-in-interest, shall at all times keep them confidential and not directly or
indirectly reveal, disclose the existence and execution of this Agreement and other
related agreements and the terms and conditions thereof.
9. No modification, alteration or amendment of this Agreement or any
waiver of any provision hereof shall be effective unless in writing and signed by
both parties or their duly authorized agents.
10. This Agreement shall take effect immediately upon signing hereof and
shall be binding and inure to the benefit of the parties herein and their officers,
representatives and/or agents, related interests and affiliates, heirs, assignees and
successors-in-interest.
11. The parties have read this Agreement and all its terms and conditions
carefully and acknowledge that the same is executed free of duress, force,
misrepresentation, intimidation and any and all other forms of vice of consent.
12. The parties agree to faithfully comply with the terms and conditions
of this Agreement in utmost good faith. Should any of the parties fail or refuse to
comply with this Agreement, the aggrieved party shall be entitled to all remedies
available under the law.
IN WITNESS WHEREOF, the PARTIES have hereunto affixed their signatures
on the place and date abovementioned.
First Party Second Party
By:
Signed in the presence of:
_______________________________________ ______________________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
DONE IN THE CITY OF PASIG ) S.S.
BEFORE ME, this __th day of __________________________________, a Notary Public for
and in Pasig City, personally appeared the following:
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Name Government ID Date of
Issue/Expiry
known to me to be the same persons who executed the foregoing Compromise
Agreement and who acknowledged to me that the same is their free and voluntary
act and/or that of the corporation which they represent.
WITNESS MY HAND AND SEAL on date and place first above-written.
NOTARY PUBLIC
Doc. No. _____;
Page No. _____;
Book No. _____;
Series of _____.
