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Payment Settlement Agreement 2024

This Letter of Agreement outlines the terms for the equal sharing of a payment of Php 82,947.49 between Carrel Dredd C. Parras and Felipe Tiburcio Jr., with each responsible for Php 39,473.75 after deductions. Felipe Tiburcio Jr. will pay Php 12,000 by January 10, 2024, with the remaining balance due over six months. The agreement includes clauses on default, dispute resolution, and is governed by Philippine law.

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26 views3 pages

Payment Settlement Agreement 2024

This Letter of Agreement outlines the terms for the equal sharing of a payment of Php 82,947.49 between Carrel Dredd C. Parras and Felipe Tiburcio Jr., with each responsible for Php 39,473.75 after deductions. Felipe Tiburcio Jr. will pay Php 12,000 by January 10, 2024, with the remaining balance due over six months. The agreement includes clauses on default, dispute resolution, and is governed by Philippine law.

Uploaded by

jmcprintshop07
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Letter of Agreement for Settlement of Payments

Date: December 8 , 2024


Parties Involved:

Carrel Dredd C. Parras


Zamora St. Mangatarem, Pangasinan

Felipe Tiburcio Jr.


Zamora St. Mangatarem, Pangasinan

Subject: Agreement for Equal Sharing of Payments

This Agreement is made and entered into on the date above by and between
Party 1 and Party 2 (collectively referred to as "the Parties"). The purpose of
this Agreement is to establish clear terms for the settlement of payments
owed.

Terms and Conditions

1. Payment Obligation
The total amount of Php 82,947.49 shall be shared equally (50/50)
between the parties less the contributed amount by other individuals
amounting to Php 4,000 to a total amount of Php 78,947.49. Each
party agrees to pay their respective share of Php 39,473.75 and
included also in the respective share is the total expense for the follow
up check up including additional medications if there is on December
10, 2024.

Felipe Tiburcio Jr. had already paid Php 8675 which will be deducted
from the respective share of Php 39,473.75. Total amount owed to
Carrel Dredd Parras will be Php 30,798.75

2. Payment Schedule
The payment must be completed as follows:

o Felipe Tiburcio agreed to pay Php 12,000 on the 10th of January


2024 and the remaining balance of Php 18,798.75 will be paid for
a period of six (6) months from now as agreed by both parties.
3. Default Clause
If either Party fails to fulfill their payment obligation by the specified
deadline, the following actions will be taken:

o The non-compliant Party shall be responsible for any additional


costs, penalties, or legal fees incurred as a result of the delay or
failure to pay.

o The compliant Party reserves the right to pursue legal remedies


to recover the outstanding amount.

4. Dispute Resolution
Any disputes arising from this Agreement shall be resolved through
mediation. If mediation fails, the dispute shall be referred to a
competent court in Lingayen, Pangasinan.

5. Binding Agreement
This Agreement is binding upon the Parties, their heirs, legal
representatives, and assigns.

6. Governing Law
This Agreement shall be governed by and construed in accordance with
the laws of the Philippines.

Signatures
By signing below, both Parties acknowledge that they have read, understood,
and agreed to the terms outlined in this Agreement.

Carrel Dredd C. Parras


Signature: _________________________
Date: December 8, 2024

Felipe Tiburcio Jr.


Signature: _________________________
Date: December 8, 2024

SIGNED IN THE PRESENCE OF:

_____________________ ______________________

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