Quoted hereunder, for your information is a resolution of the Third Division of this Court dated 14 MARCH 2007

G.R. No. 173885 - (The Ritz Towers Condominium Association, Inc. v. Mateo Prado)

RESOLUTION

This refers to the Joint Motion filed on November 7, 2006 by both parties praying for approval of the Compromise Agreement recited therein, to wit:

WHEREAS, the parties entered into a Security Services Contract on 20 July 1983, Under which the respondent had the obligation to provide the petitioner with the necessary number of security guards.

WHEREAS, respondent instituted the instant Complaint against the petitioner before the Regional Trial Court of Quezon City, Branch 100, docketed as Civil Case No. Q-91-10775, for the collection of the total amount of P353,053.20, of which amount, P109,664.20 allegedly represents the unpaid security services for the months of May, June, July and August 1-5, 1991, and the sum of P243,389.00 allegedly represents the increase in Wage Orders No. NCR-01 and NCR-02 of the Department of Labor.

WHEREAS, the Regional Trial Court rendered its Decision on 6 March 1997 dismissing the respondent's Complaint for lack of merit.

WHEREAS, the Court of Appeals reversed and set aside the Decision of the Regional Trial Court and ordered herein petitioner to pay the respondent the amount of Three Hundred Twenty Three Thousand Forty Nine Pesos and Eight Centavos (P323,049.08) with interest at twelve percent (12%) per annum from the date of the finality of the Decision until satisfaction of the obligation. The Court of Appeals likewise ordered herein petitioner to pay the respondent the amount of Twenty Thousand Pesos as and for attorney's fees, and to pay the costs of suit.

WHEREAS, herein petitioner timely filed a Petition for Review on Certiorari under Rule 45 of the Rules of Court before this Honorable Court on 18 September 2006.

WHEREAS, the parties, in a spirit of compromise and with the intention of buying peace, submit for the approval of this Honorable Court, the following compromise agreement:    

1. It is hereby agreed that the petitioner shall deliver and convey to the respondent the amount of Two Hundred Forty Three Thousand Forty Nine Pesos and Eight Centavos (P243,049.08), which amount is One Hundred Thousand Pesos (P100,000.00) less than the total sum granted by the Court of Appeals to the respondent.
       
2. For and in consideration of the aforesaid amount of Two Hundred Forty Three Thousand Forty Nine Pesos and Eight Centavos (P243,049.08), receipt of which is hereby acknowledged by the respondent from the petitioner, the respondent discharges, acquits, quitclaims and forever releases the petitioner, its directors and officers, from any and all claims and cause/s of action in relation to the aforesaid contract for security services.
       
3. It is hereby acknowledged that the aforesaid amount delivered and conveyed by the petitioner to the respondent is in full settlement and satisfaction of any and all claims which the respondent now or may hereafter have in relation to the contract for security services, and full discharge and acquittal is hereby given to the petitioner, its directors and officers.
       
4. The petitioner shall withdraw its Petition for Review filed before this Honorable Court with the agreement of the parties that the FULL AND FINAL RELEASE AND DISCHARGE of the petitioner, and all its directors and officers, by the respondent may be pleaded as an absolute and final bar to any suit or legal proceeding that may hereafter be prosecuted by the respondent and or anyone claiming authority through him against herein petitioner and all its directors and officers.
       
5. The foregoing premises considered, the parties hereby waive any other claim of one as against the other in the instant case.
   

(Sgd) Roger S. Bonifacio	MEER MEER & MEER
Suite 701 -A Roman Santos Bldg.	19/F Locsin Building
Plaza Lacson, Sta. Cruz, Manila	Ayala Avenue cor. Makati Avenue
PTR No. 4556216,1/3/06, Manila	Makati City
IBP No. 656174, 1/3/06, Manila	By: (Sgd) Ma. Socorro Punsalang
Roll of Attorney No. 31376	PTR No. 0521737, 1/17/06. Mkti. City
	IBP No. 662363, 12/16/06, Q.C.
	Roll of Attorney No. 37380
With Conformity of:	With Conformity of:
(Sgd) Mateo Prado	The Ritz Towers Condominium
Respondent	Association, Inc.
	By: (Sgd) Alexander Velasquez
	Building Manager

Attached to the Joint Motion with Compromise Agreement is a Secretary's Certificate stating that Alexander Velasquez is authorized to enter into the Compromise Agreement on behalf of Ritz Towers Condominium Association, Inc. per its Resolution dated October 18, 2006.

WHEREFORE, finding the foregoing compromise agreement not contrary to law, morals, good customs, public order, or public policy, the Court hereby APPROVES the same.

This case is hereby CLOSED and TERMINATED.

SO ORDERED.