CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL, made and executed this 1st day of March, 2021 by and between:

 JUAN DELA CRUZ, of legal age, single, Filipino, and with residence and postal address at 200
Gallares St., City of Tagbilaran, Bohol, Philippines, hereinafter referred to as
the "SELLER/VENDOR";
 
-AND-
 
        (PEDRO BURGOS), Filipino and with residence and postal address at Taloto District, City of
Tagbilaran, Bohol, Philippines, hereinafter referred to as the "BUYER/VENDEE".
 
WITNESSETH;
 
        WHEREAS, the SELLER/VENDOR is the absolute and registered owner of a parcel of land
consisting of LAND AREA IN WORDS (000) square meters, more or less, located at Poblacion II, City
of Tagbilaran, Bohol and covered by Transfer Certificate of Title No. (TCT Number) issued by
the Registry of Deeds of Tagbilaran;
 
        WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER /VENDOR has agreed
to sell the above mentioned property under the terms and conditions herein below set forth;
 
        NOW THEREFORE, for and in consideration of the total sum of THREE MILLION (Php:
3,000,000.00) Philippine Currency, and of the covenants herein after
set forth the SELLER/VENDOR  agrees to sell and the BUYER/VENDEE agrees to buy the
aforesaid property subject to the following terms and conditions: 
 
1. The total consideration shall be Three Million  (Php: 3,000,000.00) PESOS, Philippine Currency,
payable as follows:
a) The amount of THREE HUNDRED THOUSAND (Php: 300,000.00) PESOS, representing earnest
money shall be payable by the BUYER/VENDEE to the SELLER/VENDOR upon signing of this
Contract to Sell;
 
b) The remaining balance in the amount of TWO MILLION AND SEVEN HUNDRED THOUSAND
(Php: 2,700,000.00) PESOS, shall be paid in Cash on or before March 1, 2022.
 
c) In case the check representing the payment for the balance provided in paragraph b hereof, is
dishonored by the drawee bank, the earnest money in the amount of THREE HUNDRED
THOUSAND (Php: 300,000.00) PESOS, shall be forfeited in favor of the SELLER/VENDOR.
2. Capital Gains Tax and Real Estate Tax, shall be for the account of the SELLER/VENDOR;
 
3. Documentary Stamps Tax, Registration Fee, registration expenses, and all other miscellaneous
fees and expenses shall be to the account of the BUYER/VENDEE;
 
4. Possession to the subject property shall be delivered by the SELLER/VENDOR to
the BUYER/VENDEE upon full payment of the total consideration;
 
5. Upon full payment of the total price, the SELLER/VENDOR shall sign and execute a DEED OF
ABSOLUTE SALE in favor of the BUYER/VENDEE. The SELLER/VENDOR shall likewise execute
and/or deliver any and all documents, including but not limited to the original copy of Transfer
Certificate of Title, Tax Declaration and all other documents necessary for the transfer of ownership
from SELLER/VENDOR to the BUYER/VENDEE;
6. Dispute Resolution:
Any dispute, controversy, difference or claim arising out of or in relation to this agreement,
including any question as to the interpretation, implementation, existence, validity, breach
or termination thereof or as to any non-contractual obligation arising out of or relating
thereto, shall be referred to and finally resolved by arbitration administered by the Philippine
International Center for Conflict Resolution (“PICCR”) in accordance with the PICCR
Arbitration Rules in force at the time of the commencement of the arbitration (“PICCR
Arbitration Rules”), which rules are deemed incorporated by reference in this clause.

The arbitration shall be conducted by one or more arbitrators to be appointed in accordance

with the PICCR Arbitration Rules.

The seat of the arbitration shall be [the Philippines].

The language of the arbitration shall be [English].

This arbitration agreement shall be governed by the laws of [the Philippines].”

 
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this 1 st day of March,
2021 at City of Tagbilaran, Bohol, Philippines.
 
 
 (JUAN DELA CRUZ)                                (PEDRO BURGOS)
Name                                                       Name

(ARBITRATION AGREEMENT Below)

 Arbitration Agreement

This Arbitration Agreement (this "Agreement") is entered into by and between the following
parties:

Juan Dela Cruz, an individual, of legal age, Filipino, and with registered address at 200
Gallares St., City of Tagbilaran, Bohol, Philippines, 6300 (herein after known as
"SELLER/VENDOR"); and Pedro Burgos, of legal age, Filipino, with registered address at
Taloto District, City of Tagbilaran, Bohol, Philippines, 6300 (herein after known as
“BUYER/VENDEE").

This Agreement is intended to govern the dispute arising out of the contract between the
parties entered into on March 1, 2021 where it contains a dispute resolution provision
requiring arbitration.

The Parties have agreed to select the following arbitrator to settle their disputes as they
submit their claims in order to have a resolution on the matter:

Atty. Adonai Jireh Dionne A. Balite

In this regard, the Parties likewise agree to as follows:

Pre-Hearing Conference
The arbitrators may summon the parties for a pre-hearing for clarification of any and all
claims of the parties prior to the hearing to clarify any and all claims and defenses.
Documents
The parties shall provide the Arbitrator with copies of the contract executed by and
between the parties, including any and all modifications or amendments made that
involve the Agreement.
Statements of Claims
Upon filing of the aggrieved party its statement of its claims, the opposing party shall file
and serve its answer and any counter claim not later than 15 days after the submission
of the claims.
Award
Any awards granted by the arbitrator to the aggrieved or entitled party shall be delivered
to the said party within 30 days from the date of ruling from this Arbitration.
Explanation of Award
The Parties agree that the award granted by the Arbitrator shall be provided with an
explanation for such ruling and award.
Sanctions
The Arbitrators as elected by the parties to this agreement may impose sanctions
against any party as it may deem necessary for failure to comply with any and all
terms and conditions in this arbitration agreement.
Costs and Fees
The parties agree that the arbitrator shall be paid 1000Php each hour of the hearings,
exclusive of travel and communication expenses, which shall be equally shared by both
parties to this agreement. Any costs and fees shall be paid to the arbitrator prior award
or ruling by the Arbitrators.
Confidentiality Clause
No party may be allowed to disclose any information to any other party not involved in
this hearing unless and until a ruling has been rendered by the Arbitrators or written
approval has been given by the other party.
Applicable Law
The parties hereby agree that this Arbitration shall be governed by the arbitration laws of
the Philippines, in consonance to any applicable National Laws.

By signing this document, the parties understand that the said parties are bound to
the terms and conditions specified above and the ruling made in this agreement shall
have the force and effect of law, unless otherwise, such ruling involves a question of
Constitutional or Civil Rights.

SELLER/VENDOR BUYER/VENDEE

JUAN DELA CRUZ PEDRO BURGOS

3/01/2021 3/01/2021