COMPROMISE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Compromise Agreement entered this 17th day of March 2023 by

and between:

CRISPIN G. CABRIA, of legal age, married and residing at Zone 2,

Brgy. San Vicente, Tabaco City, Albay, hereinafter referred to as the
FIRST PARTY

-and-

W.L. FOOD PRODUCTS, a distribution company, existing and

operating under the laws of the Philippines, with business address at No.
8, Furong St., Punturin, Velenzuela City, duly represented by its Sales
Agent, RICKY M. PAROHINOG, evidenced by the SPECIAL POWER OF
ATTORNEY, attached hereof, marked as ANNEX A and made an integral
part hereof, hereinafter referred to as the SECOND PARTY

WITNESSETH:

WHEREAS, the vehicle of the parties figured in an accident dated

March 15, 2023, along the Bantayan Bridge;

WHEREAS, the FIRST PARTY is personally driving his Toyota Wigo

registered under his name, with O.R No. 2278548333 and C.R No.
46756206-0, traversing the national highway going to Ligao City, while
the vehicle of the SECOND PARTY registered under W.L Foods Products
with O.R No. 2243323633 and C.R No. 174282986, driven by ROMARK
BINALLA DELGADO going to opposite direction;

WHEREAS, as a result, thereof, the FIRST PARTY’S vehicle suffered

major damage on the right side bumper of the vehicle while the SECOND
PARTY’S vehicle sustained minor damage on the right portion of the
truck’s bumper;

WHEREAS, the SECOND PARTY and its authorized driver, admits to

being at fault for the incident and is willing to settle amicably and pay
the damages incurred for the repair of the damaged vehicle;

WHEREAS, the FIRST PARTY is willing to accept the settlement offer

from the SECOND PARTY and has made a commitment not to pursue
further legal actions against the SECOND PARTY and its Driver;

NOW, THEREFORE, for and in consideration of the promises and

dispositions made in this agreement, the parties hereto have agreed as
follows:

1. The FIRST PARTY shall use his Insurance Policy to cover the cost
of restoration/repair. An insurance claim shall be submitted to
Toyota Albay for quotation and proper disposition.

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 2. Once approved by the insurance company, the participation cost if
any shall be for the account of the SECOND PARTY, which shall
be paid via online transfer to BPI Account (with Account Number
0859101348) of Ms. SHELLA B. CABRIA;

3. The SECOND PARTY further undertakes to pay the FIRST PARTY,

20,000.00 in a form of indemnity for loss of income during the
time during which his vehicle is subject to repair/restoration. The
same shall be transferred to the account indicated in the
preceding number;

4. In case, the insurance company of the FIRST PARTY disapproves

his claim, the SECOND PARTY, shall forthwith submit the
necessary documentary requirements to effect its claim against its
insurer;

5. If the insurer of the SECOND PARTY refused to pay/disapproved

the claim, the SECOND PARTY shall pay the entire cost of repair
without a need for demand from the FIRST PARTY;

6. Settlement of the above shall be made on March 21, 2023

(Tuesday) via fund transfer to the above-designated account;

7. Should the SECOND PARTY fail to comply with the terms and
conditions of this Agreement, the FIRST PARTY may seek judicial
relief against the former. And shall likewise be liable to pay the
cost of litigation, attorney’s fees, and other expenses incurred by
the FIRST PARTY to protect its interest.

IN WITNESS WHEREOF, we have hereto affixed our signatures this

17th day of March 2023 at Tabaco City, Albay, Philippines.

CRISPIN G. CABRIA W.L FOOD PRODUCTS

First Party Second Party

Represented by:

CRISPIN G. CABRIA RICKY M. PAROHINOG

DL No. E08-15-000391 DL No. N04-10-017879

Signed in the Presence of:

SHELLA B. CABRIA ROMARK B. DELGADO

DL No. E08-16-001053 TIN 471-889-749

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 ACKNOWLEDGEMENT

Republic of the Philippines. )

City of Tabaco )S.S.

BEFORE ME, a Notary Public for and in the City of Tabaco, and in
the Province of Albay this ___________________ personally appeared the
above-mentioned parties, who have satisfactorily proven to me their
identities through their ID numbers as indicated below their names that
they are the same persons who executed the foregoing COMPROMISE
AGREEMENT and acknowledged to me that they executed the same of
their own free and voluntary act and deed, and the act of party/company
they represent.

NOTARY PUBLIC

DOC. NO._______:
PAGE NO._______:
BOOK NO.______ :
SERIES OF 2023

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