This case has been cited 2 times or more.
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2015-12-09 |
JARDELEZA, J. |
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| Respondent is bound by the foregoing terms in the Construction Agreement and as refelcted in the minutes. Contracts constitute the law between the parties, and they are bound by its stipulations. For as long as they are not contrary to law, morals, good customs, public order, or public policy, the contracting parties may establish such stipulations, clauses, terms and conditions as they may deem convenient.[79] | |||||
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2013-06-26 |
VILLARAMA, JR., J. |
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| A stipulation for liquidated damages is attached to an obligation in order to ensure performance and has a double function: (1) to provide for liquidated damages, and (2) to strengthen the coercive force of the obligation by the threat of greater responsibility in the event of breach.[37] The amount agreed upon answers for damages suffered by the owner due to delays in the completion of the project.[38] As a precondition to such award, however, there must be proof of the fact of delay in the performance of the obligation.[39] | |||||