Jun 18th, 2015
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1Stronghold Insurance vs Republic AsahiQuiachon, RudithSTRONGHOLD INSURANCE COMPANY, INC., vs. REPUBLIC-ASAHI GLASS CORPORATIONFacts:On may 24, 89, Republic-asahi entered into a contract with Jose D. Santos jr (proprietor of JDS costruction) for the construction of roadways and a drainage system in its compound in Pasig city.Republic-asahi was to pay 5.3M(inclusive of VAT) to be completed within 240 days beginning may 8, 89.To insure the completion, JDS executed a performance bond jointly and severally with Stronghold Insurance Co. Inc. worth Php795,000.On may 23,89, Republic asahi paid 795,000 as downpaymentOn august, JDS sent 2 post billings worth more than 247,000 which republic asahi paid however it constituted only 7.3% of the construction.Before nov. 89, enginners of republic asahi sent reminders to JDS Construction for the alarmingly slow pace of the work however it went unheeded.On nov 89, republic asahi rescinded the contract pursuant to art. 13 of its contract. Such rescission does not constitute a waiver to claim damages to JDS and its sureties pursuant to art 15 of the contract.Due to JDS failure to comply, Republic asahi had to hire another contractor to finish the work which incurred an additional expense of more than 3.2mOn jan and mar 90, republic asahi sent a letter to stronghold to claim, under the bond, an amount not less 795,000. such letters went unheeded.Thus republic asahi filed a complaint against JDS, asking paymen

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