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Foundation Specialist, Inc. vs. Betonval Ready Concrete, Inc., et al.

FOUNDATION SPECIALISTS, INC.,Petitioner, versus BETONVAL READY CONCRETE,INC. and STRONGHOLD INSURANCE CO., INC.,Respondents.

G.R. No. 170674 | 2009-08-24

D E C I S I O N

CORONA, J.:

On separate dates, petitioner Foundation Specialists, Inc. (FSI) and respondent Betonval Ready Concrete, Inc. (Betonval) executed three contracts[1] for the delivery of ready mixed concrete by Betonval to FSI. The basic stipulations were: (a) for FSI to supply the cement to be made into ready mixed concrete; (b) for FSI to pay Betonval within seven days after presentation of the invoices plus 30% interest p.a. in case of overdue payments and (c) a credit limit of P600,000 for FSI.

Betonval delivered the ready mixed concrete pursuant to the contracts but FSI failed to pay its outstanding balances starting January...