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Urban Consolidated Constructors Philippines, Inc. Vs. The Insular Life Assurance Co., Inc.

URBAN CONSOLIDATED CONSTRUCTORS PHILIPPINES, INC., Petitioner, versus THE INSULAR LIFE ASSURANCE CO., INC., Respondent.

G.R. No. 180824 | 2009-08-28

DECISION


YNARES-SANTIAGO, J.:

The only issue in this petition for review on certiorari is whether petitioner Urban Consolidated Constructors Philippines, Inc. (Urban) is liable to pay liquidated damages to respondent Insular Life Assurance Co., Inc. (Insular).

The facts show that on October 13, 1989, respondent Insular engaged the services of Urban to construct a six-storey building within a period not to exceed 365 days at a contract price of P30,498,689.00. On February 19, 1991, the parties executed a General Construction Agreement (GCA),[1] which, among others, extended the deadline for the completion of the project to June 30,...