G.R. No. 190385 - UCPB GENERAL INSURANCE COMPANY, INC., VS. HUGHES ELECTRONICS CORPORATION.DECISION - Supreme Court E-Library

Ruling

WHEREFORE , premises considered, judgment is hereby rendered: (1) Ordering defendant/third-party plaintiff UCPB General Insurance Company Inc., to pay plaintiff Hughes Electronics Corporation the amount of US$683,457.95, representing the value of the Surety Bond, less the amount of US$60,000.00 previously paid to the plaintiff by defendant/cross-defendant One Virtual Corporation plus interest to be reckoned in accordance with the stipulations in the Contract between HEC and One Virtual Corporation, particularly under Section IV (B); (2) Ordering defendant/cross-defendant One Virtual Corporation and third-party defendant Mel V. Velarde to indemnify, jointiy and severally, defendant/third-party plaintiff UCPB General Insurance Company, Inc. of whatever amount the latter may pay plaintiff Hughes Electronics Corporation, plus interest at the rate of 12% per annum reckoned from the date when UCPB filed its Cross­Claim against One Virtual Corporation and the Third-Party Complaint against Velarde; attorney's fees of P250,000.00; and costs of litigation in the amount of P50,000.00. SO ORDERED.