LAGO 55. Stronghold Insurance Company, Inc., v. Spouses Rune and Lea Stroe, G.R. No. 204689, January 21, 2015
LAGO 55. Stronghold Insurance Company, Inc., v. Spouses Rune and Lea Stroe, G.R. No. 204689, January 21, 2015
LAGO 55. Stronghold Insurance Company, Inc., v. Spouses Rune and Lea Stroe, G.R. No. 204689, January 21, 2015
On the other hand, the Spouses Stroem argue that the Owners-
Contractor Agreement is “separate and distinct from the Bond. The parties to
the Agreement are ALB/Ms. Asis-Leif and Spouses Stroem, while the parties
to the Bond are Spouses Stroem and Stronghold. The considerations for the
two contracts are likewise distinct. Thus, the arbitration clause in the
Agreement is binding only on the parties thereto, specifically ALB/Ms. Asis-
Leif and Spouses Stroem.” Contrary to Stronghold’s argument, Spouses
Stroem argues that stronghold is liable for the full amount of the performance
bond. The terms of the bond clearly show that Stronghold is liable as surety.
Verily, notice to Stronghold is not required for its liability to attach.