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Fort Bonifacio Development Corporation vs Sorongon and FongGR No. 176709, May 8, 2009FACTS:Petitioner Fort Bonifacio Development Corporation entered into a trade contractwith L & M Maxco Specialist Construction’s wherein Maxco would undertake thestructural and partialarchitectural package of the Bonifacio Ridge CondominiumPhase1 (BRCP Later, petitioner accused Maxco of delay in completion of its work and sent thelatter a notice of termination. Subsequently, Maxco was sued by its creditorsincluding respondent for debts unrelated to BRCP 1. In order to settle the collectionsuit, Maxco assigned its receivables representing its retention money from the BRCP1 in the amount of P1, 577,115.90. Respondent Valentin Fong informed petitionerregarding Maxco’s assignment in his favor and asked to confirm the validity ofMaxco’s receivables. Petitioner informed respondent Fong that there is no moreamount due to Maxco from petitioner after the rectification of defect as well.