The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
TRUTH IN LENDING ACT
A creditor is required to supply to the borrower prior to each credit transaction a clear statement in writing of the true cost of credit.
If the borrower is not duly informed of the data required by the law prior to the consummation of the availment or drawdown, the lender will have no right to collect such charge or increases thereof, even if stipulated in the promissory note.
Failure to furnish the borrower the required information incident to the credit transaction shall not however affect the validity or enforceability of any contract or transaction.
HABITUAL TARDINESS AS A GROUND FOR DISMISSAL
Habitual tardiness manifests lack of initiative, diligence and discipline
Habitual tardiness is a serious offense that may very well constitute gross or habitual neglect of duty
Habitual tardiness alone is a valid ground for dismissal
WHAT IS COMPULSORY THIRD PARTY LIABILITY INSURANCE?
Insuring a motor vehicle is mandated by law
A vehicle cannot be registered or its registration cannot be renewed without an insurance
Compulsory Third Party Liability Insurance (CTPLI) is the most basic type of motor vehicle insurance
ON FIRE INSURANCE
A property may be insured against loss by fire
The documents submitted as proof of loss must support the insurance claim
A fraudulent discrepancy between the actual loss and that claimed in the proof of loss voids the insurance policy