referred to as the FIRST PARTY, assisted by his counsel, Atty. Marcel G. Silvestre;   - and   GERMAN MARINE AGENCIES, INC., a duly registered and licensed manning agency, with principal office at No. 3912 General Macabulos Street, Bangkal, Makati City, Philippines, herein represented by its counsel, ATTY. FRANCISCO S. DE GUZMAN, and hereinafter referred to as the SECOND PARTY,   WITNESSETH:   WHEREAS, the FIRST PARTY is the complainant in NLRC-NCR Case No. ADJ (M) 94-092745 entitled: MATEO ALCANTARA vs. GERMAN MARINE AGENCIES, INC., ET AL.;   WHEREAS, on July 25, 1997 a Decision was rendered in the abovementioned case in favor of the FIRST PARTY by the Honorable Labor Arbiter RENATO A. BUGARIN:   WHEREAS, the SECOND PARTY appealed the aforesaid Decision to the National Labor Relations Commission (NLRC) and docketed as NLRC CA No. 013641-97;   WHEREAS, on June 24, 2000, a Resolution was issued by the National Labor Relations Commission (NLRC), modifying the decision of the Labor Arbiter;   WHEREAS, on November 7, 2000, the SECOND PARTY filed a Petition for Certiorari with the Court of Appeals. The same was, however, dismissed in the Resolution dated November 10, 2000 issued by the Court of Appeals;   WHEREAS, on May 15, 2001, the SECOND PARTY filed [a] Petition for Review with the Supreme Court. To date, the said petition is still pending before the Supreme Court for its resolution;   WHEREAS, considering the length of time that this case has been pending, the parties came to a decision of finally settling the instant case amicably.   NOW THEREFORE, premises considered, the FIRST PARTY and the SECOND PARTY have by these presents decided to settle their differences amicably and agree as follows;   1. The SECOND PARTY agrees and undertakes to pay the FIRST PARTY the amount of US$9,172.88 in the form of Philippine National Bank Check Nos. 497997 and 497998 by way of full payment and satisfaction of all his claims that may have arisen from or connected with his overseas employment.   2. The FIRST PARTY hereby acknowledges receipt of the said checks from the SECOND PARTY, as evidenced by the signatures on the vouchers, copies of which are hereto attached, marked as Annexes A and A-1 and made integral part hereof.   3. The FIRST PARTY declares that he has no more claims or demands, monetary or otherwise, against the SECOND PARTY, its directors, officers and employees and its foreign employer, the same having been fully and finally settled to his complete satisfaction and agrees to irrevocably release and absolutely discharge