Commonwealth v. Isla Verde Investment Corp.

The constructor of Extensión Villamar Development in Carolina committed himself with’ the Planning Board to undertake certain works in the said development. To guarantee the construction of those works he signed the following document:

*250“To assure and guarantee to the Commonwealth of Puerto Rico the performance of this obligation I will post a bond with a duly authorized insurance company, in the sum of $10,784.40 plus ten (10) percent of said amount which is considered as a penalty which added to the same amounts to $11,862.84. I bind myself and agree to pay said amount to the Commonwealth of…