debt settlement agreement

debt settlement agreement

FOR VALUE RECEIVED, the undersigned being a creditor of _ (Company) hereby enters into an agreement to compromise and reduce the indebtedness due the undersigned on the following terms and conditions:

1. The Company and the undersigned acknowledge that the present debt due is $_.

2. The parties agree that the undersigned shall accept the sum of $_ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid in the manner following:



3. In the event the Company fails to punctually pay the reduced amount, the undersigned creditor shall have full rights to prosecute it claim for the total debt due under paragraph 1 (less payments made).

4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.

Signed under seal this _ day of _, 20_.






Find a business plan for your business...


Search this site:

Custom Search