– they will keep the creditor free from any act or claim related to the contract concluded between the debtor and the buyer. The document then contains the main features of the agreement between the parties, including the amount originally due, the new amount that the debtor will pay to the creditor, how the repayment will take place and the deadline by which the debtor will finalize the creditor`s repayment. Finally, the document may contain optional details about the agreement, for example. B parties who undertake not to sue each other or to keep the details of their agreement confidential. Debt settlement. It is understood by the parties that the debtor has an unpaid debt to the creditor. By mutual interest of the parties, they agree that such outstanding debt will be labeled as paid when the debtor pays $__ that the agreement expresses its entire agreement with respect to its subject matter and invalid and replaces all previous agreements between them with respect to their subject matter. AMOUNT OF THE STATEMENT. The creditor agrees to accept by the debtor a payment amount of [AMOUNT OF COMPENSATION-DOLLAR] ($[numerical amount in dollars]) as full repayment of the debt incurred to the creditor at the time of this Agreement, subject to the conditions set out in this Agreement.
Payments are made according to the schedule set out in Appendix A (the “Settlement Payments”). PandaTip: In other words, this agreement is now the debt control agreement and, in any case, the terms of this agreement differ from all the others that have been signed previously, the terms of this agreement are the ones that are used. A debt settlement agreement is a document used by a debtor (the person who owes money) or a creditor (the person who is owed to the money) to pay an outstanding debt. Often, a debtor is not able to pay the full amount of a debt he owes to a creditor. The debtor markets the creditor`s products in ______ [territory] (the “territory”). The debtor is indebted to the creditor up to the total amount of ______ [amount of debt] at the time of this Agreement (the “Debt”). . . .