In an economy in a seemingly turn-around, forms like this Agreement to Compromise Debt are sure to be in higher demand.
More and more business and companies are rewarding their more loyal and dependable customers.
Getting your hands on a draft of such an agreement will be vital.
There won't be a need to try and figure out just the right writing yourself.
We've a ready-made letter that provides the perfect sample.
If you're at an advantage to finally loosen some of the necessity of debt or are feeling particularly gracious, this form can be of good use.
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__.