An Agreement to Extend Debt Payment says to your loyal and dependable clients that you are in the business of understanding during hard times.
Mostly, the harder of the hard times is waning if not entirely over.
Not to say that the hard times are irradicated completely.
An agreement form like this one suggests to your clients that your company is one with compassion.
Which undoubtedly breeds appreciation for your company, as well as a desire to continue loyalties.
Here's a great example to use.
FOR VALUE RECEIVED, the undersigned, _______ [Creditor] and ______[Company], hereby acknowledge and agree that:
1. The Company presently owes the Creditor the sum of $_______, said sum being presently due and payable.
2. In further consideration of the Creditor's forbearance, the Company agrees to pay said debt on
extended terms in the manner following:
3. In the event the Company fails to make any payments punctually on the agreed extended terms, the Creditor shall have full rights to proceed for the collection of the entire balance then remaining.
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 _, 19_.