Agreement to Compromise Debt

AGREEMENT TO COMPROMISE DEBT
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 _, 19_.

 
_______________________________
Creditor

 
_______________________________
Company

About author

SMB Reviews
SMB Reviews 473 posts

SMBReviews is committed to providing small and mid-sized business owners with the information and resources they need to select the best service or product for their company.

You might also like

Business Forms

Agreement to Extend Debt Payment

AGREEMENT TO EXTEND DEBT PAYMENT   FOR VALUE RECEIVED, the undersigned, _ [Creditor] and _ [Company], hereby acknowledge and agree that: 1. The Company presently owes the Creditor the sum of

Business Forms

General Affidavit

GENERAL AFFIDAVIT State of __________________ County of _________________ Before the undersigned, an officer duly commissioned by the laws of ____________, on this_____day of _____________, 19____, personally appeared ______________________________ who having

Business Forms

Acceptance of Resignation

Dear It is with deep regret, that we accept your resignation as [position] of the [organization] We can appreciate the demands that this position has placed on you, and appreciate

0 Comments

No Comments Yet!

You can be first to comment this post!