[Back]
Agreement to Compromise Debt
[Your company name]
[Your company address:
Street
City, State, Zip]
|
| Date: |
[Name]
[Address:
Street
City, State, Zip]
|
|
Dear [Mr./Ms ...],
FOR VALUE RECEIVED, the undersigned, a creditor of _________ (the company), hereby consents to compromise and reduce the indebtedness on the following terms and conditions:
1. The company and the undersigned acknowledge that the current debt due is $______________.
2. The parties agree that the undersigned shall accept $____________ as full payment of the debt, provided the sum herein shall be paid on time in the following manner:
___________________________________,
___________________________________.
3. In the event the company fails to punctually pay the full amount, the undersigned will be given full rights to claim for immediate payment of the total debt due under Paragraph 1 (less payments made).
All benefits of said agreement shall be binding upon the parties, their successors and assigns in its entirety.
Date: _______________________.
Creditor's signature: _______________________.
Company's signature: _______________________.
Sincerely,
[Name],
[Title]
[Signature]
|
|
Please be aware that these sample letters and forms may have legal and financial implications. Please consult with your own legal advisor if you have any questions or concerns regarding the use of any of these letters and forms.