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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]
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