AGREEMENT TO COMPROMISE DEBT - Acharya Center - Browse eBooks, Videos and Audios

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AGREEMENT TO COMPROMISE DEBT

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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

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