Legal Forms
To search for a particular term please use the following search box.
Important Notice : Lawyerintl.com strongly recommends that you seek independent legal advice from a qualified lawyer before using any of the forms on this site, in order that you can verify the forms are suitable for your needs.
Agreement To Compromise Debt
AGREEMENT TO COMPROMISE DEBT
The undersigned, a creditor of [Company] hereby agrees to compromise the indebtedness due by the undersigned on the following terms and conditions:
1. The Company and the undersigned agree that the resent debt due is $[Amount of debt].
2. The parties agree that the undersigned shall accept the sum of $ [amount accepted] as full payment on said debt and in complete discharge of all monies due, provided the sum herein shall be promptly paid in the following manner:
3. In the event the Company fails to promptly pay the compromised amount, the undersigned creditor shall have the right to prosecute its claim for the total debt due under the Paragraph 1 less any payments made.
4. This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed and sealed this day of [Date of agreement].
Signature Date