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Sample Letters: Agreement To Compromise Debt

sample #1

Agreement To Compromise Debt

Agreement To Compromise Debt

FOR VALUE RECEIVED, the undersigned being a creditor of
[Company name] 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 $[numerical dollar amount].
2. The parties agree that the undersigned shall accept the
sum of $[numerical dollar amount] 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: [clear description]

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 [numerical] day of [Month], [Year].

Creditor: ________________________________
[clearly print name after signature]

Company: _______________________________

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