Debt settlement agreement

Agreement for settlement of a debt - in exchange for early settlement, the debtor agrees to accept less money.

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About this document

This document as drawn is fit to be used for finalizing terms in settlement of a debt consequent to the parties reaching a compromise in respect of repayment of money due before the due date. There is little or no statutory regulation relating to an agreement of this nature, so the parties can make more or less what deal they choose.

Who will use this document?

Any person, company or firm lending or borrowing money irrespective of any business they are into and then wanting to compromise the debt.

Application and features

  • Very brief with comprehensive provisions;
  • Ready for adaptation to particular needs of either or both parties;
  • Comprehensive provisions provide ideas and address all eventualities;
  • Real law in simple English. No complexities.

Contents

  • The purpose of the agreement;
  • Terms of settlement;
  • Provisions for return of security;
  • Method and schedule of repayment;
  • Conditions on default;
  • Successors and assigns.
Draftsman

This document has been drawn by Rakesh Taneja, unconnected with Net Lawman. Rakesh Taneja will welcome your contact for further legal help. There may be a charge for Rakesh Taneja services.

IN-LDGloa06 - Debt settlement agreement

 
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