- Length:2 pages (390 words)
- Available in:Microsoft Word DOCXApple PagesRTF
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
We offer free support by email in respect of editing the document. You can also use our Document Review Service if you want to our legal team to check that the document will do as you intend.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
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.
- The purpose of the agreement;
- Terms of settlement;
- Provisions for return of security;
- Method and schedule of repayment;
- Conditions on default;
- Successors and assigns.