After payment – Once the last payment is made, the creditor will agree to withdraw all damaging bookings from the debtor`s credit report. The creditor may agree to appoint the buyer to the territory in place of the debtor, provided 1) the debtor and the purchaser agree on the terms of that transaction and hold the creditor unscathed against any act or debt in this regard; 2) the buyer agrees to repay the debt and 3) the creditor and the buyer enter into a new franchising agreement. This debt settlement agreement (the “contract”) specifies the terms of the contractual agreement between [COMPANY] and the place of [ADDRESS] (the “debtor”) and [COMPANY] with its main place of activity [ADDRESS] (the “creditor”) which agrees to be bound by this agreement. – they keep the creditor free of any act or debt related to the agreement between the debtor and the buyer. c. The main amount of Rs……. The lakh is due as on in addition, a lot of Rs……. Lakh must be paid by the borrower for interest to the lender. The contracting parties expressly state that the agreement fully expresses their agreement with respect to its purpose and invalidates and replaces all previous agreements between them with respect to its property.
The debtor markets the creditor`s products in the “territory”) [territory). The debtor is indebted to the creditor for the amount of the amount [amount of the debt] on the date of this agreement (the “debt”). ACKNOWLEDGMENT OF DEBT. The debtor agrees and acknowledges that he is fully indebted to the creditor. Lending money to someone, whether it is an individual or a business, is always a risky business. Due to the uncertainty in the movement of market forces, there is never a guarantee that you will recover the entire amount of the loan. On the contrary, in most cases, there is no loan recovery. The debtor is usually in solution at the time of repayment. But this led to the creation of the concept of “debt counting.” – [to be completed if necessary] (the “repayment schedule”).
PandaTip: In other words, this agreement is now the debt control agreement and, in any case, the terms of that agreement are different from those that were signed previously, the terms of that agreement are the ones that are used. CONSIDERING that the debtor is liable to the creditor for an amount equal to [AMOUNT DEBT DOLLAR] dollar (the “debt”) (the “debt”); and – the first tranche of the [amount and currency] to be paid on or before the payment date; When the debt is settled, a creditor agrees to forfeiving a certain percentage of the outstanding. He agrees to settle for a final sum reduced to the total amount owed. The debt settlement agreement is a written agreement between debtors and creditors in which the debtor agrees to pay the creditor the outstanding debts incurred against him. It is also known as the debt compromise agreement. This agreement can be legally applied by printing it on a non-judicial stamp document, the stamp duty being affixed in accordance with the laws of the state, the signatures of both parties agreeing. AMOUNT OF COMPENSATION. The creditor undertakes to accept by the debtor the amount of the payment of [WRITTEN SETTLEMENT DOLLAR AMOUNT] dollar ([NUMERIC DOLLAR AMOUNT]) as a full repayment of unpaid debts to the creditor on the date of this agreement, subject to the terms of this agreement. Payments are made according to the Schedule A schedule (the “compensations”). PandaTip: In other words, if necessary, the debtor and creditor will take additional steps to ensure that the debts are repaid as long as the terms of this agreement are met.