This Assumption of Debt in Exchange for Goods Agreement is an agreement between three parties. The Customer (the original debtor) acknowledges both the debt due to the Creditor and possession of assets/goods which are the property of the Creditor. An additional party (the Debtor) agrees to assume the debt with the Customer and the Creditor in exchange for the assets/goods in possession of the Customer.
This template contains the following clauses:
- Debtor’s Undertaking
- Debt Payment Terms
- Liability in the Event of Default
- Nature of the Agreement