This Debt Compromise Agreement is a short agreement between Creditor and Customer whereby the Creditor agrees to forgo part of the outstanding debt whilst the customer acknowledges its indebtedness (full sum) to the Creditor.
This template contains the following clauses:
- Agreed Compromised Sum and Repayment Schedule
- Right of Creditor to claim the full sum (rather than the compromised sum) in the event of default
- Right of Creditor to claim legal expenses in the event of default
- Nature of the Agreement