Agreement To Compromise Debt

FOR VALUE RECEIVED, the undersigned being a creditor of (Company), hereby enters into an agreement to compromise and reduce the indebtedness due the undersigned on the following terms and conditions:

(Full description)

1. The Company and the undersigned acknowledge that the present debt due is $__________.

2. The parties agree that the undersigned shall accept the sum of $__________ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid in the manner following:

(Payment agreement)

3. In the event the Company fails to punctually pay the reduced amount, the undersigned creditor shall have full rights to prosecute it claim for the total debt due under paragraph 1 (less payments made).

4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.

Signed under seal this _____ day of _____, 20 __.

_________________________

Creditor

_________________________

Company

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