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:
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:
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 __.
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