Agreement To Compromise Debt

Dear Felix

FOR VALUE RECEIVED, the undersigned being a creditor of [Company name] 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 $[numerical dollar amount].

     2. The parties agree that the undersigned shall accept the sum of $[numerical dollar amount] 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: [clear description]

      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 [numerical] day of [Month], [Year].  

Creditor: ________________________________

                 [clearly print name after signature]

Company: _______________________________




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