Debt Waiver
Debt Waiver
I. Introduction
This Debt Waiver Agreement ("Agreement") is entered into by and between [CREDITOR NAME] ("Creditor") and [DEBTOR NAME] ("Debtor"), collectively referred to as the "Parties". The purpose of this Agreement is to establish the terms under which the Creditor agrees to waive certain debts owed by the Debtor.
II. Definitions
"Debt" refers to the specific monetary obligations owed by the Debtor to the Creditor, detailed in this Agreement under the schedule [ATTACH SCHEDULE].
III. Waiver of Debt
The Creditor hereby agrees to waive the Debt described in the attached schedule, totaling [TOTAL AMOUNT]. This waiver is conditional upon the fulfillment of terms outlined herein and does not affect any other financial obligations between the Parties not explicitly mentioned in this Agreement.
IV. Terms and Conditions
The waiver granted by the Creditor is subject to the following conditions:
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Immediate notification to the Creditor upon the Debtor’s financial status change.
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Continued compliance with any other financial agreements between the Parties.
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Submission of periodic financial updates as requested by the Creditor.
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Agreement to participate in good faith negotiations for any future financial arrangements.
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Provision of accurate and truthful information regarding the Debtor's financial situation.
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Acknowledgment of the Creditor's right to rescind the debt waiver if any conditions are breached.
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Agreement to bear any legal fees or costs incurred due to a breach of the terms outlined herein.
V. Representation and Warranties
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Both the Creditor and the Debtor confirm their authority to enter into this Agreement.
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They assure that any required approvals or consents for executing this Agreement have been obtained.
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By signing below, both Parties acknowledge their legal empowerment to adhere to the terms of this Agreement.
VI. Legal and Binding Agreement
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Contract Validity: Once both Parties sign this Agreement, it becomes a legally binding contract between them.
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Voluntary Agreement: The Parties confirm that they entered into this Agreement willingly, without any coercion, duress, or undue influence.
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Review and Understanding: Both Parties acknowledge that they had the opportunity to review the Agreement's terms, seek legal advice if needed, and fully comprehend their rights and responsibilities.
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Mutual Consent and Consequences: By signing below, the Parties express their mutual consent to abide by the Agreement's terms. They also recognize that failure to comply may lead to legal repercussions.
VII. Contact Information
For any inquiries or communications regarding this Agreement, the Parties may use the following contact information:
Creditor:
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Name: [CREDITOR'S FULL NAME]
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Address: [CREDITOR'S ADDRESS]
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Email: [CREDITOR'S EMAIL ADDRESS]
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Phone: [CREDITOR'S PHONE NUMBER]
Debtor:
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Name: [DEBTOR'S FULL NAME]
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Address: [DEBTOR'S ADDRESS]
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Email: [DEBTOR'S EMAIL ADDRESS]
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Phone: [DEBTOR'S PHONE NUMBER]
VII. Signatures
Each Party has executed this Debt Waiver Agreement on the date indicated below their respective signatures:
[CREDITOR NAME]
[DATE]
[DEBTOR NAME]
[DATE]
