Simple Payment Settlement Agreement
I. Introduction
This Simple Payment Settlement Agreement ("Agreement") is entered into by and between [CREDITOR NAME] ("Creditor") and [DEBTOR NAME] ("Debtor"). The purpose of this Agreement is to outline the terms and conditions under which the Debtor shall repay the outstanding debt owed to the Creditor.
II. Definitions
For the purpose of this Agreement, the following terms are defined:
[EFFECTIVE DATE]: The date on which this Agreement becomes legally binding.
[TOTAL DEBT AMOUNT]: The total amount of debt owed by the Debtor to the Creditor.
[SETTLEMENT AMOUNT]: The amount agreed upon by both parties to settle the debt in full.
III. Terms of Settlement
The parties agree to the following settlement terms:
The Debtor agrees to pay the Creditor an amount of [SETTLEMENT AMOUNT] in full satisfaction of the Total Debt Amount.
Payment shall be made in [NUMBER OF INSTALLMENTS] installments of [INSTALLMENT AMOUNT] each.
The first installment is due on [FIRST INSTALLMENT DUE DATE], with subsequent installments due monthly thereafter until fully paid.
All payments shall be made by [PREFERRED PAYMENT METHOD] to the Creditor's designated account.
IV. General Provisions
The following general provisions shall apply:
Any modification to this Agreement must be in writing and signed by both parties.
This Agreement constitutes the entire agreement between the parties. Any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding on either party except to the extent incorporated in this Agreement.
In the event of a dispute, the parties will attempt to resolve the matter through negotiation or mediation before resorting to legal proceedings.
V. Execution
This Agreement is executed by the duly authorized representatives of the parties as of [Effective Date].
[CREDITOR REPRESENTATIVE NAME]
[CREDITOR REPRESENTATIVE TITLE]
[DATE]
[DEBTOR REPRESENTATIVE NAME]
[DEBTOR REPRESENTATIVE TITLE]
[DATE]
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