Download this form for Debt Compromise Agreement in United States of America
Text version of this Form
_____________________________ (referred to as CREDITOR) and __________________ (referred to as DEBTOR) agree as follows::
CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions:
1. The Creditor and the Debtor agree that the present debt due is $ _______ (____________________________________ &___/100 dollars).
2. The parties agree that the Creditor shall accept the sum of $ _______ (_____________________________________&___/100 dollars) as full payment on said debt and in complete discharge of all moneys due, provided the sum herein shall be promptly paid in the following manner: ___________________________ .
3. In the event the Debtor fails to promptly pay the compromised amount, the undersigned creditor shall have the right to prosecute its claim for the total debt due under Paragraph 1 less any payments made.
4. This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed this ____day of ____________, 20__.