DEBT SETTLEMENT AGREEMENT
This Debt Settlement Agreement is made on ________ (the "Effective Date"), by and between the following parties:
________, an individual of the following address:
________
(hereinafter referred to as the "Debtor" and which expression shall where the context so admits include its successors-in-title and assigns).
AND
________, an individual of the following address:
________
(hereinafter referred to as the "Creditor" and which expression shall where the context so admits include its successors-in-title and assigns). The parties may be individually referred to as the "Party" and collectively referred to as the "Parties".
BACKGROUND
A. By virtue of the ________ executed by the Parties on ________, the Debtor has an outstanding debt of ₦________ (________).
B. The Parties mutually agree that the Outstanding Debt shall be marked as paid in full if the Debtor pays the sum of ________ according to the terms and conditions of this Agreement.
C. This Debt Settlement hereby amends, modifies, and supersedes all other documents and agreements previously entered into by the Creditor and the Debtor.
Therefore, in consideration of the mutual covenants of the Parties and other valuable consideration, (the receipt of which is hereby acknowledged), the Parties hereby agree as follows:
1. DEBT SETTLEMENT
The Parties agree that the Outstanding Debt is ₦________ (________), and that the Debtor is unable to repay the entire sum as agreed. Therefore, the Creditor agrees to accept the payment of ₦________ (________) as full settlement of the Outstanding Debt provided that the Debtor complies with the terms of this Agreement.
2. SETTLEMENT TERMS
The Debtor shall pay the sum of ₦________ (________) by ________.
The Debtor agrees that if the Creditor does not receive the agreed sum on the date specified above, the Creditor shall immediately require the full payment of the Outstanding Debt.
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3. CONFIDENTIALITY
The Parties agree that the terms of this Agreement are confidential, and no Party shall disclose any part of this transaction to third parties except such disclosure is required under the law.
4. REPRESENTATIONS AND WARRANTIES
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5. MISCELLANEOUS
(I) Governing Law: This Agreement shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria.
(II) Notices: All notices under this Agreement shall be in writing. The notices shall be delivered personally or mailed by a certified mail to the Parties at the address written in this Agreement or attorney's address.
(III) Cumulative Rights: The rights of the Parties in this Agreement are cumulative and shall not be construed as exclusive except as otherwise stated by the law.
(IV) Headings: Headings in this Agreement are for convenience only and shall not be construed to limit or otherwise affect the terms of this Agreement.
(V) Waivers: Any term or provision of this Agreement may be waived in writing at any time by the Party entitled to such benefit. No delay, omission to exercise any right shall not be construed as waiver.
(VI) Severability: If any part of this Agreement is held unenforceable, the remainder of this Agreement shall continue to be in force and have effect.
(VII) Further Assurance: The Parties shall execute and deliver all such documents and take all such actions and all steps to procure the performance of all such acts as may be necessary or incidental to give effect to the provisions of this Agreement.
(VIII) Counterparts: This Agreement may be executed in several counterparts, all of which constitutes a single agreement between the Parties.
IN WITNESS WHEREOF the Parties have executed this document in the day and year first written above.
SIGNED by the within named Debtor
_______________________
________
in the presence of:
Name..................................................................................................................
Address..............................................................................................................
Occupation.........................................................................................................
Signature............................................................................................................
SIGNED by the within named Creditor
_______________________
________
in the presence of:
Name..................................................................................................................
Address..............................................................................................................
Occupation.........................................................................................................
Signature............................................................................................................