Waiver or Extension of Time to Pay Debt - Template Form

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Dear ________,

RE: DEED OF WAIVER, RELEASE AND ABSOLUTE DISCHARGE OF DEBT

§1. Introduction

1.1. I, ________, of ________ (hereinafter referred to as “the Creditor”), write to you, ________, of ________ (hereinafter referred to as “the Debtor”), to formally notify you of my voluntary decision to waive, release and absolutely discharge the debt presently owed by you to me.

§2. Recital of the Indebtedness

2.1. By a ________ dated ________ made between the Creditor and the Debtor (hereinafter referred to as “the Agreement”), you became indebted to me in the sum of ₦________ (________) (hereinafter referred to as “the Debt”).

2.2. Under the said Agreement, the Debt was repayable on or before ________.

2.3. As at the date of this Deed, the outstanding balance of the Debt stands at ₦________ (________), together with any interest accruing thereon.

§3. Waiver, Release and Discharge

3.1. In recognition of your present circumstances, and for good consideration arising from my natural love, goodwill and voluntary intention, I hereby irrevocably and unconditionally waive, release, forgive and absolutely discharge you from the whole of the Debt in the sum of ₦________ (________), together with all interest, charges and costs accruing or payable thereon.

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3.3. This Deed shall operate as full and final settlement of all sums due under the Agreement, and the Creditor hereby covenants not to sue, institute, maintain or continue any claim, proceeding or demand against the Debtor in respect of the Debt.

§4. Representations and Acknowledgement

4.1. The Creditor represents and warrants that he/she is the lawful person entitled to the Debt and has full capacity and authority to grant this waiver, release and discharge.

4.2. The Creditor confirms that this Deed is executed freely and voluntarily, without coercion, duress or undue influence, and with full knowledge of its legal effect.

§5. Binding Effect

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§6. Governing Law

6.1. This Deed shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and any dispute arising herefrom shall be subject to the jurisdiction of the courts of ________.

Kindly treat this letter and Deed as full and final settlement of the matter.

Thank you.

Yours faithfully,

________________________
________
(The Creditor)

SIGNED, SEALED AND DELIVERED by the within-named Creditor, ________, this ________ day of ________.

IN THE PRESENCE OF:

Name of Witness: ________

Address of Witness: ________

Occupation of Witness: ________

Signature of Witness: ________________________