Full Settlement Payment Agreement
This Full Settlement Payment Agreement ("Agreement") is entered into on this 15th day of May 2050, by and between:
[Your Company Name]
Address: [Your Company Address]
Phone: [Your Company Number]
Email: [Your Company Number]
(Hereinafter referred to as "Creditor")
AND
John Doe
Address: 456 Elm Street, Apt. 7B, Cityville, State 12345
Phone: (987) 654-3210
Email: john.doe@email.com
(Hereinafter referred to as "Debtor")
WHEREAS:
Outstanding Debt: The Debtor currently owes the Creditor the total amount of $50,000.00 arising from an outstanding business loan issued on January 1, 2045, under the terms outlined in the loan agreement signed by both parties.
Settlement Agreement: The Debtor and Creditor wish to resolve the debt described above through a full settlement payment in the amount specified below.
NOW, THEREFORE, the parties agree as follows:
Full Settlement Payment:
The Debtor agrees to make a one-time full settlement payment of Fifty Thousand Dollars ($50,000.00) to the Creditor. This payment will settle and discharge all obligations, claims, and debts arising from the original loan agreement between the parties.
Payment Terms:
a. The full settlement amount of $50,000.00 will be paid by the Debtor to the Creditor on or before June 15, 2050, by the following method(s) of payment: wire transfer to the Creditor’s bank account.
b. Payment is to be made to the Creditor at the following bank account details:
Bank Name: State Bank of Cityville
Account Number: 123456789
Routing Number: 987654321
SWIFT Code: SBCCUS77
Release of Claims:
a. Upon receipt of the full settlement payment, the Creditor agrees to release and discharge the Debtor from all further claims, demands, or actions related to the debt described above.
b. The Creditor confirms that the payment described in Section 1 constitutes full and final satisfaction of the debt and that no further payments will be required from the Debtor.
No Additional Claims:
The Creditor agrees that no additional claims will be made regarding the debt, nor will the Debtor be required to pay any further amounts to the Creditor once the full settlement payment has been made.
No Further Legal Action:
The Creditor agrees not to initiate or continue any legal action against the Debtor with respect to the debt, provided the full settlement payment is made in accordance with this Agreement.
Binding Agreement:
This Agreement is binding upon both parties, their heirs, representatives, and assigns. It represents the entire understanding between the parties to the subject matter hereof and supersedes any prior agreements or communications, whether written or oral, related to the debt.
Governing Law:
This Agreement shall be governed by and construed by the laws of the State of Stateville, without regard to its conflict of laws principles.
Dispute Resolution:
Any disputes arising from this Agreement shall be resolved through arbitration in Cityville, and the parties agree to bear their legal costs.
Signatures:
The undersigned parties acknowledge that they have read and understood the terms of this Agreement, and voluntarily agree to be bound by them.
Creditor:
Printed Name: [Your Name]
Title: CEO, [Your Company Name]
Date: May 15, 2050
Debtor:
Printed Name: John Doe
Date: May 15, 2050
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