Debt Forgiveness Agreement Template

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Debt Forgiveness Agreement Template

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Debt Forgiveness Agreement Template (1)
Between:
[Name of the Creditor]
[Creditor’s ID]
[Creditor’s Address]
[Creditor’s Phone]
[Creditor’s Email]
And:
[Name of the Debtor]
[Debtor’s ID]
[Debtor’s Address]
Introduction:
This document serves as a formal agreement regarding the forgiveness of debt owed by [Name of the Debtor] to [Name of the Creditor] as of [Date].
Clause 1: Amount of Debt Forgiven
The Creditor agrees to forgive a total amount of [Total Amount], which includes the principal sum of [Principal Amount] and any accrued interest.
Clause 2: Purpose of Debt Forgiveness
This agreement is made for the purpose of [Specify reasons for debt forgiveness, such as financial hardship, reconciliation, or goodwill].
Clause 3: Release of Claims
Upon signing this agreement, the Creditor releases the Debtor from any further claims or liabilities regarding the forgiven debt.
Clause 4: Governing Law
This agreement shall be governed and construed in accordance with the laws of [Jurisdiction].
Clause 5: Entire Agreement
This document represents the entire agreement between the parties and supersedes any prior agreements, understandings, or negotiations.
Signed in [City], [Date].
Sincerely,
[Signature of the Creditor]
[Name of the Creditor]
[Signature of the Debtor]
[Name of the Debtor]
Debt Forgiveness Agreement Template (2)
Between:
[Name of the Creditor]
[Creditor’s ID]
[Creditor’s Address]
[Creditor’s Phone]
[Creditor’s Email]
And:
[Name of the Debtor]
[Debtor’s ID]
[Debtor’s Address]
Introduction:
This agreement outlines the terms and conditions under which the Creditor agrees to forgive a portion of the debt owed by the Debtor, effective [Date].
Clause 1: Amount Forgiven
The Creditor hereby forgives the sum of [Amount Forgiven], acknowledging the Debtor’s efforts to repay and current financial situation.
Clause 2: Acknowledgment of Debt
The Debtor acknowledges that as of the date of this agreement, the total debt prior to forgiveness was [Total Debt Amount] and understands the implications of this debt forgiveness.
Clause 3: Tax Implications
Both parties acknowledge that debt forgiveness may have tax implications for the Debtor, and it is the Debtor’s responsibility to consult tax advisors.
Clause 4: Acceptance of Terms
Both parties agree to the terms outlined in this document and confirm their understanding by signing below.
Clause 5: Modification of Agreement
Any modifications to this agreement must be made in writing and signed by both parties.
Signed in [City], [Date].
Sincerely,
[Signature of the Creditor]
[Name of the Creditor]
[Signature of the Debtor]
[Name of the Debtor]

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Please fill out the form below to create the Debt Forgiveness Agreement Template. All fields must be completed to ensure a clear and comprehensive agreement. We provide examples to guide you through each step.

Debt Forgiveness Agreement Template

1. Lender Information


2. Borrower Information


3. Debt Details


4. Terms of Forgiveness

5. Governing Law

6. Conditions of Forgiveness

7. Acknowledgments

8. Signatures and Acceptance

9. Declaration and Signatures



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Debt Forgiveness Agreement Template

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Debt Forgiveness Agreement Template