DISPUTED ACCOUNT SETTLEMENT

 

 

 

This Settlement Agreement made at___ on___by and between___[Creditor's Name, address](hereinafter referred to as the Creditor which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the ONE PART; and___[Debtor's Name, address](hereinafter referred to as the Debtor which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the OTHER PART

 

WHEREAS, Creditor asserts to hold certain claim against Debtor in the amount of Rs_____ arising from the below described transaction:

 

AND WHEREAS, Debtor disputes said claim, and denies said debt is due.

 

AND WHEREAS, the parties desire to resolve and forever settle and adjust said claim.

 

NOW IT IS HEREBY MUTUALLY AGREED by and between the parties hereto as follows:

 

Debtor agrees to pay to Creditor and Creditor agrees to accept from Debtor simultaneous herewith, the sum of Rs____ in full payment, settlement, satisfaction, discharge and release of said claim and in release of any further claims thereto.

 

Creditor acknowledges that there shall be no adverse report filed against Debtor with any association or credit bureau.

IN WITNESS WHEREOF THE parties hereto have hereunto set and subscribe their respective hands and seals the day and year first hereinabove written.

SIGNED, SEALED AND DELIVERED

by the withinnamed Creditor, Mr.____

in the presence of Mr.____________

 

SIGNED, SEALED AND DELIVERED

by the withinnamed Debtor, Mr.____

in the presence of Mr.____________

 

Signed this _____ day of _______________________, 19____.

Witnesseth:



______________________________ ____________________________________
Witness Creditor

______________________________ ____________________________________
Witness Debtor

ABSOLUTELY NO WARRANTIES ARE MADE REGARDING THE SUITABILITY OF THESE FORMS FOR ANY PARTICULAR PURPOSE. IT IS ADVISABLE THAT IMPORTANT DOCUMENTATIONS ARE PREPARED OR VETTED BY EXPERT. LEGAL ADVICE OF ANY NATURE SHOULD BE SOUGHT FROM COMPETENT, INDEPENDENT, LEGAL EXPERT IN THE RELEVANT JURISDICTION.