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Agreement to Extend Debt Payment

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									[Your company name] [Your company address: Street City, State, Zip] Date: [Name] [Address: Street City, State, Zip] Dear [Mr./Ms ...], FOR VALUE RECEIVED, the undersigned _____________ (creditor) and _________ (company), hereby acknowledge and consent to extend payment terms as follows: In consideration of the undersigned's forbearance, the company agrees to pay the full and total amount of debt, the sum of $______, on extended terms in the manner of ____________________________________. 2. The parties agree that the undersigned shall accept $____________ as full payment of the debt, provided the sum herein shall be paid on time in the following manner: ___________________________________, ___________________________________. 3. In the event the company fails to pay the full amount of the debt by said time, the creditor will have full rights to proceed for the collection of any unpaid balance of the debt. All benefits of said agreement shall be binding upon the parties, their successors and assigns in its entirety. Date: _______________________. Creditor's signature: _______________________. Company's signature: _______________________. Sincerely, [Name], [Title] [Signature]


								
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