A compromise is an agreement to terminate, by means of mutual concessions, a controversy over a claim that is disputed in good faith or unliquidated. A settlement, in this context, refers to the performance of the promises contained in a compromise agreement.
Acceptance of Partial Payment of Debt Settlement Agreement Agreement made on the (date), between (Name of Claimant), a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, state, zip code), referred to herein as Claimant, and (Name of Debtor), a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, state, zip code), referred to herein as Debtor. Whereas, Claimant asserts a claim against Debtor for $_________ plus interest at the rate of _____% from (date) for (description of claim); and Whereas, Debtor acknowledges the existence of an indebtedness to Claimant, but disputes the amount of the indebtedness; Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Acceptance of Partial Payment A compromise and settlement of the recited indebtedness has been negotiated between the parties un
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