Docstoc

Disputed Account Settlement Agreement

Document Sample
Disputed Account Settlement Agreement Powered By Docstoc
					This Disputed Account Settlement Agreement is used when a creditor and a debtor
reach a settlement of a disputed claim. When a creditor alleges that the debtor owes a
certain amount, and the debtor disputes the amount owed, the parties can resolve the
dispute by settling for lesser amount. When reaching a settlement, the creditor accepts
a lesser amount as full payment of the debt and agrees to release the debtor from all
claims arising from the debt. This agreement contains standard provisions and may be
customized to address the specific needs of the parties.
       DISPUTED ACCOUNT: SETTLEMENT AGREEMENT

This Dispute Account Settlement (the “Agreement”) is made and effective this _______ day of
________________, 201____ by and between _______________ [NAME OF CREDITOR] of
__________________[ADDRESS            OF    CREDITOR]          (the      “Creditor”)   and
_________________[NAME OF DEBTOR] of ____________________[ADDRESS OF
DEBTOR] (the “Debtor”).


WHEREAS, the Creditor alleges a certain claim in the amount of ________________
_____________ [PROVIDE THE AMOUNT THAT CREDITOR HAS BEEN CLAIMING
IS OWED TO HIM/HER/IT] Dollars ($_________) is due against Debtor. The Creditor asserts
that the claim has arisen from the below described transaction:

{Instruction: Describe the alleged transaction.}

{Instruction and Tip: Give enough details here to ensure that both parties agree upon what
this Settlement will and will not cover. If this section is unclear, there can be future problems-
-if Creditor tries to collect for a debt that Creditor thinks was not a part of the settlement and
that Debtor thought was a part of the settlement.}


WHEREAS, Debtor disputes the above said claim, and disclaims that the said debt amount is
due, or, that the debt is due, but in an amount that differs from the claim of the Creditor.

AND WHEREAS, the Debtor and Creditor hereby desire to resolve the dispute arisen between
them and forever settle and adjust the above-said claim.


NOW, THEREFORE, the Parties hereto agree as follows:


1.      On or before the ____ day of ___________________, 201______, Debtor agrees to pay
to Creditor and Creditor agrees to accept from Debtor, the sum of _______________________
Dollars ($__________), and this payment will amount to a full payment and settlement of
the claim. In consideration of the receipt of said amount Creditor agrees to discharge and release
the Debtor from the said claim and also release any future claims arising from the said claim.

2[a]. Creditor accepts and acknowledges that Creditor has not filed, nor will it file, any
adverse report against Debtor with any credit bureau.

2[b]. Debtor agrees that this agreement fully resolves the above-described matter, and he
or she or it will not file any counter-claim for money damages and/or equitable relief in the
future, for any matter that is covered by the terms of this settlement agreement, and that


© Copyright 2011 Docstoc Inc.                                                         2
Creditor is hereby discharged and released from responsibility for any damages arising
from Creditor's actions or inactions that relate to the said claim.

3.     This Agreement shall be binding upon and inure to the benefit of the parties, their
successors, assigns and personal representatives.

4.     This Agreement shall be governed by the laws of the state of ____________.


Signed this _____ day of _______________________, 201_______.


Signed, sealed and delivered in the presence of:


______________________________                     ______________________________
Witness                                                  Creditor Signature



______________________________                     ______________________________
Witness                                                  Debtor Signature




© Copyright 2011 Docstoc Inc.                                                       3

				
DOCUMENT INFO
Description: This Disputed Account Settlement Agreement is used when a creditor and a debtor reach a settlement of a disputed claim. When a creditor alleges that the debtor owes a certain amount, and the debtor disputes the amount owed, the parties can resolve the dispute by settling for lesser amount. When reaching a settlement, the creditor accepts a lesser amount as full payment of the debt and agrees to release the debtor from all claims arising from the debt. This agreement contains standard provisions and may be customized to address the specific needs of the parties.