FOR VALUE RECEIVED, the undersigned being a creditor of _
(Organization) hereby agrees into an agreement to compromise and reduce the indebtedness due the undersigned on the subsequent terms and conditions:
1. The Organization and the undersigned party recognizes that the present debt due is of the amount $_.
2. Both the parties agree that the undersigned intend to accept the sum of $_ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid as mentioned in the following method:
3. In case the Organization fails to pay on time the decided due amount, the undersigned creditor shall be authorized with full rights to prosecute claim for the total debt amount due under paragraph 1 (less payments made).
4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives in future.
Signed under seal this _ day of _, 20_.