AGREEMENT TO COMPROMISE DEBT
FOR VALUE RECEIVED, the undersigned being a creditor of _ (Organization) hereby enters into an agreement to compromise and reduce the indebtedness due the undersigned on the below mentioned terms and conditions:
1. The Organization and the undersigned acknowledge that the present debt due is $_.
2. The parties agree that the undersigned shall 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 in the way mentioned below:
3. In the event the Organization fails to punctually pay the reduced amount, the undersigned creditor shall have full rights to prosecute it claim for the total debt 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.
Signed under seal this _ day of _, 20_.