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Sample agreement for debt settlement

LegalDocsPro
LegalDocsPro
LegalDocsProLegal entrepreneur and retired litigation paralegal

This sample agreement for debt settlement is designed to be used when a debt buyer plaintiff and a defendant have reached an agreement to settle a disputed debt. The author is an entrepreneur and freelance paralegal that has worked in California and Federal litigation since 1995 and has created over 300 sample legal documents for sale.

Sample agreement for debt settlement

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SETTLEMENT AGREEMENT
This Settlement Agreement is made as of this day of _____________, by and among the
undersigned, and is intended to settle and resolve with finality all civil claims against all parties
to this litigation and their predecessors and successors relating to the subject matter of this
litigation, which have been or could have been asserted by any of the Parties hereto.
WHEREAS, ____________. (“Plaintiff”) commenced this action in ___________, asserting
various claims for monetary relief against _________ and ____________, (collectively, the
“Defendants”);
WHEREAS, Defendants have contested the claims in the complaint and Plaintiff has contested
Defendants’ counter-claims; and
WHEREAS, the undersigned Parties have agreed to settle their litigation pursuant to financial
terms acceptable to all Parties.
A. RELEASE OF CLAIMS:
NOW THEREFORE, it is hereby agreed as follows:
"Released Parties"), from any and all manner of civil claims, demands, actions, suits, and causes
of action, damages whenever incurred, liabilities of any nature whatsoever, including costs,
expenses, penalties and attorneys’ fees ("Claims"), known or unknown, suspected or
unsuspected, accrued or unaccrued, whether legal, equitable or statutory, both past and present,
as to any claims that were or could have been made in this action, and as to the future, as to all
Claims directly or indirectly based on, arising out of or in any way related to, in whole or in part,
whether directly, indirectly, representatively, derivatively or in any other capacity, ever had, now
has, or hereafter can, or may have (hereinafter, collectively, the "Released Claims"). Excepted
from this release are any insurance or indemnity obligations regarding claims for personal injury
or property damage to third parties that accrue prior to the date of this Settlement Agreement, but
that are not asserted until after the date of this Settlement Agreement.
The Parties hereby covenant and agree that they shall not, hereafter, sue or seek to establish civil
liability against any Released Party based, in whole or in part, upon any of the Released Claims.
The Parties agree that this covenant and agreement shall be a complete defense to any such civil
action or proceeding.
B. ACTIONS REQUIRED TO BE TAKEN BY PLAINTIFF
The Parties hereby stipulate and agree that the claims herein being doubtful and disputed, the
Plaintiff herein shall not submit or file a form 1099-C or any similar document with the Internal
Revenue Service.
1
The Parties hereby stipulate and agree that Plaintiff shall delete any tradeline that has been
placed with any credit-reporting agency with respect to any of the Defendants forthwith upon
execution of this Settlement Agreement.
The Plaintiff herein shall refrain from obtaining an interest in any outstanding debt with respect
to any Defendant herein except as may be acquired in a bulk transaction.
C. COURT COSTS AND ATTORNEY’S FEES:
The Parties shall bear their own court costs and attorneys’ fees. In the event litigation is
necessary for the interpretation and/or enforcement of this Settlement Agreement, the prevailing
party shall be entitled to its reasonable costs and attorneys’ fees in securing such relief. Any and
all disputes relating to or arising under this Settlement Agreement (including any action to
enforce this Settlement Agreement) shall be brought in and resolved by the
__________________________.
D. HEADINGS:
The headings of the paragraphs and sections of this Settlement Agreement are not binding and
are for reference only and do not limit, expand, or otherwise affect the contents of this Settlement
Agreement.
E. NO ADMISSION:
This Settlement Agreement and any proceedings taken hereunder are not intended and shall not
in any event be construed as, or deemed to be, an admission or concession or evidence of any
liability or any wrongdoing or the forgiveness of debt whatsoever on the part of any party or any
Released Party. The any of these terms to any third party other than their attorneys, accountants
and tax professionals or as may be required by law. The Parties and their respective attorneys, if
they have one, agree that they will not in any way publicize or cause to be publicized in any
news or communications media, including but not limited to, newspapers, magazines, journals,
radio or television, the terms or conditions of this settlement. Upon inquiry by third parties other
than Credit Reporting Agencies about the status of the dispute between the parties or of the
Lawsuit, the Parties may indicate only that the dispute has been resolved and that all claims in
the lawsuit have been dismissed with prejudice. With respect to Credit Reporting Agencies, the
Plaintiff shall not respond to any dispute the Defendant(s) may lodge with same.
F. ENTIRE AGREEMENT:
This Settlement Agreement embodies the entire understanding and agreement of the Parties
concerning all civil claims against all parties to this litigation and their predecessors and
successors relating to the subject matter of this litigation, which have been or could have been
asserted by any of the Parties hereto, and as such, it fully supersedes any other oral or written
understandings, agreements, representations and warranties between them relating thereto. All of
the terms, representations and warranties shall survive the execution of this Settlement
Agreement. The terms and conditions contained in this Settlement Agreement shall inure to the
2
benefit of, and be biding upon, the successors, assigns, heirs, survivors and personal
representatives of the Plaintiff and Defendants.
G. LIQUIDATED DAMAGES :
In the event the Plaintiff shall fail to fulfill any of its duties under this agreement, the
Defendant(s) shall be entitled to $2,000 for each such failure as liquidated damages, or to actual
damages as the case may be.
Plaintiff, __________________________
By: _________________________________________________
Defendant, ________________________
By: _________________________________________________
Defendant, ________________________
By: _________________________________________________
To subscribe to my FREE weekly legal newsletter visit
http://freeweeklylegalnewsletter.gr8.com/ and enter your e-mail
address.
Be sure to remove these notices before using this document.
To view more than 300 sample legal documents for California
and Federal litigation visit: http://www.scribd.com/Legaldocspro
3

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Sample agreement for debt settlement

  • 1. SETTLEMENT AGREEMENT This Settlement Agreement is made as of this day of _____________, by and among the undersigned, and is intended to settle and resolve with finality all civil claims against all parties to this litigation and their predecessors and successors relating to the subject matter of this litigation, which have been or could have been asserted by any of the Parties hereto. WHEREAS, ____________. (“Plaintiff”) commenced this action in ___________, asserting various claims for monetary relief against _________ and ____________, (collectively, the “Defendants”); WHEREAS, Defendants have contested the claims in the complaint and Plaintiff has contested Defendants’ counter-claims; and WHEREAS, the undersigned Parties have agreed to settle their litigation pursuant to financial terms acceptable to all Parties. A. RELEASE OF CLAIMS: NOW THEREFORE, it is hereby agreed as follows: "Released Parties"), from any and all manner of civil claims, demands, actions, suits, and causes of action, damages whenever incurred, liabilities of any nature whatsoever, including costs, expenses, penalties and attorneys’ fees ("Claims"), known or unknown, suspected or unsuspected, accrued or unaccrued, whether legal, equitable or statutory, both past and present, as to any claims that were or could have been made in this action, and as to the future, as to all Claims directly or indirectly based on, arising out of or in any way related to, in whole or in part, whether directly, indirectly, representatively, derivatively or in any other capacity, ever had, now has, or hereafter can, or may have (hereinafter, collectively, the "Released Claims"). Excepted from this release are any insurance or indemnity obligations regarding claims for personal injury or property damage to third parties that accrue prior to the date of this Settlement Agreement, but that are not asserted until after the date of this Settlement Agreement. The Parties hereby covenant and agree that they shall not, hereafter, sue or seek to establish civil liability against any Released Party based, in whole or in part, upon any of the Released Claims. The Parties agree that this covenant and agreement shall be a complete defense to any such civil action or proceeding. B. ACTIONS REQUIRED TO BE TAKEN BY PLAINTIFF The Parties hereby stipulate and agree that the claims herein being doubtful and disputed, the Plaintiff herein shall not submit or file a form 1099-C or any similar document with the Internal Revenue Service. 1
  • 2. The Parties hereby stipulate and agree that Plaintiff shall delete any tradeline that has been placed with any credit-reporting agency with respect to any of the Defendants forthwith upon execution of this Settlement Agreement. The Plaintiff herein shall refrain from obtaining an interest in any outstanding debt with respect to any Defendant herein except as may be acquired in a bulk transaction. C. COURT COSTS AND ATTORNEY’S FEES: The Parties shall bear their own court costs and attorneys’ fees. In the event litigation is necessary for the interpretation and/or enforcement of this Settlement Agreement, the prevailing party shall be entitled to its reasonable costs and attorneys’ fees in securing such relief. Any and all disputes relating to or arising under this Settlement Agreement (including any action to enforce this Settlement Agreement) shall be brought in and resolved by the __________________________. D. HEADINGS: The headings of the paragraphs and sections of this Settlement Agreement are not binding and are for reference only and do not limit, expand, or otherwise affect the contents of this Settlement Agreement. E. NO ADMISSION: This Settlement Agreement and any proceedings taken hereunder are not intended and shall not in any event be construed as, or deemed to be, an admission or concession or evidence of any liability or any wrongdoing or the forgiveness of debt whatsoever on the part of any party or any Released Party. The any of these terms to any third party other than their attorneys, accountants and tax professionals or as may be required by law. The Parties and their respective attorneys, if they have one, agree that they will not in any way publicize or cause to be publicized in any news or communications media, including but not limited to, newspapers, magazines, journals, radio or television, the terms or conditions of this settlement. Upon inquiry by third parties other than Credit Reporting Agencies about the status of the dispute between the parties or of the Lawsuit, the Parties may indicate only that the dispute has been resolved and that all claims in the lawsuit have been dismissed with prejudice. With respect to Credit Reporting Agencies, the Plaintiff shall not respond to any dispute the Defendant(s) may lodge with same. F. ENTIRE AGREEMENT: This Settlement Agreement embodies the entire understanding and agreement of the Parties concerning all civil claims against all parties to this litigation and their predecessors and successors relating to the subject matter of this litigation, which have been or could have been asserted by any of the Parties hereto, and as such, it fully supersedes any other oral or written understandings, agreements, representations and warranties between them relating thereto. All of the terms, representations and warranties shall survive the execution of this Settlement Agreement. The terms and conditions contained in this Settlement Agreement shall inure to the 2
  • 3. benefit of, and be biding upon, the successors, assigns, heirs, survivors and personal representatives of the Plaintiff and Defendants. G. LIQUIDATED DAMAGES : In the event the Plaintiff shall fail to fulfill any of its duties under this agreement, the Defendant(s) shall be entitled to $2,000 for each such failure as liquidated damages, or to actual damages as the case may be. Plaintiff, __________________________ By: _________________________________________________ Defendant, ________________________ By: _________________________________________________ Defendant, ________________________ By: _________________________________________________ To subscribe to my FREE weekly legal newsletter visit http://freeweeklylegalnewsletter.gr8.com/ and enter your e-mail address. Be sure to remove these notices before using this document. To view more than 300 sample legal documents for California and Federal litigation visit: http://www.scribd.com/Legaldocspro 3