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1. Parties: Identification of the creditor and debtor with full legal names, addresses, and registration details if companies
2. Background: Details of the original debt, its origin, current amount, and any previous attempts at collection or settlement
3. Definitions: Key terms used throughout the agreement, including 'Settlement Amount', 'Original Debt', 'Payment Schedule', etc.
4. Settlement Amount: Clear statement of the agreed settlement sum and whether it represents a discount from the original debt
5. Payment Terms: Detailed payment schedule, method of payment, and bank account details
6. Representations and Warranties: Statements by both parties regarding their capacity, authority, and acknowledgment of the debt
7. Default Provisions: Consequences of missing payments or breaching the agreement, including revival of original debt
8. Release and Discharge: Terms of final settlement and release of claims upon completion of payments
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts
10. Notices: Process for serving formal notices between parties
11. Execution: Signature blocks and execution requirements
1. Islamic Finance Compliance: Required when parties wish to ensure compliance with Shariah principles
2. Security Provisions: Include when additional security or guarantees are provided for the settlement amount
3. Confidentiality: Include when parties wish to keep the settlement terms private
4. Tax Implications: Include when settlement has significant tax consequences for either party
5. Third-Party Rights: Include when guarantors or other third parties are involved in the settlement
6. Force Majeure: Optional clause for unforeseen circumstances affecting payment capability
7. Arbitration Clause: Alternative dispute resolution mechanism if parties prefer arbitration over court proceedings
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and installment structure
2. Original Debt Documentation: Copies of original loan agreements, promissory notes, or other debt evidence
3. Security Documents: Details of any collateral, guarantees, or security provided
4. Power of Attorney: If applicable, POA for executing the agreement or future actions
5. Bank Account Details: Specified account information for making payments
6. Corporate Authorizations: If parties are companies, board resolutions or other authorization documents
Original Debt
Settlement Amount
Payment Schedule
Settlement Date
Business Day
Default
Completion Date
Original Debt Documents
Interest Rate
Payment Date
Security
Outstanding Balance
Default Notice
Bank Account
Creditor
Debtor
Effective Date
Final Settlement
Governing Law
Guarantee
Payment Method
Release Date
Settlement Period
Working Hours
Authorized Representative
Confidential Information
Force Majeure Event
Installment
Legal Proceedings
Notice
Party
Related Documents
Security Interest
Default Interest
Dispute
Due Date
Definitions
Settlement Terms
Payment Obligations
Security
Representations and Warranties
Default
Acceleration
Release
Confidentiality
Force Majeure
Assignment
Severability
Entire Agreement
Amendment
Notices
Waiver
Good Faith
Further Assurance
Costs
Governing Law
Jurisdiction
Dispute Resolution
Execution
Counterparts
Time of Essence
Indemnification
Authority
Language
Non-Admission of Liability
Third Party Rights
Survival
Islamic Finance Compliance
Banking & Financial Services
Legal Services
Real Estate
Construction
Manufacturing
Retail
Healthcare
Education
Hospitality
Professional Services
Trading & Commerce
Insurance
Telecommunications
Transportation & Logistics
Legal
Finance
Credit Control
Collections
Risk Management
Compliance
Treasury
Debt Recovery
Corporate Affairs
Banking Operations
Account Management
Restructuring
Legal Counsel
Finance Manager
Credit Controller
Collections Manager
Risk Manager
Compliance Officer
Chief Financial Officer
Treasury Manager
Debt Recovery Officer
Account Manager
Corporate Lawyer
Banking Officer
Financial Controller
Credit Risk Analyst
Legal Director
Settlement Officer
Restructuring Manager
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