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1. Parties: Identification of the parties, including the promissory note issuer (debtor) and holder (creditor), with full legal names and addresses
2. Background: Details of the original promissory note(s), outstanding amounts, and circumstances leading to the settlement
3. Definitions: Key terms used in the agreement, including 'Promissory Note', 'Settlement Amount', 'Payment Schedule', and 'Default'
4. Acknowledgment of Debt: Debtor's formal acknowledgment of the original debt amount and validity of the promissory note(s)
5. Settlement Terms: Agreed settlement amount, payment structure, and any discount or consideration for the settlement
6. Payment Terms: Detailed payment obligations, including dates, amounts, and method of payment
7. Security and Guarantees: Any security arrangements or guarantees maintained or newly provided for the settlement
8. Default Provisions: Consequences of default, including reversion to original debt amount and enforcement rights
9. Representations and Warranties: Standard representations about capacity, authority, and binding nature of obligations
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
1. Release Provisions: Used when parties agree to mutual releases upon completion of settlement payments
2. Confidentiality: Include when parties wish to keep the settlement terms confidential
3. Tax Provisions: Required when settlement has tax implications for either party
4. Assignment: Include when transfer rights need to be restricted or permitted
5. Force Majeure: Include when longer-term payment arrangements necessitate force majeure protection
6. Dispute Resolution: Alternative dispute resolution mechanisms if parties prefer arbitration or mediation
7. Acceleration Clause: Include when immediate payment of all installments is desired upon specific trigger events
1. Schedule 1 - Original Promissory Note(s): Copies of the original promissory note(s) being settled
2. Schedule 2 - Payment Schedule: Detailed installment schedule with dates and amounts
3. Schedule 3 - Security Documents: Details of any security or guarantee documents related to the settlement
4. Schedule 4 - Settlement Calculation: Breakdown of the settlement amount calculation, including any discounts
5. Appendix A - Form of Release: Template for the release document to be executed upon completion
6. Appendix B - Payment Instructions: Detailed banking or payment instructions for settlement payments
Original Promissory Note
Settlement Amount
Original Debt
Business Day
Default Event
Due Date
Effective Date
Enforcement Event
Final Settlement Date
Governing Law
Guarantor
Interest Rate
Notice
Outstanding Amount
Parties
Payment Schedule
Release Date
Security
Settlement Payment
Settlement Period
Substantial Breach
UAE
Working Hours
Original Currency
Settlement Currency
Permitted Assignee
Security Documents
Guarantee
Default Interest
Payment Method
Authorized Representative
Discounted Amount
Settlement Completion Date
Confidential Information
Interpretation
Acknowledgment of Debt
Settlement Terms
Payment Obligations
Security
Representations and Warranties
Default
Enforcement
Release
Confidentiality
Assignment
Notices
Governing Law
Jurisdiction
Entire Agreement
Severability
Amendment
Waiver
Force Majeure
Further Assurance
Costs and Expenses
Counterparts
Time of Essence
Independent Legal Advice
Authority and Capacity
Dispute Resolution
Third Party Rights
Indemnification
Set-Off
Banking & Financial Services
Commercial Trading
Real Estate & Construction
Manufacturing
Retail
Import/Export
Professional Services
Maritime & Shipping
General Commerce
Small & Medium Enterprises
Legal
Finance
Treasury
Credit Control
Collections
Risk Management
Compliance
Corporate Affairs
Commercial Operations
Accounts Receivable
Chief Financial Officer
Finance Director
Legal Counsel
Credit Manager
Collections Manager
Treasury Manager
Risk Manager
Compliance Officer
Corporate Lawyer
Financial Controller
Accounts Receivable Manager
Business Development Manager
Managing Director
Commercial Director
Settlement Officer
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