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1. Parties: Identifies and defines all parties to the agreement, including their legal status and contact details
2. Background: Recitals explaining the original settlement agreement, the default in payment, and the purpose of this agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding amount and the default under the original settlement agreement
5. Payment Terms: Specifies the revised payment arrangements, including amounts, dates, and payment methods
6. Default and Consequences: Details what constitutes a default under this agreement and the resulting consequences
7. Enforcement Rights: Outlines the creditor's rights to enforce the debt and available remedies
8. Security: Details of any security arrangements to guarantee payment
9. Representations and Warranties: Statements of fact and promises made by both parties
10. Costs and Expenses: Allocation of legal and other costs related to the agreement
11. General Provisions: Standard clauses covering notices, amendments, governing law, etc.
12. Execution: Formal signing section including attestation requirements
1. Guarantee: Required when a third party guarantees the payment obligations
2. Interest Provisions: Details interest calculations and charges when applicable to the settlement
3. Confidentiality: Required when parties wish to keep the settlement terms private
4. Mutual Releases: Include when parties agree to release each other from claims upon completion of payment
5. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court proceedings
6. Default Interest: Specific interest rates and calculations applying to missed payments
7. Assignment: Include when either party may need to transfer their rights or obligations
8. Force Majeure: Include when external circumstances might affect payment capability
1. Schedule 1 - Original Settlement Agreement: Copy or summary of the original settlement agreement terms
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts and due dates
3. Schedule 3 - Outstanding Amount Calculation: Detailed calculation of the outstanding amount including any interest or penalties
4. Schedule 4 - Security Details: Specific details of any security arrangements or assets
5. Appendix A - Copy of Original Judgment: If the settlement relates to a court judgment, attach the judgment details
6. Appendix B - Evidence of Default: Documentation evidencing the payment default under the original settlement
Original Settlement Agreement
Default Event
Outstanding Amount
Due Date
Business Day
Claim
Creditor
Debtor
Guarantor
Security
Security Interest
Enforcement Rights
Default Interest Rate
Payment Schedule
Settlement Sum
Completion Date
Effective Date
Force Majeure Event
Insolvency Event
Interest
Legal Costs
Material Adverse Change
Notice
Original Debt
Payment Method
Permitted Assignment
Related Entity
Representatives
Security Provider
Settlement Terms
Subsequent Default
Working Day
Confidential Information
Dispute
Enforcement Process
Judgment Debt
Secured Property
Default Notice
Recovery Costs
Default Recognition
Payment Terms
Interest
Security
Enforcement
Default Consequences
Representations and Warranties
Confidentiality
Assignment
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Notices
Costs and Expenses
Guarantees
Indemnification
Amendment
Severability
Entire Agreement
Further Assurance
Time of Essence
Waiver
Set-off
Release
Third Party Rights
Counterparts
Electronic Execution
Legal Advice
Financial Services
Legal Services
Banking
Insurance
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Technology
Mining and Resources
Transport and Logistics
Legal
Finance
Credit Control
Collections
Risk Management
Compliance
Corporate Secretariat
Treasury
Accounts Receivable
Operations
Commercial
Legal Counsel
Chief Legal Officer
Finance Director
Chief Financial Officer
Credit Manager
Collections Manager
Risk Manager
Compliance Officer
Contract Administrator
Corporate Secretary
Accounts Receivable Manager
Treasury Manager
Business Development Manager
Commercial Manager
Operations Manager
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