Document background
The Reaffirmation Settlement Agreement is a crucial document in Irish commercial and financial practice, typically used when a party needs to formally recommit to an existing obligation, often in the context of financial restructuring or dispute resolution. This document type is particularly relevant when there has been a default, dispute, or potential discharge of obligations, and the parties wish to establish a new binding commitment. The agreement must comply with Irish contract law and, where applicable, the Personal Insolvency Act 2012 and other relevant legislation. It includes essential elements such as acknowledgment of the original debt or obligation, terms of reaffirmation, payment schedules, and any new conditions agreed upon by the parties. The document is commonly used in banking, commercial lending, and business relationships where formal reinstatement of obligations is required.
