Debt Settlement Contract Template for Philippines

1. Collateral: Required when specific assets are pledged as security for the settlement payments

2. Multiple Creditor Provisions: Needed when settlement involves multiple creditors and their priority rights

3. Tax Implications: Advisory section on tax consequences of debt forgiveness when settlement amount is significantly lower than original debt

4. Acceleration Clause: Optional provision allowing early payment of the settlement amount

5. Confidentiality: Required when parties wish to keep settlement terms private

6. Insurance Requirements: Needed when settlement requires debtor to maintain specific insurance coverage

7. Dispute Resolution: Alternative dispute resolution procedures if parties wish to avoid court litigation

1. Schedule A - Original Debt Documentation: Copies of original loan agreements, promissory notes, or other debt instruments

2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts, dates, and methods

3. Schedule C - Collateral Details: Description and documentation of any assets used as collateral

4. Appendix 1 - Debt Calculation: Detailed calculation of current debt amount including principal, interest, and any penalties

5. Appendix 2 - Settlement Calculation: Breakdown of settlement amount and forgiven amount

6. Appendix 3 - Required Notices: Templates for default notices and other required communications