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A Deed of Debt Compromise is a formal written agreement between a lender and borrower for final settlement of the debt with a compromise on interest or principle payable.

A compromise agreement is a legally binding agreement between a business and an employee under which the employee agrees to settle their potential claims and in return the employer will agree to pay financial compensation.

A compromise agreement is a legally binding agreement between a business and an employee under which the employee agrees to settle their potential claims and in return, the employer will agree to pay financial compensation.

That the debtor is hereby discharged from his liability of repayment of the amount of loan and interest thereon. In witness whereof both the creditor and debtor have signed this compromise on the [Date, Month, Year] first before mentioned.

As provided by the law on contracts, a valid compromise must have the following elements: (1) the consent of the parties to the compromise, (2) an object certain that is the subject matter of the compromise, and (3) the cause of the obligation that is established.

What Should Be Included in a Settlement Agreement? Identifying information for all involved parties. A description of the issue you're seeking to settle. An offer of resolutions that both parties agree to. Proof of valid consideration from both parties without coercion or duress. Legal purpose.

Possible content of a compromise agreement Examples of common clauses include: Compensation for loss of employment. Contribution to legal fees. Waiver of claims by the employee, including warranty that the claims listed are the only claims which the employee has against the employer.