Sample Settlement agreement letter
ADS Corp, USA and Thomas Richards hereby agree to come to compromising terms based on the following terms and conditions:
ADS Corp and Thomas Richards agree that alleged debt is $9000. The parties agree that ADS Corp shall accept the sum of $6000.00 as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all the due, and ADS Corp agrees to consider the debt paid in full and agrees to not take further action to collect on the alleged debt. The payment shall be made in terms of cashier’s check or money order.
This compromise is expressly conditioned upon the payment being received by 06-05-10. If Thomas Richards fails to pay the said amount by 06-05-10, this contract will be immediately terminated and the original amount owed by Thomas Richards will stand to be immediately due.
This Agreement shall benefit of the parties, their successors, and assignees.
Legal Representative of ADS Corp
Signature: Thomas Richards