Letter for Agreement to Extend Debt Payment

Date: dd/mm/yy

To

Name…

Creditor Company Name…

Address….

 

Mr/Mrs. XYZ,

For value received, the undersigned, …… (Creditor name…) and …… (Company name…), hereby acknowledge and agree that:

  • The corporation presently owes the Creditor the sum of the tk…. (amount… ), claimed sum being presently due and payable.
  • In further consideration of the Creditor’s forbearance, the Company agrees to repay said debt on extended terms in the manner following:
  1. …….
  2. …….
  • In case the Company fails to make any payments punctually around the agreed extended terms, the Creditor shall have got full rights to proceed with the collection of the complete balance then remaining.
  • This agreement will be binding upon and inure to major benefit of the parties, their successors, assigns in addition to personal representatives.

Signed under seal this dated (day…, month…. year)

Creditor Signature…..



Company Authority Signature….