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Debt Release Agreement

Debt Release Agreement Template for Switzerland

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Key Requirements PROMPT example:

Debt Release Agreement

"I need a Debt Release Agreement under Swiss law to release a corporate debt of CHF 500,000 owed by our subsidiary company, with the release to take effect on March 1, 2025."

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Document background
The Debt Release Agreement is a crucial legal instrument used in Swiss business and financial transactions when a creditor wishes to formally and legally release a debtor from their payment obligations. This document, governed by Swiss law, particularly the Swiss Code of Obligations (OR/CO) Article 115, provides a legally binding mechanism for debt forgiveness. It is commonly used in debt restructuring, settlement negotiations, or as part of broader commercial arrangements. The agreement must carefully detail the debt being released, ensure compliance with Swiss formal requirements, and address any related security interests or guarantees. It's particularly important in scenarios involving corporate restructuring, family settlements, or commercial dispute resolutions. The document typically includes specific Swiss law provisions regarding the validity of the release, any conditions attached to it, and the implications for any related security interests or guarantees.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and any registration details for corporate entities

2. Background: Description of the original debt, its origin, current amount, and any relevant history of the debt relationship

3. Definitions: Key terms used in the agreement, including 'Debt', 'Release Date', and any other specific terms

4. Debt Acknowledgment: Clear statement of the existing debt amount and its components (principal, interest, etc.)

5. Release Terms: Explicit terms of the debt release, including the extent of release and effective date

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

7. Further Assurance: Commitment to execute any additional documents necessary to give effect to the release

8. Governing Law and Jurisdiction: Confirmation of Swiss law as governing law and designation of jurisdiction for disputes

Optional Sections

1. Conditions Precedent: Include when the release is conditional upon certain events or actions

2. Partial Release Provisions: Required when only a portion of the debt is being released

3. Security Interest Release: Include when there are associated security interests that need to be released

4. Tax Implications: Include when there are significant tax consequences that need to be addressed

5. Confidentiality: Include when parties wish to keep the terms of the release confidential

6. Related Party Releases: Include when guarantors or other related parties need to be released

7. Surviving Obligations: Include when certain obligations are intended to survive the release

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being released, including calculation of amounts

2. Schedule 2 - Security Interests: List of any security interests being released (if applicable)

3. Schedule 3 - Release Documents: Forms of any additional release documents required to be filed or executed

4. Appendix A - Original Debt Agreement: Copy or extract of the original agreement creating the debt

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























Clauses






















Relevant Industries

Banking & Financial Services

Corporate

Real Estate

Manufacturing

Retail

Construction

Professional Services

Healthcare

Technology

Hospitality

Agriculture

Energy

Transportation & Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Compliance

Corporate Secretariat

Business Development

Debt Recovery

Relevant Roles

Chief Financial Officer

Financial Controller

Credit Manager

Debt Recovery Specialist

Legal Counsel

Corporate Lawyer

Restructuring Officer

Risk Manager

Treasury Manager

Accounts Receivable Manager

Compliance Officer

Business Development Manager

Contract Manager

Finance Director

Company Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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