The Debt Settlement Agreement is a crucial legal instrument used in Indonesian business and financial transactions when parties wish to formalize the settlement of outstanding debt obligations. This document becomes necessary when a debtor cannot fulfill the original debt terms and both parties agree to modified payment terms or a reduced settlement amount. The agreement must comply with Indonesian Civil Code requirements and relevant financial regulations, particularly Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations. It typically includes detailed payment schedules, consequences of default, and release provisions. The document is particularly important in Indonesia's business environment where formal documentation of debt settlements is essential for legal certainty and enforcement.
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1. Parties: Identification of the creditor and debtor, including their full legal names, addresses, and authorized representatives
2. Background: Context of the original debt, current outstanding amount, and parties' intention to settle
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and current outstanding balance
5. Settlement Terms: Details of the settlement amount and any discount or waiver agreed upon
6. Payment Terms: Payment schedule, method of payment, and account details
7. Representations and Warranties: Statements of fact and assurances from both parties
8. Default Provisions: Consequences of failing to comply with the settlement terms
9. Release: Mutual release of claims upon completion of settlement payments
10. Governing Law: Specification of Indonesian law as governing law
11. Dispute Resolution: Process for resolving any disputes arising from the agreement
12. Notices: How formal communications between parties should be made
13. Execution: Signature blocks and execution requirements
1. Security Provisions: Include when the settlement is secured by collateral or guarantees
2. Confidentiality: Include when parties wish to keep the settlement terms private
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Insurance Requirements: Include when insurance must be maintained on any collateral
5. Assignment: Include when transfer rights need to be specifically addressed
6. Force Majeure: Include when parties want to address extraordinary circumstances affecting payment ability
7. Third Party Rights: Include when other creditors or guarantors are involved
8. Regulatory Compliance: Include when settlement involves regulated entities or requires regulatory approval
1. Schedule A - Original Debt Documentation: Copies or details of original loan agreements or debt instruments
2. Schedule B - Payment Schedule: Detailed breakdown of payment dates, amounts, and methods
3. Schedule C - Collateral Details: Description and documentation of any security or collateral
4. Schedule D - Calculation of Settlement Amount: Breakdown of how the settlement amount was calculated
5. Schedule E - Required Waivers: Forms of any required waivers or releases
6. Appendix 1 - Power of Attorney: If applicable, authorization documents for representatives
7. Appendix 2 - Corporate Approvals: If applicable, corporate resolutions or approvals for the settlement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Commercial Services
Healthcare
Education
Technology
Telecommunications
Energy
Transportation and Logistics
Agriculture
Mining and Resources
Relevant Teams
Legal
Finance
Credit Control
Collections
Risk Management
Treasury
Compliance
Corporate Secretariat
Accounts Receivable
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Collections Manager
Legal Counsel
Corporate Secretary
Risk Manager
Accounts Receivable Manager
Debt Recovery Specialist
Treasury Manager
Financial Controller
Compliance Officer
Business Development Manager
Account Manager
Settlement Officer
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