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Release Of Debt Agreement

Release Of Debt Agreement Template for South Africa

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Key Requirements PROMPT example:

Release Of Debt Agreement

"I need a Release of Debt Agreement for my company to formally release a business client from their R500,000 debt obligation, with the condition that they pay 60% of the amount by March 2025."

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Document background
The Release Of Debt Agreement is a crucial legal instrument in South African commercial and financial practice, used when a creditor wishes to formally discharge a debtor from their obligation to repay a debt. This document becomes necessary in various scenarios, including debt settlement negotiations, corporate restructuring, family arrangements, or situations where pursuing the debt is no longer commercially viable. The agreement must comply with South African law, particularly the Prescription Act 68 of 1969 and the National Credit Act 34 of 2005 where applicable. It typically includes detailed information about the original debt, circumstances leading to the release, terms of the release, and any conditions attached. The document serves as definitive evidence of the debt's discharge and can be particularly important for accounting, tax, and legal purposes. When properly executed, a Release of Debt Agreement provides legal certainty and finality to both parties, preventing future claims related to the released debt.
Suggested Sections

1. Parties: Identifies and defines the Creditor and Debtor with their full legal names, registration numbers (if companies), and physical addresses

2. Background: Outlines the existence of the debt, its origin, current amount, and the parties' intention to release the debt

3. Definitions: Defines key terms used in the agreement including 'Debt', 'Effective Date', 'Original Agreement', and other relevant terms

4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and its current status

5. Release: The core section detailing the creditor's unconditional and irrevocable release of the debt

6. Effective Date: Specifies when the release takes effect

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the validity of the debt

8. General Provisions: Standard contractual provisions including entire agreement, governing law, and jurisdiction

Optional Sections

1. Partial Release: Used when only a portion of the debt is being released, specifying the amount released and amount remaining

2. Conditions Precedent: Include when the release is subject to certain conditions being met first

3. Tax Implications: Include when there are significant tax consequences of the debt release that need to be addressed

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

5. Related Agreements: Include when there are other agreements affected by the release that need to be addressed

6. Securities and Guarantees: Include when there are existing securities or guarantees that need to be cancelled or maintained

Suggested Schedules

1. Schedule 1 - Details of Original Debt: Detailed breakdown of the original debt, including dates, amounts, and reference numbers

2. Schedule 2 - Related Security Documents: List of any security documents or guarantees related to the debt being released

3. Appendix A - Original Loan Agreement: Copy or reference to the original agreement creating the debt

4. Appendix B - Proof of Authority: Documents proving signatories' authority to enter into the agreement (e.g., board resolutions)

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 and Financial Services

Legal Services

Accounting and Auditing

Real Estate

Construction

Manufacturing

Retail

Professional Services

Small and Medium Enterprises

Corporate

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Corporate Secretariat

Debt Recovery

Commercial

Relevant Roles

Chief Financial Officer

Financial Manager

Credit Controller

Legal Counsel

Debt Recovery Specialist

Account Manager

Corporate Lawyer

Financial Director

Accounts Receivable Manager

Risk Manager

Treasury Manager

Company Secretary

Business Development Manager

Commercial Director

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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