Our “Recognition Agreement” proposal resolves almost all aspects of the RECOGNITION agreement by providing, at the beginning of the ERA, a clear picture that will allow you to adapt certain parts of the agreement that you wish to include, exclude or vary. CONSIDERING that the debtor is indebted to the creditor up to [amount WRITTEN IN DOLLARS OF DEBT] (amount in dollars)) (the debt); It is therefore essential that a debtor understands the legal implications of concluding an ODA that he wishes to sign in the first place. The debtor markets the creditor`s products in ______ [territory] (the “territory”). The debtor is indebted to the creditor up to the total amount of ____ [amount of debt] at the time of this Agreement (the “Debt”). This debt settlement agreement (the “Agreement”) sets out the terms that govern the contractual agreement between [the enterprise] having its registered office at [ADDRESS] (the debtor) and [the company] having its registered office [address] (the “creditors”) that agree to be bound by this agreement. In a summary judgment, a court will only consider the liquid document – the signed AOD – as proof (at first glance) that the debtor is indebted to the creditor and will render the judgment against the debtor. This judgment allows the creditor to obtain a warrant of execution for the seizure of the debtor`s property that is sold by the sheriff at a public auction. The parties expressly declare that the agreement expresses their entire agreement with respect to their subject matter and invalidates and supersedes all previous agreements concluded between them with respect to their subject matter. For the purposes of this Agreement, the Parties shall establish their residence at their domicile or registered office, as set out in the Titles. Any modification is notified to the other party by letter with acknowledgment of return in order to be valid. The purpose of this Agreement is to negotiate and transfer a debt under the following conditions: The creditor may agree to appoint the buyer in the territory in place of the debtor, provided that (1) the debtor and the buyer agree on the terms of such transaction and keep the creditor harmless from any act or claim in this regard; 2) the buyer undertakes to: repay the debt and 3) the creditor and the buyer conclude a new franchise agreement. PandaTip: in other words, if necessary, the debtor and creditor will take additional measures to ensure that the debt will be repaid as long as the terms of this agreement are met. PandaTip: In other words, this agreement is now the debt control agreement and, in any case, the terms of this agreement differ from all the others that have been signed previously, the terms of this agreement are the ones that are used.
An AOD is an aliquid document, which means that it demonstrates guilt (on a first glance) without additional evidence, which allows a creditor to summarily obtain a court decision (provided there is no bona foi defense of the claim). In the absence of an AOD, the creditor would have to provide evidence to prove guilt. This would always take time and involve the likelihood of additional legal fees. A standard clause in an AOD is what it calls the acceleration clause. This clause allows a creditor to claim the full amount due if the debtor does not pay a rate in good time within the meaning of the AOD. Several pieces of information are needed to balance the text of this Agreement. At the beginning, we will consolidate the parties who intend to conclude this contract. First, we identify the creditor. That is, the party that holds the debt. Note the creditor`s legal name in the first space of the first paragraph. .