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1. Parties: Identification of the Creditor and Debtor, including full legal names, addresses, and registration details if companies
2. Background: Recitals explaining the original debt, its current status, and the parties' intention to forgive all or part of the debt
3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Effective Date', and 'Released Obligations'
4. Debt Acknowledgment: Clear statement of the original debt amount, current balance, and any accrued interest
5. Debt Forgiveness: Explicit terms of the debt forgiveness, including amount forgiven and any remaining obligations
6. Conditions Precedent: Any conditions that must be met before the debt forgiveness becomes effective
7. Representations and Warranties: Statements by both parties regarding their authority, capacity, and ability to enter into the agreement
8. Release: Mutual release of claims related to the forgiven debt
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
10. Notices: Process for delivering formal notices between parties
11. Execution: Signature blocks and execution requirements
1. Partial Forgiveness Terms: Used when only a portion of the debt is being forgiven, specifying remaining payment obligations
2. Confidentiality: Include when parties wish to keep the terms of the forgiveness confidential
3. Tax Implications: Include when there are specific tax consequences that need to be addressed
4. Sharia Compliance: Include when the debt involves Islamic finance principles or when parties specifically require Sharia compliance
5. Corporate Approvals: Include when either party is a corporate entity requiring specific internal approvals
6. Future Cooperation: Include when parties need to specify ongoing obligations or cooperation after the forgiveness
7. Anti-Money Laundering: Include when the debt forgiveness involves financial institutions or large sums
8. Regulatory Compliance: Include when the debt forgiveness requires specific regulatory approvals or notifications
1. Schedule 1 - Debt Details: Detailed breakdown of the original debt, including dates, amounts, and interest calculations
2. Schedule 2 - Payment History: Record of payments made against the debt prior to forgiveness
3. Schedule 3 - Corporate Authorizations: Copies of relevant corporate approvals and resolutions
4. Schedule 4 - Original Debt Documentation: References or copies of original loan agreements or debt instruments
5. Appendix A - Calculation of Forgiven Amount: Detailed calculation of the forgiven amount, including any interest or charges
6. Appendix B - Remaining Payment Schedule: If partial forgiveness, schedule of remaining payments
Banking & Financial Services
Real Estate & Construction
Retail & Commercial
Manufacturing & Industrial
Healthcare
Education
Hospitality & Tourism
Professional Services
Islamic Finance
Small & Medium Enterprises
Legal
Finance
Credit Control
Risk Management
Compliance
Treasury
Corporate Secretariat
Debt Recovery
Islamic Banking
Tax
Accounting
Corporate Affairs
Customer Relations
Collections
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Debt Recovery Officer
Financial Controller
Risk Manager
Compliance Officer
Treasury Manager
Account Manager
Islamic Finance Specialist
Corporate Secretary
Restructuring Manager
Collections Manager
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