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1. Parties: Identifies and defines the creditor and debtor with their full legal names and addresses
2. Background: Recitals explaining the existence of the debt, its origin, and the parties' intention to cancel it
3. Definitions: Defines key terms used in the agreement, including 'Debt', 'Effective Date', and any other relevant terms
4. Debt Acknowledgment: Details of the original debt, including amount, date incurred, and any interest accumulated
5. Cancellation Terms: Clear statement of the debt cancellation, whether full or partial, and effective date
6. Release: Mutual release of claims related to the cancelled debt
7. Tax Implications: Acknowledgment of potential tax consequences and responsibility for tax obligations
8. Representations and Warranties: Statements by both parties regarding their authority and capacity to enter into the agreement
9. Governing Law: Specifies that Canadian law governs the agreement and identifies applicable province
10. Entire Agreement: Confirms this document represents the complete agreement between parties
11. Execution: Signature blocks and execution requirements
1. Partial Cancellation Terms: Used when only a portion of the debt is being cancelled, specifying remaining obligations
2. Security Interest Release: Include when the original debt was secured by collateral or other security interests
3. Conditions Precedent: Include when the cancellation is conditional upon certain events or actions
4. Confidentiality: Include when parties wish to keep the terms of the cancellation private
5. Continuing Obligations: Used when certain obligations survive the debt cancellation
6. Future Cooperation: Include when parties need to cooperate for tax filings or other post-cancellation matters
7. Dispute Resolution: Optional mechanism for resolving any disputes about the cancellation
8. Currency: Include when dealing with debts in multiple currencies or foreign exchange considerations
1. Schedule A - Debt Details: Detailed breakdown of the debt being cancelled, including principal, interest, and other charges
2. Schedule B - Payment History: Record of payments made on the debt prior to cancellation
3. Schedule C - Security Interests: List of any security interests or collateral to be released
4. Schedule D - Related Agreements: List of any related agreements affected by the debt cancellation
5. Appendix 1 - Tax Forms: Relevant tax forms or notices related to the debt cancellation
6. Appendix 2 - Corporate Resolutions: If either party is a corporation, resolutions authorizing the debt cancellation
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Corporate Services
Real Estate
Construction
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Retail
Professional Services
Healthcare
Education
Non-Profit
Technology
Mining
Energy
Legal
Finance
Accounting
Treasury
Tax
Credit Control
Risk Management
Compliance
Corporate Secretariat
Debt Recovery
Business Development
Chief Financial Officer
Financial Controller
Corporate Lawyer
Legal Counsel
Debt Recovery Manager
Credit Manager
Accounts Receivable Manager
Tax Director
Finance Director
Treasury Manager
Risk Manager
Corporate Secretary
Compliance Officer
Financial Analyst
Accountant
Business Development Manager
Restructuring Officer
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