The Debt Resolution Agreement is a crucial document used in Danish debt settlement scenarios when parties wish to formalize arrangements for resolving outstanding debts. It is particularly relevant when standard payment terms need to be modified or when establishing a structured approach to debt settlement. This document type is designed to comply with Danish legislation, including the Danish Debt Collection Act and Bankruptcy Act, making it suitable for both consumer and commercial debt situations. The agreement typically includes detailed payment schedules, interest calculations, and default provisions, while also accommodating specific requirements such as debt write-offs or collateral arrangements. It serves as a protective measure for both creditors and debtors by clearly documenting the agreed terms and ensuring legal enforceability under Danish law. The document is especially valuable in situations involving significant debt amounts, long-term payment arrangements, or complex settlement terms.
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Key Requirements PROMPT example:
Debt Resolution Agreement
I need a Debt Resolution Agreement for a 鈧75,000 commercial debt owed by a Danish manufacturing company to our financial institution, with monthly installments starting March 2025 and including collateral provisions for manufacturing equipment.
1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration numbers if applicable
2. Background: Description of the original debt, its origin, and current status
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the debt amount and its validity by the debtor
5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
6. Interest and Fees: Specification of applicable interest rates and any fees, in compliance with Danish Interest Act
7. Default Provisions: Consequences of missing payments and definition of what constitutes a default
8. Representations and Warranties: Statements by both parties regarding their capacity and authority to enter into the agreement
9. Confidentiality: Provisions regarding the confidentiality of the agreement and its terms
10. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes
11. Signatures: Execution blocks for all parties
1. Collateral: Details of any security or collateral provided for the debt - include when debt is secured
2. Third-Party Guarantees: Information about guarantors or third-party security - include when there are guarantors
3. Early Payment Provisions: Terms for early repayment options - include when early repayment is allowed
4. Debt Write-Off Conditions: Terms for partial debt forgiveness upon compliance - include when part of debt may be forgiven
5. Credit Reporting: Provisions regarding credit bureau reporting - include for consumer debt agreements
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for longer-term arrangements
7. Assignment Rights: Terms regarding the ability to transfer or assign the debt - include when relevant to creditor's business model
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Original Debt Documentation: Copies or summaries of original debt agreements or invoices
3. Schedule C - Calculation of Interest: Detailed calculation of interest accrued and applied to the debt
4. Appendix 1 - Proof of Debt: Documentation verifying the original debt and its current status
5. Appendix 2 - Direct Debit Authorization: If applicable, authorization for automatic payment withdrawals
6. Appendix 3 - Collateral Documentation: If applicable, documentation of any security or collateral arrangements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Credit Management
Debt Collection
Legal Services
Retail
Commercial Real Estate
Insurance
Healthcare
Telecommunications
Utilities
Professional Services
Manufacturing
Consumer Goods
Relevant Teams
Legal
Finance
Credit Management
Collections
Risk Management
Compliance
Treasury
Customer Relations
Corporate Advisory
Debt Recovery
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Legal Counsel
Debt Recovery Specialist
Risk Manager
Compliance Officer
Account Manager
Financial Advisor
Insolvency Practitioner
Corporate Lawyer
Treasury Manager
Chief Financial Officer
Credit Risk Analyst
Debt Restructuring Specialist
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