Release Of Debt Agreement

Release Of Debt Agreement Template for Indonesia

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Key Requirements PROMPT example:

"I need a Release of Debt Agreement between PT Sejahtera Industries (creditor) and PT Maju Bersama (debtor) for the partial release of a manufacturing equipment loan, with 60% of the IDR 500 million debt to be released by March 15, 2025, subject to an upfront payment of IDR 200 million."

Document background

A Release of Debt Agreement is a crucial document used when a creditor agrees to discharge a debtor from their obligation to repay a debt, whether for commercial reasons, as part of a settlement, or due to financial restructuring. Under Indonesian law, this agreement must comply with the Civil Code (KUHPer) and related financial regulations, particularly regarding contract formation and debt obligations. The document typically includes detailed information about the original debt, parties involved, terms of release, and any conditions that must be met. It's commonly used in various scenarios such as debt restructuring, family arrangements, or commercial settlements. The Release of Debt Agreement serves as conclusive evidence of the debt's discharge and protects both parties by clearly documenting the terms of the release.

Suggested Sections

1. Parties: Identification of the creditor (releasing party) and debtor (released party), including full legal names, addresses, and any registration numbers for companies

2. Background: Context of the original debt, its creation, current status, and reason for the release

3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Release Date', and other relevant terms

4. Acknowledgment of Debt: Clear statement of the original debt amount, any accrued interest, and current outstanding amount

5. Release Terms: Explicit terms of the debt release, including the extent of release and effective date

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

7. Further Assurance: Commitment by both parties to execute any additional documents necessary to give effect to the release

8. Governing Law: Specification that Indonesian law governs the agreement

9. Execution: Signature blocks and execution requirements

Optional Sections

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

2. Partial Release: Include when only a portion of the debt is being released

3. Security Discharge: Include when there are security interests or collateral to be released

4. Tax Implications: Include when there are significant tax consequences that need to be addressed

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

6. Dispute Resolution: Include when parties want to specify detailed dispute resolution procedures

7. Surviving Obligations: Include when certain obligations are to survive the release

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being released, including principal, interest, and any other charges

2. Schedule 2 - Original Debt Documentation: List and copies of original debt agreements or instruments being released

3. Schedule 3 - Security Documents: List of security documents to be discharged (if applicable)

4. Appendix A - Release Calculation: Detailed calculation showing how the final release amount was determined

5. Appendix B - Required Corporate Approvals: Copies of corporate approvals or resolutions authorizing the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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 Finance

Commercial Real Estate

Corporate Services

Manufacturing

Retail

Construction

Professional Services

Healthcare

Education

Hospitality

Agriculture

Mining and Resources

Relevant Teams

Legal

Finance

Credit Control

Treasury

Risk Management

Compliance

Corporate Secretariat

Debt Recovery

Account Management

Collections

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Debt Recovery Officer

Legal Counsel

Corporate Secretary

Financial Controller

Account Manager

Risk Manager

Treasury Manager

Collections Manager

Restructuring Officer

Corporate Lawyer

Compliance Officer

Finance Manager

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