The Release of Debt Form is a crucial legal document used in Indonesian business and personal transactions when a creditor wishes to formally forgive and discharge a debt owed by a debtor. This document is particularly relevant in situations of debt restructuring, settlement agreements, or as part of broader business arrangements. The form must comply with Indonesian Civil Code requirements and typically includes detailed information about the original debt, the parties involved, and the extent of the release. It's essential for proper record-keeping and tax purposes, as debt forgiveness may have tax implications under Indonesian law. The document can be used for various types of debts, from personal loans to corporate obligations, and may require notarization depending on the amount and nature of the debt being released.
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1. Parties: Identification of the Creditor (releasing party) and Debtor (released party), including their full legal names, addresses, and any registration numbers for companies
2. Background: Brief recital of the original debt, its origin, date, and amount, and the parties' intention to release the debt
3. Definitions: Key terms used in the document, including 'Debt', 'Release Date', and any other relevant defined terms
4. Debt Details: Specific details of the debt being released, including the principal amount, any interest, and other charges
5. Release Declaration: Clear and unequivocal statement of the release, discharge, and acquittance of the debt
6. Tax Implications: Acknowledgment of tax consequences and responsibility for any tax liabilities arising from the release
7. Governing Law: Specification that Indonesian law governs the release
8. Execution: Signature blocks, including spaces for witnesses and any required notarization
1. Partial Release: Include when only a portion of the debt is being released, specifying the amount released and amount remaining
2. Conditions: Include if the release is subject to any conditions precedent or subsequent
3. Consideration: Include if there is any payment or other consideration for the release
4. Representations and Warranties: Include for complex releases or corporate parties, confirming authority to enter into the release
5. Confidentiality: Include if parties wish to keep the terms of the release confidential
6. Dispute Resolution: Include if parties want to specify specific dispute resolution mechanisms
1. Schedule A - Original Debt Documentation: Copies or details of the original debt agreement or documentation
2. Schedule B - Calculation of Released Amount: Detailed breakdown of the debt amount being released, including any interest or charges
3. Schedule C - Payment History: Record of payments made against the debt (if relevant)
4. Schedule D - Corporate Authorizations: If either party is a corporation, include relevant board resolutions or authorizations
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