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1. Parties: Identification of the creditor and debtor, including full legal names and addresses
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 'Original Debt', 'Forgiven Amount', and 'Settlement Date'
4. Acknowledgment of Debt: Clear statement of the original debt amount and confirmation of the current outstanding balance
5. Terms of Forgiveness: Specific details of the debt forgiveness, including the amount being forgiven and any conditions precedent
6. Release and Discharge: Formal release of the debtor from the specified obligations and any related claims
7. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and the validity of the debt
8. Tax Implications: Acknowledgment of potential tax consequences and responsibility for any tax liabilities
9. Governing Law: Specification that Malaysian law governs the agreement
10. Execution: Signature blocks and execution requirements for both parties
1. Partial Payment Terms: Required if only part of the debt is being forgiven, detailing the payment schedule for the remaining amount
2. Security Release: Needed if there are any existing security interests or collateral that need to be released
3. Confidentiality: Optional clause regarding the confidentiality of the agreement terms
4. Continuing Obligations: Required if any obligations continue after the forgiveness
5. Shariah Compliance: Required if the debt involves Islamic banking principles
6. Third Party Rights: Needed if there are guarantors or other third parties involved in the original debt
7. Dispute Resolution: Optional detailed dispute resolution procedures beyond simple governing law clause
1. Schedule 1 - Original Debt Details: Details of the original debt agreement, including date, amount, and terms
2. Schedule 2 - Calculation of Forgiven Amount: Detailed breakdown of the debt amount being forgiven, including any interest or charges
3. Schedule 3 - Payment Schedule: If partial forgiveness, detailed schedule of remaining payments to be made
4. Schedule 4 - Security Documents: List of security documents to be released or modified
5. Appendix A - Original Loan Agreement: Copy of the original loan agreement or debt instrument
6. Appendix B - Release Forms: Forms for releasing any registered securities or charges
Banking & Financial Services
Islamic Banking
Legal Services
Real Estate
Commercial & Industrial
Retail
Healthcare
Education
Construction
Manufacturing
Small and Medium Enterprises (SMEs)
Professional Services
Legal
Finance
Credit Control
Risk Management
Compliance
Islamic Banking
Treasury
Debt Recovery
Corporate Affairs
Business Recovery
Chief Financial Officer
Finance Director
Credit Manager
Debt Recovery Officer
Legal Counsel
Corporate Lawyer
Compliance Officer
Islamic Banking Officer
Risk Manager
Account Manager
Collections Manager
Financial Controller
Treasury Manager
Business Recovery Specialist
Insolvency Practitioner
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