The Debt Resolution Agreement is a crucial legal instrument used in the Philippines when parties seek to formalize arrangements for settling outstanding debt obligations. This document becomes necessary when a debtor faces challenges in meeting original debt terms and both parties agree to modify these terms for mutual benefit. It's particularly relevant in scenarios involving loan restructuring, payment plans, or debt settlements. The agreement must comply with Philippine legislation, including the Civil Code, Financial Rehabilitation and Insolvency Act, and BSP regulations. It typically outlines the original debt, current outstanding balance, new payment terms, and consequences of default. This document is essential for both corporate and individual debt resolution scenarios and can be used across various industries where debt restructuring is needed.
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1. Parties: Identifies and defines all parties to the agreement, including the creditor(s) and debtor(s), with their complete legal names and addresses
2. Background: Recitals explaining the context of the original debt, current situation, and the parties' intention to resolve the debt
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Acknowledgment of Debt: States the original debt amount, current outstanding balance, and acknowledgment by the debtor of the debt's validity
5. Terms of Resolution: Details the agreed resolution method, including payment amount, schedule, and any reduction or concessions
6. Payment Terms: Specifies payment mechanics, including method of payment, due dates, and processing details
7. Default Provisions: Defines what constitutes default and the consequences of defaulting on the agreement
8. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
9. General Provisions: Standard clauses including entire agreement, amendments, notices, and governing law
10. Execution: Signature blocks and execution requirements for all parties
1. Security Provisions: Include when the debt resolution is secured by collateral or guarantees
2. Release Provisions: Include when partial debt forgiveness is part of the resolution
3. Confidentiality: Include when parties wish to keep the terms of resolution private
4. Tax Considerations: Include when the resolution has significant tax implications for either party
5. Insurance Requirements: Include when insurance must be maintained on any collateral
6. Third-Party Rights: Include when other creditors or guarantors have interests in the debt
7. Alternative Dispute Resolution: Include when parties agree to specific dispute resolution mechanisms
8. Force Majeure: Include when parties want to address potential extraordinary circumstances affecting payment ability
1. Schedule A - Debt Calculation: Detailed breakdown of the original debt, accrued interest, fees, and current balance
2. Schedule B - Payment Schedule: Detailed payment schedule showing dates, amounts, and running balance
3. Schedule C - Collateral Details: Description and documentation of any security or collateral (if applicable)
4. Schedule D - Original Loan Documentation: Copies or references to the original loan agreements and related documents
5. Appendix 1 - Contact Information: Detailed contact information for all parties and their representatives
6. Appendix 2 - Payment Instructions: Detailed banking or payment processing instructions
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