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.
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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
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
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
Relevant legal definitions
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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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