If a customer / borrower (debtor) owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the debtor.

Under the Agreement, the creditor agrees to accept the lesser sum as payment in full, provided that the sum is paid within a specified time failing which the creditor will have the right to sue the debtor for the full amount of the debt.

This generic Agreement to Compromise Debt is provided in MS Word format, and is easy to download, fill in and print.