DEBT ASSIGNMENT AND ASSUMPTION AGREEMENT

This Debt Assignment and Assumption Agreement (hereinafter referred to as the “Agreement”) is made on [INSERT DATE ON WHICH THE AGREEMENT COMES INTO FORCE] (hereinafter referred to as the “Effective Date”) between:

[INSERT NAME OF THE ASSIGNOR], having registered office at [INSERT ADDRESS OF THE ASSIGNOR] (hereinafter referred to as the “Assignor” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

[INSERT NAME OF THE COMPANY], having registered office at [INSERT ADDRESS OF THE COMPANY] (hereinafter referred to as the “Assignee” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);and

[INSERT NAME OF THE CREDITOR], having registered office at [INSERT ADDRESS OF THE CREDITOR (hereinafter referred to as the “Creditor” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns).

The “Assignor”, “Assignee” and the “Creditor” shall be collectively referred to as the “Parties” and individually as a “Party”.

WHEREAS:

1. The Assignor entered into a payment agreement (Hereinafter referred to as “Original Agreement”) dated [INSERT DATE OF PAYMENT AGREEMENT], under which the Assignor incurred a debt owed to Creditor.
2. The Assignor wishes to assign the debt and all related obligations to Assignee, and assignee agrees to assume full responsibility for the debt.
3. The Parties agree to settle the debt and all claims related thereto, without any admission of liability or wrongdoing by either party.
4. The Parties mutually agree to the terms and conditions outlined in this Agreement, which governs the working relationship between the parties.
5. The parties are duly authorized and have the capacity to enter into this agreement.
6. The parties affirm to understand the provisions contained herein and in case either party requires clarification as to one or more provisions, either party has had the right to seek clarifications or sought legal guidance.

NOW, THEREFORE, in consideration of the mutual promises contained herein and intending to, be legally bound, the Parties have agreed as follows:

1. DEFINITIONS
   1. ”Creditor” shall mean an individual or entity to whom the debt is owed.
   2. “Assignor” shall mean an individual or entity that is responsible for assigning the debt amount to the Assignee as specified in this Agreement.
   3. “Assignee” shall mean an individual or entity that assumes responsibility for the debt under the terms of this agreement.
   4. “Debt” refers to the outstanding amount owed by the debtor to the creditor, under the terms of the original agreement.
2. ASSIGNMENT OF DEBT
   1. The Assignor hereby assigns and transfers to the Assignee all of its right, obligation, and liabilities with respect to the debt in the amount of [INSERT AMOUNT], including payments due under the terms of the payment contract with the creditor.
3. ASSUMPTION OF DEBT
   1. The Assignee hereby accepts the assignment of debt and agrees to perform and fulfill all obligations related of the Assignor under the original agreement.
   2. The Assignee further agrees to make any payments directly to the creditor as required by the terms of the original agreement.
   3. The payments shall be made through [INSERT MODE OF PAYMENT].The Creditor shall provide necessary and accurate details to facilitate the process of Payment.
4. RELEASE
   1. Upon Creditor’s receipt of the debt amount in full, Creditor agrees to release and discharge Assignee and Assignor from any and all claims, demands, and cause of action related to the debt.
5. DEFAULT
   1. In the event of any occurrence that may lead to a Default, the entire debt amount shall become immediately due and payable, and Creditor shall have the right to pursue any and all legal remedies available.
6. APPLICABLE LAW
   1. This Agreement shall be governed by and constructed in accordance with the Laws, rules, orders and regulations of [INSERT THE COUNTRY OF APPLICABLE LAWS].
   2. The Parties shall resolve all disputes in connection with the validity or interpretation of this Agreement, unless otherwise expressly stated in the Agreement, in the following manner: 
   3. By direct negotiations between the Creditor and Debtor. 
   4. If negotiations between the parties are unsuccessful, the matter shall be referred to the competent court sitting at [INSERT THE COURT WHICH SHALL HAVE EXCLUSIVE JURISDICITION IN CASE OF DISPUTE BETWEEN THE PARTIES] which shall have exclusive jurisdiction in all matters arising there from unless otherwise agreed between the Parties in writing.
7. DECLARATION
   1. The parties hereby understand and expressly agree to the provisions laid down in the present agreement and in good faith, undertake that both parties shall follow the terms of this agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the parties, intending to be legally bound, have each executed this agreement as of the effective date.

Signed, sealed and delivered on behalf of Assignor

Name: [INSERT NAME OF THE ASSIGNOR]

Signature:

Date: [INSERT SIGNING DATE OF THE ASSIGNOR]

Signed, sealed and delivered on behalf of Assignee

Name: [INSERT NAME OF THE ASSIGNEE]

Signature: 

Date: [INSERT SIGNING DATE OF THE ASSIGNEE]

Signed, sealed and delivered on behalf of Creditor

Name: 

Signature: 

Date: