The Debt Forgiveness Agreement is a critical document used when a creditor agrees to cancel all or part of a debtor's outstanding obligations in the Philippines. This document becomes necessary in various situations, such as financial hardship, debt restructuring, or settlement negotiations. The agreement must comply with Philippine civil law, particularly the Civil Code's provisions on obligations and contracts, and the National Internal Revenue Code regarding tax implications. It typically includes comprehensive details about the original debt, payment history, amount being forgiven, and any conditions attached to the forgiveness. The document serves multiple purposes: it provides legal protection for both parties, establishes clear terms of the debt cancellation, addresses tax considerations, and creates a formal record of the transaction. In the Philippine context, these agreements often require notarization and may need to be registered with relevant authorities, especially when substantial amounts are involved or when the parties are corporate entities.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies and provides full details of the Creditor and Debtor, including their legal names, addresses, and any registration numbers
2. Background: Describes the history of the debt, including its original amount, date incurred, and current outstanding balance
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Formally acknowledges the existence and details of the original debt obligation
5. Terms of Forgiveness: Specifies the amount of debt being forgiven and any conditions attached to the forgiveness
6. Tax Implications: Addresses the tax consequences of the debt forgiveness and allocates responsibility for any tax liabilities
7. Release: Details the release of the debtor from obligations and any claims related to the forgiven debt
8. Representations and Warranties: Contains statements by both parties affirming their authority to enter into the agreement and other key facts
9. Governing Law: Specifies that Philippine law governs the agreement
10. Execution: Includes signature blocks and notarization requirements
1. Partial Forgiveness Terms: Include when only a portion of the debt is being forgiven, specifying remaining payment obligations
2. Conditions Precedent: Include when the debt forgiveness is subject to certain conditions being met first
3. Confidentiality: Include when parties wish to keep the terms of the forgiveness confidential
4. Future Cooperation: Include when parties need to specify ongoing obligations or cooperation requirements
5. Dispute Resolution: Include when parties wish to specify alternative dispute resolution methods
6. Surviving Obligations: Include when certain obligations will survive the debt forgiveness
1. Schedule A - Debt Details: Detailed breakdown of the original debt, including principal, interest, and any penalties
2. Schedule B - Payment History: Record of payments made prior to forgiveness, if applicable
3. Schedule C - Supporting Documents: Copies of original loan agreements or other relevant documentation
4. Appendix 1 - Tax Calculations: Detailed calculations of tax implications resulting from the debt forgiveness
5. Appendix 2 - Release Forms: Any additional release or discharge forms required under Philippine law
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Corporate Services
Legal Services
Debt Collection
Consumer Finance
Small Business
Healthcare
Education
Manufacturing
Retail
Relevant Teams
Legal
Finance
Credit Control
Collections
Treasury
Tax
Compliance
Risk Management
Corporate Secretariat
Accounts Receivable
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Collections Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Specialist
Financial Controller
Accounts Receivable Manager
Risk Manager
Treasury Manager
Tax Manager
Compliance Officer
Banking Officer
Loan Officer
Find the exact document you need
Real Estate Mortgage Contract
A Philippine law-governed agreement creating a security interest in real property to secure a loan, establishing terms between property owner and lender.
find out more
Letter Borrowing Money From A Friend Contract
A friendly yet legally compliant letter agreement for personal lending between friends in the Philippines, outlining loan terms and repayment conditions.
find out more
Loan Agreement Form With Collateral
A Philippine law-governed agreement establishing terms for a secured loan, including collateral arrangements and enforcement provisions.
find out more
Agreement To Loan Money To A Friend
A Philippine-compliant loan agreement template for monetary loans between friends, providing legal protection while maintaining an informal, friendly approach.
find out more
Personal Loan Form
Philippine-compliant personal loan agreement template covering loan terms, obligations, and regulatory requirements under Philippine law.
find out more
Loan Form
A Philippine-compliant loan agreement template incorporating mandatory lending disclosures and terms under local banking regulations.
find out more
Cellphone Loan Agreement
A Philippine law-governed agreement establishing terms and conditions for cellphone lending arrangements, ensuring regulatory compliance and protecting all parties' interests.
find out more
Agreement Between Co Signer And Borrower
A Philippine law-governed agreement establishing rights and obligations between a co-signer and primary borrower in a lending arrangement.
find out more
Friendship Loan Agreement
A Philippine-compliant legal agreement formalizing a loan arrangement between friends or acquaintances, balancing legal protection with relationship preservation.
find out more
Deed Of Sale With Assumption Of Mortgage
A Philippine legal document that enables the sale of property while transferring existing mortgage obligations from seller to buyer, subject to Philippine property and banking regulations.
find out more
Hardware Loan Agreement
A Philippine law-governed agreement establishing terms for temporary hardware equipment loans, including maintenance, liability, and return conditions.
find out more
Peer To Peer Lending Agreement
A Philippine law-governed agreement establishing terms and conditions for peer-to-peer lending transactions between lenders and borrowers, ensuring regulatory compliance and protecting both parties' interests.
find out more
Loan Car Form
A Philippine-compliant legal document establishing terms and conditions for temporary vehicle lending between parties, including responsibilities, insurance, and liability arrangements.
find out more
Money Loan Agreement
A Philippine law-governed agreement establishing terms and conditions for monetary lending between parties, including loan amount, interest, repayment terms, and security arrangements.
find out more
Family Member Promissory Note
A legally binding promissory note under Philippine law that formalizes loan agreements between family members, establishing terms and conditions while maintaining familial considerations.
find out more
Acknowledgement Of Debt Agreement
A Philippine law-governed agreement where a debtor formally acknowledges their debt and agrees to specific repayment terms.
find out more
Balloon Loan Agreement
A Philippine law-governed loan agreement featuring regular installments with a larger final balloon payment, compliant with local banking regulations.
find out more
Discounted Payoff Agreement
A Philippine law-governed agreement where a creditor accepts a reduced sum as full settlement of an outstanding debt.
find out more
Salary Loan Agreement
A Philippine law-governed agreement establishing terms for a loan repaid through salary deductions, compliant with local banking and labor regulations.
find out more
Overagreement
A Philippine law-governed master agreement establishing the framework for ongoing business relationships and future specific agreements between parties.
find out more
Inter Corporate Loan Agreement
A Philippine law-governed agreement between corporate entities establishing terms for a corporate loan, including amount, interest, repayment, and security provisions.
find out more
Facility Letter Mortgage
A Philippine banking document that combines a credit facility offer with mortgage security arrangements, compliant with local banking and property laws.
find out more
Credit Terms Agreement
A Philippine law-governed agreement establishing credit terms between creditor and debtor, including payment conditions, interest rates, and security arrangements.
find out more
Assignment Of Loan Agreement
A Philippine law-governed agreement transferring loan rights and obligations from one lender to another, subject to local banking regulations and the Civil Code.
find out more
Employee Laptop Agreement
A Philippine-compliant agreement governing the provision and use of company laptops by employees, incorporating local data privacy and cybersecurity requirements.
find out more
Peer To Peer Lending Contract
A Philippine law-governed agreement for peer-to-peer lending arrangements, detailing loan terms and ensuring regulatory compliance with BSP requirements.
find out more
Promise Note
A legally binding document under Philippine law where one party promises to pay a specific sum of money to another party at a specified time or on demand.
find out more
Loan Repayment Letter
A formal written commitment under Philippine law to repay an outstanding loan according to specified terms and conditions.
find out more
Contract For Land Purchase
A legally binding agreement under Philippine law for the purchase and transfer of land ownership between parties, incorporating all necessary local legal requirements and restrictions.
find out more
Loan Novation Agreement
A Philippine law-governed agreement that replaces an existing loan agreement with a new one, either through party substitution or modification of core terms.
find out more
Private Lending Term Sheet
A term sheet outlining key terms and conditions for private lending arrangements under Philippine law.
find out more
Personal Loan Receipt
A Philippine-compliant document that evidences a personal loan transaction and outlines repayment terms between lender and borrower.
find out more
Payday Loan Contract
A Philippine law-governed agreement for short-term loans secured against future paychecks, detailing loan terms and ensuring regulatory compliance.
find out more
Loan Agreement With Guarantor
A Philippine law-governed agreement establishing loan terms between lender and borrower, secured by a guarantor's commitment.
find out more
Loan Agreement With Collateral
A Philippine law-governed agreement documenting a secured lending arrangement with detailed provisions for loan terms and collateral security.
find out more
Investment Loan Contract
A Philippine law-governed agreement establishing terms and conditions for an investment loan, including loan amount, interest rates, repayment terms, and security arrangements.
find out more
Facility Agreement
A Philippine law-governed agreement setting out terms and conditions for providing financial facilities from a lender to a borrower, compliant with BSP regulations.
find out more
Employee Laptop Loan Agreement
A Philippine-law governed agreement for the loan of company laptops to employees, establishing usage terms and compliance requirements.
find out more
Employee Forgivable Loan Agreement
A Philippine law-governed agreement establishing terms for an employer-provided loan to an employee that can be forgiven under specified conditions.
find out more
Employee Cash Advance Agreement
A Philippine-compliant agreement governing the terms of cash advances provided to employees and their repayment through salary deductions.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)