The Debt Waiver Agreement is a crucial document in Indonesian business and financial practice, used when a creditor decides to formally forgive or release a debtor from their obligation to repay a debt. This document is particularly relevant in scenarios of financial restructuring, corporate reorganization, or as part of broader debt settlement arrangements. The agreement must comply with Indonesian Civil Code provisions, especially Articles 1381-1395, and may require additional compliance with banking regulations if financial institutions are involved. The document typically includes detailed information about the debt being waived, representations from both parties, and comprehensive release provisions. In the Indonesian legal context, such agreements often require notarization and must consider specific local law requirements regarding debt forgiveness and its tax implications.
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1. Parties: Identification of the creditor (party waiving the debt) and debtor (party being released from the debt), including their full legal names, addresses, and authorized representatives
2. Background: Recitals explaining the existence of the debt, its origin, current amount, and the creditor's intention to waive the debt
3. Definitions: Definitions of key terms used in the agreement, including 'Debt', 'Waiver Date', 'Original Agreement', etc.
4. Debt Acknowledgment: Clear statement of the existing debt amount and its origins, including reference to any original loan agreement or other source of debt
5. Waiver Declaration: Express and unequivocal statement of the creditor's waiver of the debt, specifying the exact amount being waived
6. Effective Date: Specification of when the waiver becomes effective and any conditions precedent
7. Release and Discharge: Comprehensive release of the debtor from all obligations related to the waived debt
8. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the validity of the waiver
9. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and designation of competent courts
10. Execution: Signature blocks and execution requirements, including any notarization provisions
1. Partial Waiver Provisions: Required only if the waiver is for part of the debt rather than the entire amount
2. Tax Implications: Section addressing tax consequences of the debt waiver, particularly relevant for corporate debtors
3. Confidentiality: Provisions regarding confidentiality of the waiver terms, if required by either party
4. Related Party Arrangements: Required if the debt waiver affects other agreements or relationships between the parties
5. Corporate Approvals: Required for corporate entities, detailing internal approvals obtained for the waiver
6. Regulatory Compliance: Required if the waiver needs to comply with specific banking or financial services regulations
1. Schedule 1 - Debt Details: Detailed breakdown of the debt being waived, including principal, interest, and other charges
2. Schedule 2 - Original Debt Documentation: Copies or details of the original agreements or documents creating the debt
3. Schedule 3 - Corporate Authorizations: Copies of relevant corporate approvals or resolutions (if applicable)
4. Appendix A - Payment History: Record of payments made under the original debt arrangement
5. Appendix B - Release Documentation: Forms or notices required to be filed with relevant authorities or registries
Relevant legal definitions
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Relevant Industries
Banking
Financial Services
Corporate Finance
Real Estate
Manufacturing
Retail
Construction
Agriculture
Mining
Technology
Healthcare
Education
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit Management
Risk Management
Compliance
Tax
Corporate Secretariat
Debt Recovery
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Banking Officer
Credit Manager
Restructuring Officer
Financial Controller
Treasury Manager
Risk Manager
Compliance Officer
Tax Manager
Company Secretary
Managing Director
Debt Recovery Manager
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