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The Partial Payment Agreement Letter is a crucial document used when a debtor requires modification of original payment terms but acknowledges the debt obligation. Commonly used in Indian business and financial transactions, this document provides a formal framework for debt settlement through installments or partial payments. It serves multiple purposes: documenting the debtor's acknowledgment of the debt, establishing a new payment schedule, and protecting both parties' interests under Indian law. The letter typically includes the original debt amount, agreed-upon payment terms, consequences of default, and any applicable interest calculations. This document is particularly relevant in scenarios where full immediate payment isn't feasible, but both parties wish to maintain a professional relationship while ensuring legal compliance with Indian financial regulations and contract law.

1. Letter Header: Includes date, sender's details, recipient's details, and subject line

2. Opening Statement: Reference to original debt and current situation

3. Debt Acknowledgment: Clear statement of the total outstanding amount and its origin

4. Payment Terms: Detailed breakdown of the partial payment arrangement including amounts and dates

5. Default Provisions: Consequences of missing payments or breaching the arrangement

6. Confirmation Request: Request for countersignature or acknowledgment of the terms

7. Closing: Signature block and contact information