Forgiveness Agreement
/fər-ˈgɪv-nəs ə-ˈgri-mənt/
Definitions
- (n.) A legally binding contract in which one party agrees to waive its right to collect a debt or enforce an obligation against another party.
The creditor and debtor executed a forgiveness agreement to settle the outstanding loan without further claims.
Forms
- forgiveness agreements
Related terms
See also
Commentary
Often used in financial or settlement contexts to formalize debt discharge or obligation waiver; clarity on scope and conditions is crucial to avoid future disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.