Debt Settlement Agreement
Debt Settlement Agreement of LLP “ISAC ARBITRATION”
Almaty.“____” ___________ 201___ year
LLP “_______________”, represented by the director _________________(Full Name), acting on the basis of the Charter, hereinafter referred to as “Party-1”, on the one side, and ____________________________________, hereinafter referred to as “Party-2”, on the other side, hereinafter collectively referred to as the Parties or as stated above, have entered into this agreement as follows:
- The Parties acknowledge and agree that Party-2 has accumulated a debt to Party-1 in the amount of __________________________ (___________) tenge.
- The Parties acknowledge and agree that the debt amount specified in paragraph 1 of this Agreement will be paid by “____” _____________ 20____ year.
- In case of debt formation, Party-1 has the right, starting from the following day, to apply to the arbitration for early collection of the full amount of debt (as specified in paragraph 1 of the Agreement, minus previously made payments). Party-2 agrees to reimburse Party-1 for court expenses and costs (including commission fees for debt collection services), as well as, at Party-1's discretion, penalty fees, which will be 1% (one percent) of the debt amount for each calendar day of delay until the debt is fully paid.
- Any disputes and/or disagreements arising from or in connection with this Agreement shall be finally resolved in the “Arbitration City of Astana” in accordance with the current Rules. The arbitration panel will consist of one arbitrator. The place of arbitration proceedings is the city of Astana. The language of the arbitration proceedings will be Russian. This Agreement is governed by the norms of substantive law of the Republic of Kazakhstan.
- This Agreement enters into force upon its signing by the Parties and remains in effect until the Parties have fully fulfilled their obligations.