Debt Payment Extension Agreement

The agreement outlines new terms and conditions, including any revised payment amounts and deadlines, to reflect the extended time frame. It serves to document the mutual consent of the involved parties, ensuring the debtor's commitment to settle the debt and protecting the creditor's rights to recover the dues.

This extension agreement can help preserve the business relationship between the involved parties while offering some relief to the debtor struggling with financial difficulties. Additionally, it helps to formalize the adjusted repayment terms legally, offering clarity and security to both sides in the debt recovery process.