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A debt settlement agreement is a legal document that formalizes the renegotiation or settlement of a debt between a debtor and a creditor. This agreement typically reduces or eliminates the debtor's original debt, allowing the creditor to forgive a portion of it. In exchange for the debtor's final payment after the execution of the settlement, the creditor agrees to release the debtor from any remaining obligations under the original contract. Additionally, the creditor waives the right to pursue any legal action against the debtor related to the original agreement.
