This template is a settlement agreement and release between two or more parties. This Agreement shall be construed, interpreted, and enforced in accordance with the laws ofthe State ofMinnesota.Any action to enforce this Agreement shall be. This article provides a template for a debt settlement proposal letter and explains what a debt settlement letter should contain. The parties have reached the following agreement: Parties agree to the following payment schedule: Date Payment is. Due. This document contains general information. It is not legal advice. ______ Fulfill the terms of the settlement agreement in your case. It may be due to a mutually agreed upon contract. Someone owes you an obligation in some way.