A debt settlement contract is a legal agreement between a creditor and debtor which outlines the terms of a debt repayment plan. This contract typically states that the debtor must make a set number of payments to their creditor in order to settle their debt. The debt settlement contract will also include details about how the creditor and debtor can communicate throughout the duration of the agreement, as well as provisions for revising or terminating the contract if needed. This type of contract allows both parties involved in the debt transaction to have a clear understanding of their responsibilities and obligations, helping to ensure that all debts are paid off in an orderly and timely manner.