Before I respond to your inquiry, I must state that we have not spoken, I have not reviewed the relevant documents and facts, and I do not represent you. Therefore, my discussion below is not a legal opinion, but is informational only. Finally, my discussion applies only to issues to which Pennsylvania, New Jersey or Federal law apply, unless otherwise specified.
That being said, that is a fairly common piece of language in an agreement that forgives a portion of a debt owed upon payment - it essentially says that if you pay the lesser amount in full, you are free of further liability, but if you don't, you owe the full amount and their costs in collecting it. It adds those collections costs to your debt, essentially, which you may not owe now. If you believe you can pay as agreed, you should be fine. I haven't seen the whole agreement so cannot be entirely sure, however.
If you would like to discuss this matter further, please feel free to contact me at the below address(es) or telephone number.
/Christopher E. Ezold/
The Ezold Law Firm, P.C.
One Belmont Avenue,
Bala Cynwyd, PA 19004
I agree 100% with my colleague. The language you quoted is quite typical and permissible. It is the only way the company can protect itself if you do not pay the debt as agreed upon.
You should consider having legal representation to review the document and make sure you are protected.
This response does not create an attorney-client relationship and is not intended to provide legal advice for your specific situation.