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We are in negotiations with a vendor that we owe $$ to that is going out of business (not bankrupcty but a "wind down of operations". We're about to agree to pay 75% of what was originally owed. We requested a letter be drawn up on vendor letterhead that says our debt is paid in full if we pay the agreed amount on schedule (over 6 weeks). Letter arrives with a paragraph that says that if we do not make each payment as scheduled, they will take legal action to collect the entire remaining balance from us, calculated at the original balance (100%) and that we may be liable for damages and any costs incurred to collect any outstanding balance. Is this legal to include?