08Oct

Simple Payment Agreement

This PDF template for confidential agreements contains some of the essential parts of the contract, such as for example. B the cause of the establishment of the agreement, the protection of the parties, the conditions and restrictions. CONSIDERING that, by the goodwill of both parties, the debtor and the creditor intend to guarantee the amount of the debt by entering into a new agreement fixing the amount of $3,000.00 in a structured payment agreement on the conditions provided for thereof; A payment contract is a legally binding document between two parties: the lender and the borrower. It is done when a lender lends a certain amount of money to a borrower and accepts the terms of payment. The contract should contain information on how and when to make payments. It should also include any penalties or fees that have been discussed and agreed upon by both parties. Here are some reasons why you should draft such a document: the parties approve the planned payment plan, as well as the declaration of its contents in Appendix A of the Annex (the “Payment Plan”). The debtor must respect the schedule set and pay the creditor, before or on due date, the amount indicated in the “Payment Plan” table. It is also very important to include the total amount of money borrowed.

The amount is clear to both parties and no one can ask for anything else. If there is some interest, add this information as well. You can include it in the total amount or in the determined payments to be paid according to the agreed schedule. CONSIDERING that the guilty party and the due party wish to enter into an agreement under which the offending party pays the due party the sum of the default of a payment plan, in accordance with the conditions set out therein. At any time, when money is loaned, the production of such a document is an essential first step. Credit involves a lot of information exchange, but that doesn`t mean the process can`t be made easier. As long as you keep all the important data and details organized. If you keep the information organized in one place, you can avoid problems and confusion. Payment is preferably made to the creditor in accordance with the type indicated in the payment plan, but in any case, the debtor can choose his method of payment as he wishes.

For most payment plans, there is little or no interest as long as payments are made on time. This is a frequent incentive for the debtor not to stick to their payment plan. In the event that the accused party does not make payments in accordance with the payment plan, after reaching ten (10) days after the failure to make such a mandatory payment, the full amount of the default is immediately due and payable. . . .