a payment agreement template is an important document which outlines all the terms and conditions of a loan. it’s a formal written document between two parties, usually referred to as the lender and the borrower. now let’s move on to the components of such a document so that you know what to write when you are drafting one. the borrower owes the lender a certain amount of money, referred to as the deficiency. this is so that the amount is clear to both parties and neither can claim otherwise.
the terms of payment are important so both borrower and lender are aware of what is to be expected. this component is essential so that both parties know when the agreement will be completed. it’s made when a lender loans a specific amount of money to a borrower and they agree to the terms of payment. so now let’s move on to the last section which will guide you as you are creating this document. making the document and having it notarized means that the parties involved are in agreement with everything which is written.
this payment agreement (the “agreement”) is entered into ____________________ (the “effective date”), by and between ________________________, with an address of _____________________________ (the “debtee”) and _________________, with an address of _______________________________, (the “debtor”), also individually referred to as “party”, and collectively “the parties.” whereas, the debtee and the debtor desire to enter into an agreement to memorialize this debt and an associated payment plan; now therefore, in consideration of the mutual promises, covenants, and conditions contained herein, the parties agree as follows: the debtor represents and warrants this payment plan was developed in such a manner that the debtor can make the required payments without causing further debt or detriment. the parties agree this agreement does not release the debtor of any obligations to pay the debt. if the debtor defaults on its payments and fails to cure said default within a reasonable amount of time, the debtee will have the option to declare the entire remaining amount of principal and any accrued interest, if applicable, immediately due and payable. both parties represent that they are fully authorized to enter into this agreement. the performance and obligations of either party will not violate or infringe upon the rights of any third party or violate any other agreement between the parties, individually, and any other person, organization, or business or any law or governmental regulation. in the event any provision of this agreement is deemed invalid or unenforceable, in whole or in part, that part shall be severed from the remainder of the agreement and all other provisions should continue in full force and effect as valid and enforceable.
the failure by either party to exercise any right, power, or privilege under the terms of this agreement will not be construed as a waiver of any subsequent or future exercise of that right, power, or privilege or the exercise of any other right, power, or privilege. in the event of a dispute resulting in legal action, the successful party will be entitled to its legal fees, including, but not limited to its attorneys’ fees, collection fees and the like. this agreement is legal and binding between the parties as stated above. the parties each represent that they have the authority to enter into this agreement. the parties agree that this agreement shall be governed by the state and/or country in which both parties reside/do business. the parties acknowledge and agree that this agreement represents the entire agreement between the parties.
a payment agreement (or repayment agreement) outlines an installment plan to repay an outstanding balance that is made over a specified time frame. a payment agreement is a legal contract detailing the terms of installment payments between the lender (the creditor) and the payer (the debtor). a payment agreement contract is drafted to for situations where one party, known as the borrower,, sample payment agreement between two parties, simple payment agreement template pdf, simple payment agreement template pdf, simple payment agreement template, payment agreement contract pdf.
a payment plan is used to set up an installment plan between a lender and a borrower. download your free payment plan agreement form here. an agreement detailing payment terms between two parties sections include payment amount, payment schedule, parties involved, and more created (and approved) use it for rental agreements, purchase agreements, a personal loan, real estate transactions, equipment lease agreements, payment plan agreements, or a general, payment agreement sample, simple payment agreement template word, letter of agreement for payment of debt, payment agreement letter sample, printable simple payment agreement template, monthly payment agreement template, payment agreement template doc, personal payment agreement letter, sample letter of installment payment agreement, partial payment agreement letter sample.
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