The Payment Agreement Contract is a legal document that contains the details of payment plans or terms and conditions of loan for payments. It is made between two entities, payer and payee, and bounds the both to follow the agreement. It includes the payment schedule, due amount of payment, interest rate and any other conflicting issue that can arise during the period of the loan. It includes all the required details about the loan and the payment plan that is applicable for a fixed period of time. It saves both the entities involved in the lending process form any type of harm or damage. Keeping in view its contents one can consider it as a detailed slip of the loan.
How to write a Payment Agreement Contract
A payment agreement contract is a form of the promissory note that encloses the terms and conditions for the loan and its reimbursement. First of all, if you find one of your loved ones in financial crises, decide whether you want your money back or willing to consider it a gift to help your loved one. If you decide to lend a loan then you must define the terms and conditions that will be applicable for repayment of the loan. In this regard second party can also be included in the discussion. You must make a written contract with the borrower that fulfills all the legal requirements.
It should include the following major points along with variable minor points.
- Enter the names of the payer and payee clearly along with their names and the date
- Define the amount of loan and interest also that will be payable till the maturity of the agreement.
- Include the terms and conditions that are agreed upon by both the entities
- Include the payment plan
- Get the contract signed by both the entities and legal witnesses
Create your own Payment Agreement Contract by using the following template,
( Copyright by printablecontracts.com )
Download Payment Agreement Contract Template in PDF, Open Office Writer (.ODT) and Microsoft Word (.DOC) format.