Payment Agreement Plan
Payment Agreement Plan
Written By: [Your Name]
I. Parties
Name of Creditor: [Your Company Name]
Contact Information: [Your Company Number]
Address: [Your Company Address]
Name of Debtor: [Debtor Name]
Contact Information: [Debtor Email], [Debtor Phone Number]
Address: [Debtor Address]
II. Acknowledgment of Debt
The Debtor acknowledges and agrees that it is indebted to the Creditor in the amount of $[Debt Amount] (the "Debt").
III. Payment Schedule
The Debtor agrees to repay the Debt to the Creditor in accordance with the following payment schedule:
Payment Date |
Payment Amount |
---|---|
[Payment Date 1] |
$[Payment Amount 1] |
[Payment Date 2] |
$[Payment Amount 2] |
[Payment Date 3] |
$[Payment Amount 3] |
[Payment Date 4] |
$[Payment Amount 4] |
[Payment Date 5] |
$[Payment Amount 5] |
IV. Additional Terms
-
Late Payments: In the event of a late payment, the Debtor agrees to pay a late fee of $100 for each late payment.
-
Methods of Payment: Payments may be made via bank transfer.
-
Prepayment: The Debtor may prepay the Debt, in full or in part, at any time without penalty.
V. Default
If the Debtor fails to make any payment in accordance with the payment schedule, the Creditor may declare the entire remaining balance of the Debt immediately due and payable.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [Governing Law State/Country].
VII. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[Your Company Name]
[Your Name]
[Your Title]
[Debtor Name]