Partial Payment Agreement
This Partial Payment Agreement ("Agreement") is entered into on this 17th day of December, 2050, by and between:
Creditor:
Name: [Your Company Name]
Address: [Your Company Address]
Phone: [Your Company Number]
Email: [Your Company Email]
Debtor:
Name: Jane Smith
Address: 456 Residential Lane, Apartment 12B, Cityville, State 54321
Phone: (987) 654-3210
Email: janesmith@email.com
The parties agree to the following terms:
1. Purpose of the Agreement
This Agreement acknowledges that the Debtor owes the Creditor a total outstanding amount of $10,000 ("Total Debt"). The Debtor agrees to make partial payments toward this debt as specified below.
2. Payment Terms
The Debtor agrees to pay the Creditor as follows:
Partial Payment Amount: $500
Payment Frequency: Monthly
Payment Due Date: Each payment shall be made on or before the 15th day of each month, starting on January 15, 2051.
Final Payment Due Date: All payments will continue until the Total Debt of $10,000 is paid in full, with the final payment due on or before December 15, 2054.
3. Payment Method
Payments shall be made via:
☐ Cash
☐ Bank Transfer (Account Number: 9876543210 - Bank: Cityville National Bank)
☐ Check (Payable to: [Your Company Name])
☐ Other: Online payment to [Your Company Email]
4. Acknowledgment of Partial Payment
The Creditor agrees to accept the partial payments outlined in this Agreement. Acceptance of partial payments does not waive the Creditor's right to recover the remaining balance owed.
5. Default
If the Debtor fails to make any partial payment on time as outlined in this Agreement:
The Creditor reserves the right to demand the full outstanding balance immediately.
The Creditor may take legal action to recover the remaining debt, including but not limited to interest, penalties, and legal fees.
6. Modification of Agreement
Any modifications to this Agreement must be in writing and signed by both parties.
7. Governing Law
This Agreement shall be governed by and construed by the laws of the State of Stateville.
8. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements, whether written or verbal.
Signatures
Creditor:
Name: [Your Name]
Date: January 1, 2050
Debtor:
Name: Jane Smith
Date: January 1, 2050
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