payment contract sample

this is common when an amount is too much to pay for a debtor in a single payment. this is often when an amount that is unaffordable to an individual is owed and the creditor allows payment over the course of months or years. this is a common incentive for the debtor to not default on their payment schedule. for outstanding balances, a payment plan is often the “last chance” for the debtor to clear a debt.







the debtor and creditor must come to terms with a payment arrangement that benefits both parties. for payment plans consisting of more than $10,000, it’s recommended for both parties to attach a notary acknowledgment to the agreement and sign in the presence of a notary public. use a credit card/ach authorization form to obtain the debtor’s payment details. this can be completed through a release form and may also be used by the debtor to clear any outstanding balances on their credit report. our support agents are standing by to assist you.

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.

we’ve created a free payment agreement template for you to use in your most important dealings. download our free template today. a payment agreement (or repayment agreement) outlines an installment plan to repay an outstanding balance that is made over a specified time frame. get our free payment agreement template. this agreement details payment terms between two parties typically related to business., simple payment agreement template between two parties, simple payment agreement letter, simple payment agreement letter, simple payment agreement template word, payment agreement letter sample.

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