Money Sample Agreement Between Two Parties – A payment agreement (or repayment agreement) describes a plan of payments to repay an outstanding balance that has accrued over a specified time frame. This is common when an amount is too much for a debtor to pay in one payment.
Recurring ACH Authorization – Often required as part of a payment agreement to automatically deduct funds from a debtor’s account.
Money Sample Agreement Between Two Parties
A payment plan is a way for someone to pay for something over a period of time. This is often when an amount that is unaffordable for an individual is owed, and the creditor gives payment over the course of months or years.
Payment Agreement Format
Under most payment plans, there is little or no interest as long as the payments are made on time. This is a common incentive for debtors not to default on their payment schedule.
Setting up a payment plan requires the consent of a creditor and debtor and defining the terms in an agreement. For outstanding balances, a payment plan is often the debtor’s “last chance” to clear a debt.
The debtor and creditor must come up with a payment arrangement that benefits both parties. There are two (2) types of payment plans:
After agreeing to owe the balance, the terms of the payment plan must be written in a simple agreement. There is often no security promised with the debtor’s incentive to pay either interest-free payments or a discount on the total balance.
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For payment plans consisting of more than $10,000, it is recommended for both parties to attach a notary acknowledgment to the agreement and sign it in the presence of a notary.
Use a credit card/ACH authorization form to obtain payment details from the debtor. Most lenders require the debtor to set up automatic payments that charge the debtor’s credit card or bank account for each payment period.
After the debt balance is paid in full, the debtor is released from all financial liability. This can be completed through a release form and can also be used by the debtor to remove any outstanding balances on their credit report.
Debtor: [DEBTOR’S NAME] with a mailing address of [MAILING ADDRESS] (“Debtor”) and acknowledges that they owe money to:
Memorandum Of Understanding (mou)
II. BALANCE. At the time of the Effective Date, the Debtor owes the Creditor $[AMOUNT] (“Current Balance”) of: (Check one)
☐ – Interested. The total amount will bear interest at a rate of [#]% compounded: (select one)
☐ – DO NOT bear interest. There is no interest associated with the total amount. The debtor’s only obligation to the creditor is to repay the principal balance.
IV. DISCOUNTED PROMISE. In consideration of the debtor’s faith to repay the current balance, the creditor agrees: (check one)
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☐ – DO NOT offer a discount amount. The debtor is required to pay the entire current balance (“Betrag Due”).
☐ – Offer a discount amount. The Creditor offers a reduced balance of $[AMOUNT] (“Amount Owed”) if the Debtor can repay the Creditor under the terms of this Agreement. If the Debtor should violate any of the terms of this Agreement, the Debtor will return to the Creditor the current balance in addition to other penalties, fees and accrued interest.
V. REIMBURSEMENT PLAN. The debtor agrees to repay the total amount to the creditor under the following: (check one)
☐ – Weekly payments. The Debtor agrees to repay the Creditor on [DAY] of each week until the end date of [DATE].
Agreements Between Two Parties Templates
☐ – Monthly payment. The debtor agrees to repay the creditor on [DAY] of each month until the end date of [DATE].
☐ – lump. The debtor agrees to repay the creditor in full on the date of [DATE].
VII. LATE PAYMENT. If the debtor is more than [#] days late for any payment, it is considered late. If a payment is late, the debtor will: (Check one)
☐ – A late payment. The debtor will be charged a late fee equal to: [LATE FEE AMOUNT]
Loan Agreement Template
☐ – Promise safety. The Debtor agrees to secure this Agreement by providing the following security: [DESCRIBE] (“Security”).
In the event that the debtor falls under this agreement, the creditor receives possession of the collateral: (check one)
☐ – Do not confirm security. This agreement is not secured by property or assets of the debtor.
IX. advance payment. If the debtor makes a payment before the due date, it will: (check one)
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☐ – A prepayment penalty. If the debtor makes a payment before the due date, there is a prepayment penalty of: (Check one)
☐ – No prepayment penalty. If the debtor makes a payment before the due date, there is no prepayment penalty of any kind.
X. MORE. No delay or omission on the part of the holder of this Agreement in exercising any right hereunder shall operate as a waiver of such right or of any other rights of such holder, nor shall any delay, waiver or waiver of any opportunity be deemed a delay . Prevention or denial of the same or other right on any future occasion. Creditor’s rights and remedies shall be cumulative and may be pursued individually, consecutively or together, at Creditor’s sole discretion.
XI. PAID. The creditor has the right to declare the total amount immediately, including interest, if one of the following events occurs:
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XII. DISPLACEMENT. The Obligor’s obligations under this Agreement are subordinated to all Indebtedness, if any, of the Obligation to any Unaffiliated Third Party Creditor to the extent such Indebtedness is outstanding on the date of this Agreement and such subordination is required under the Loan Documents so provided . debts.
XIII. WAIVERS OF DEBTOR. All parties to this Agreement, including the Debtor and all guarantors, endorsers and guarantors, hereby waive protest, presentation, notice of delay, and notice of acceleration of the due date and further agree to be bound to the payment of principal, interest to be. and all other sums payable under this Agreement notwithstanding any amendment or changes by release, capital, exchange, amendment or substitution of any security for this Agreement or by any extension or extension of time for the payment of principal- and interest rate; and all such parties waive any and all notice of such changes or modifications and agree that the same shall be made without notice or consent of any of them.
XIV. DISPUTE. In the event that any payment under this Agreement is not made when due, the Debtor agrees to pay, in addition to the principal and interest hereunder, reasonable attorneys’ fees not to exceed an amount equal to the maximum interest in the administrative state is. Law of the state then arise balance on the amount borrowed, plus any other reasonable expenses incurred by the creditor to exercise its rights and remedies in case of default.
XV. Arbitrability. If any provision of this Agreement or its application is invalid or unenforceable for any reason and to any extent, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected, therefore, but instead are to the maximum extent permitted by law.
Personal Investment Agreement
XVI. Government Act. This Agreement shall be interpreted and governed by the laws of the state of [GOVERNING LAW] (“Governing Law”).
XVII. OPF followers. All of the foregoing is the promise of the debtor and will bind the successors, heirs and assigns of the debtor and debtor; provided, however, that Creditor may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the holder of this Agreement.
XVIII. AGREEMENT IN FULL. This Agreement contains all terms agreed upon by the parties regarding its subject matter, including any appendices or appendices. This Agreement supersedes all prior discussions, understandings and oral agreements. The debtor and the creditor agree to the terms and are bound until the borrowed amount is repaid in full.
IN WITNESS WHEREOF, Debtors and Creditors have executed this Agreement on the day and year first above written.
Complete The Consignment Agreement Formfree Sample At Your Business And Sign It Electronically
The guarantor, known as [GUARANTEE NAME], agrees to be liable and pay the amount borrowed, including principal and interest, in the event of default by the debtor. The Guarantor agrees to be personally liable under the terms and obligations of the Debtor in this Agreement.
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