The Payment Agreement records the outstanding debt amount and sets out a payment plan for the Debtor to make the payments in several scheduled instalments to the Creditor without any interruptions. The agreement is drafted in neutral form.
The Agreement includes:
(a) Acknowledgement of the debt
(b) Payment Plan i.e. a debt repayment schedule including the method of payment is outlined in Annexure A to the Agreement
(C) Late Payment Fee
(D) Consequences of default in payment
The Payment Agreement can be used by a Creditor to outline the debt repayment schedule for the Debtor.
The total debt amount, payment method, instalment amount and the due date should be specified in the Agreement.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
This document should be carefully read by the Creditor and the Debtor.
1. Click the “Create Document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account.
2. Please fill in any additional information by following the step-by-step guide on the left-hand side of the preview document and click the “Next” button.
3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.
4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.
default in payment,
DocPro Legal is a team of legal professionals with a passion for making quality documents and legal contract templates widely available to the public through cutting edge technology. Our lawyers are qualified in numerous common law jurisdictions including the United Kingdom, Australia, New Zealand, India, Singapore and Hong Kong. We have experience in major law firms and international banks with expertise in business, commercial, finance, banking, litigation, family, succession and company laws.
Not the right document?
Don’t worry, we have thousands of documents for you to choose from: