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Document Description
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
How to use this Document?
A Creditor can use the Payment Agreement 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. Both parties may wish to have their signatures witnessed to avoid any future disputes.
The Creditor and the Debtor should carefully read this document.
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