Payment Plan Agreement - Download Free Template
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Payment Plan Agreement
By this contract, [BORROWER’S NAME] agrees to pay for the services rendered by [NAME OF THE LENDER], hereafter known as “Lender,” by the following schedule in exchange for [SPECIFY].
By this agreement, it is agreed that a payment of [SPECIFY AMOUNT] will be surrendered to the Lender every [WEEK/MONTH], for the next [SPECIFY THE NUMBER OF WEEKS/MONTHS] until the total of the payment required, which is [SPECIFY] has been delivered. The first payment will start [SPECIFY DATE] and will end [SPECIFY DATE]. The payment schedule will take the following form:
[
First Payment Date, Amount
]
[
Second Payment Date, Amount
]
[
Third Payment Date, Amount
]
[
Fourth Payment Date, Amount
]
[
Fifth Payment Date, Amount
]
[
Sixth Payment Date, Amount
]
These payments include any interest and other charges that may apply.
This agreement is binding, and failure to meet its terms will allow the Lender to take certain recourse. First, late payments will incur a fee of [SPECIFY] every [SPECIFY INTERVAL]. Insufficient payment and bounced checks will incur a fee of [SPECIFY].
In addition, the following terms and conditions apply: [ADD TERMS AND CONDITIONS].
By signing this agreement, all parties agree to the terms as described above. Alterations to this agreement can only be made by both parties and must be placed in writing. Both parties will receive a printed copy of this agreement and will be responsible for upholding its terms.
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(BORROWER)
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(Date) |
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(LENDER) |
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(Date) |