Free Payment Agreement Form

The Parties

This Payment Agreement ("Agreement") is entered into as of Month Day, Yearby and between [Your Company Name]with a primary place of business at [Your Company Address] ("Creditor"), and Debtor's Name, located at Debtor's Address ("Debtor").

WHEREAS, the Creditor has agreed to provide credit to the Debtor under the terms and conditions specified in this Agreement;

WHEREAS, the Debtor agrees to repay the credit amount in accordance with the payment schedule and method defined herein;

WHEREAS, both parties have agreed to the terms set forth in this Agreement;

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

Purpose of Credit

The credit provided by the Creditor to the Debtor is for the purpose of .

Payment Schedule

The Debtor agrees to repay the total amount of Amount in No. of payments installments, each in the amount of Installment Amount, starting on Month Day, Yearand continuing on the Day of each month thereafter until the full amount is repaid.

Payment Method

Payments shall be made via Payment Method to [Your Company Name] at [Your Company Address] or such other place as the Creditor may designate in writing.

Penalties and Late Fees

In the event of late payment, the Debtor agrees to pay a late fee of Amount/percentage for each installment that is overdue. If the Debtor fails to make a payment within No. of days after its due date, the Creditor reserves the right to apply additional penalties and/or interest at a rate of Interest Rate per Frequency until the overdue amount is paid in full.

Amendments

This Agreement may only be amended in writing. Any such amendments must be signed by both parties. No verbal agreements or other forms of modification shall be valid.

Severability

If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will continue to be valid and enforceable.

Governing Law and Dispute Resolution

This Agreement shall be governed by and construed in accordance with the laws of the state of State Name. Any disputes arising under or in connection with this Agreement shall be resolved through Alternative Dispute Resolution process.

Signatures

By signing below, the parties acknowledge that they have read, understand, and agree to all terms and conditions of this Payment Agreement.

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