Free Deferred Payment Agreement Template
Deferred Payment Agreement
This Deferred Payment Agreement ("Agreement") is entered into on this 1st day of January 2050, by and between:
Lender/Service Provider
Name: [Your Company Name]
Address: [Your Company Address]
Contact: [Your Company Number] | [Your Company Email]
Borrower/Client
Name: John A. Doe
Address: 456 Main Street, Suburbville, CA 90002
Contact: (555) 987-6543 | johndoe@mail.com
1. Total Amount Due
The total amount owed by the Borrower under this Agreement is $10,000.00 (the "Debt").
2. Deferred Payment Terms
The Lender agrees to allow the Borrower to defer payments of the Debt under the following terms:
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Deferred Payment Start Date: Payments will commence on March 1, 2050.
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Payment Schedule: The Borrower agrees to make payments in monthly installments of $1,000.00.
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Number of Payments: 10 payments will be made until the full amount is paid.
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Final Payment Due Date: December 1, 2050.
3. Interest
Interest will not accrue on the unpaid balance as long as payments are made on time.
4. Late Payments
If the Borrower fails to make any payment on time:
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A late fee of $50.00 will be applied.
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Interest will accrue at a default rate of 5% per annum on the overdue balance.
5. Prepayment
The Borrower may prepay the Debt, in part or in full, at any time without penalty.
6. Default
Failure to make a payment within 10 days of the due date shall constitute a default. Upon default:
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The Lender may demand immediate payment of the full outstanding balance.
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The Lender may pursue legal action or take any steps necessary to recover the unpaid balance.
7. Governing Law
This Agreement shall be governed by the laws of the state of California.
8. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements or discussions.
9. Signatures
Jolie Cassin
[Your Name]
[Your Company Name]
