Free Payment Arrangement Agreement Template
Payment Arrangement
This Payment Arrangement Agreement ("Agreement") is entered into as of January 15, 2050, by and between:
Creditor:
Name: [Your Company Name]
Address: [Your Company Address]
Phone Number: [Your Company Number]
Email: [Your Company Email]
Debtor:
Name: John Doe
Address: 456 Maple Street, Mountain View, CA 94040
Phone Number: (987) 654-3210
Email: john.doe@email.com
Whereas, the Debtor owes the Creditor the sum of $15,000.00 under the terms of an outstanding invoice dated October 12, 2049; and
Whereas, the Debtor has requested to enter into a payment arrangement to settle the debt over time.
Now, Therefore, the parties agree as follows:
Debt Amount
The total outstanding balance owed by the Debtor is $15,000.00 (the "Debt").
Payment Terms
The Debtor agrees to pay the Debt in installments according to the following schedule:
a. Amount of each installment payment: $1,500.00
b. Payment Frequency: Monthly
c. First Payment Due Date: February 1, 2050
d. Subsequent Payment Due Dates: The 1st of each month, starting from March 1, 2050, until the Debt is paid in full.
Payment Method
Payments shall be made by bank transfer to the following account:
Account Name: [Your Company Name]
Bank Name: Silicon Valley Bank
Account Number: 9876543210
Routing Number: 123456789
Late Payments
If the Debtor fails to make a payment by the due date, a late fee of $100.00 will be assessed. If payment is not received within 10 days after the due date, the full balance of the Debt shall become immediately due and payable.
Prepayment
The Debtor may pay off the Debt in full at any time without penalty.
Modification of Agreement
Any changes to this Agreement must be made in writing and signed by both parties.
Default
If the Debtor defaults on the payment arrangement, the Creditor may pursue legal action to collect the full Debt, including any associated costs and fees.
Governing Law
This Agreement shall be governed by and construed by the laws of the State of California.
Entire Agreement
This Agreement constitutes the entire understanding between the parties concerning the payment arrangement and supersedes any prior discussions or agreements related to the Debt.
Signatures:
John Doe
[Your Name]
[Your Company Name]
