A Payment Agreement is a legally binding contract between a lender and a borrower through which the parties agree to a mutually acceptable repayment schedule. The document then serves as a receipt and includes the details of the loan, interest rates, and payment periods.
The agreement generally serves to ensure that the payment for the product or service rendered is made on time and in full. Failure to abide by the terms of the agreement counts as a breach of contract. Drafting a Payment Agreement and sticking to its terms will help you stay protected throughout the duration of the loan.
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