Letter of Agreement for Payment for Everything you Need

Playing with money is not a good idea. Sometimes, it leads you to the worst thing ever in your life. You just need to be careful when you have a problem with money. It can turn anything. Yet, sometimes in our life, we stuck at the condition borrowing money because we do not have any options. As borrower or lender, it is good for us to write a letter of agreement for payment. With this letter we know that it is legal and we have legal law in the future when something wrong happen.
Briefly, a letter of agreement for payment is to bind the lender and borrower in legal promise. Making a letter agreement for payment means a protecting both for lender and borrower. Thus, it is a good idea if you are deciding to write this letter since you may borrow or lend much money.
Well, let see how to write a simple letter of agreement for payment below:
  • First of all, making an agreement letter means you have to write a letter that is easily to understand for two parties. You can make a payment letter that only think one party. Thus, it will be easier when you overlook a sample of a letter agreement.
  • Make a tittle. You may not lend the money only for one party and there are more than one letter agreements for payment you have. Thus, write the tittle makes the agreement more specific. Yet, it is the basic standard in letter of agreement. Write the tittle at the center of the top at the letter. Make it different by bold it and different font size. It is okay when you write it with capital letter.
  • Make a schedule of payment. Fix the schedule of payment. The borrower should discipline in paying the money. Yet, in the letter you have to mention how much amount the borrower should pay, how long and how many times the borrower should pay it.
  • Be clear. Since it is a crucial thing, then you have to make a charge for being late. Well, you need to mention the penalty amount. It will make the borrower thinking twice to pay it.
  • The mode of payment. Well, some of us may like to have payment from the card, cash, or even via banking. Be clear with this part. Thus, both of you will have a great deal.

It is easy, isn’t it? Finally, let see this simple example of a letter of agreement for payment:

Date of Loan: October 14th, 2014
Due Date of Repayment: December 14th, 2014
Total Amount: $300

Terms of the Agreement:
I, Jane Jody, borrowed $300 on October 14th, 2014, from Jade Smith. The money was borrowed in a loan to be repaid in series of scheduled repayments. I, Jane Doe, will repay the entire amount of the loan, $300, in a series of scheduled payment of $100 each. These payments will be made by personal check to Jade Smith on October 30th, November 14th, and December 14th. The loan will be rapid in full by December 14th, 2014. If for any reason any scheduled repayment is late, a $5 per-day late charge will ensue until the entire amount of the scheduled repayment, with additional late fees, is paid.

The promisor and the payee agree to the payment agreement terms listed above.

Signed:
______________________________________________
Promisor’s SignatureDate
______________________________________________
Promisor’s Printed NameDate
______________________________________________
Payee’s SignatureDate
______________________________________________
Payee’s Printed NameDate

Installment Payment Agreement Letter

Installment Payment Agreement Letter

Letter Of Agreement For Payment Of Debt

Letter Of Agreement For Payment Of Debt

Payment Agreement Contract 

Payment Agreement Contract

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Payment Agreement Letter Between Two Parties

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Personal Payment Agreement Letter

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