- 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.
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.
Promisor’s Printed NameDate
Payee’s Printed NameDate