Printable Simple Payment Agreement Template

This payment agreement is entered on [Document.CreatedDate] between [Sender.FirstName]​[Sender.LastName], hereby referred to as the "creditor" with an address of [Sender.StreetAddress], [Sender.City], [Sender.PostalCode], and [Client.FirstName]​[Client.LastName], hereby referred to as the "debtor" with an address of [Client.StreetAddress], [Client.City], [Client.PostalCode], collectively referred to as the "parties."

This agreement sets forth the specific terms and conditions under which the debtor will repay a loan or debt made by the creditor to the debtor. These terms include but are not limited to:

Amount

The creditor will loan the debtor a total of $(Insert Amount) dollars, to be paid back in full by the due date of (Insert Date). The interest rate for this loan is (Insert Rate)%.

Payment Schedule and Method

The repayment term for the debt will be (Insert Number) months, beginning on (Insert Date).

The debtor will make monthly payments of $(Insert Amount), to be paid via (Insert Method) on the (Insert Date) of each month, beginning on (Insert Date).

Late Fees and Other Penalty Clauses

If the debtor misses any payments or is late on any payment, he or she will be subject to a late fee of $(Insert Amount). In addition, if the debt remains unpaid for more than (Insert Number) days past its due date, the creditor reserves the right to pursue legal action against the debtor to collect the outstanding debt.

Termination Clause

This agreement will remain in effect until the debtor has fully repaid all amounts. If either party wishes to terminate the agreement before full repayment of the loan, they must provide written notice of their intent to terminate at least (Insert Number) days before the expected repayment date.

Governing Law

This agreement will be interpreted, governed, and construed under the laws of [Sender.State].

Severability Clause

If any term or condition of this agreement is found to be invalid or unenforceable, the remaining terms and conditions will remain in full force and effect.

Dispute Resolution Clause

In the event of a dispute arising from this agreement, the parties will attempt to resolve the disagreement through mediation and negotiation. However, if these efforts fail and either party wishes to pursue legal action against the other, they must submit their claim to court in [Sender.State].

Agreement

This agreement is made between the parties as of the date shown above, and it represents their complete understanding regarding the repayment of any loan or debt made to the creditor by the debtor. Both parties agree to abide by all terms and conditions outlined in this document, and they further agree that this agreement constitutes a legally binding contract under applicable law.

By signing below, the parties acknowledge their understanding of this agreement and their intent to be bound by its terms.