Payment Agreement Example

A payment agreement It is a document that establishes a set of conditions by which a debtor can settle his debt with a creditor. Therefore, it can generally be said that it is a resource that helps to cancel a debt by establishing fixed terms of payment, which is undoubtedly attractive to the debtor and can even ensure full collection of the debt by the creditor. In this way, a payment agreement It is a document that can have legal effects, so its correct drafting is essential.

It is recommended that the payment agreement clearly stipulate the amount of the debt, the interest and late charges that have arisen from it as well such as the payment terms and the possible implications or consequences in the event that the debtor does not completely pay off the debt. It is then a document that is the result of the mutual agreement of the parties involved that clearly and precisely specifies the conditions of payment of the debt.

Payment agreement example:

PAYMENT AGREEMENT

The debtor RAMÍREZ ESPINOZA JOSÉ FRANCISCO, with official identification number 00987464981743 and the creditor PÉREZ SOTO MAURICIO, with Official identification number 8748794387954 we subscribe, through this document, a "Payment Agreement" that establishes the following:

First: The debtor accepts and agrees to pay the debt contracted with the creditor, which amounts to $ 100,000.00 m.n.

Second: By mutual agreement, the following payment plan is established:

The debtor will pay $ 2,770.00 monthly within a period of no more than 36 months from the start of this agreement.

Third: If the debtor defaults on any payment or does not fully cancel the debt contracted according to the stipulated term, the The creditor can immediately initiate the legal actions that it deems appropriate to collect the amount settled down.

This agreement is established on the 15th day of the month of August 2010 in Mexico City.

José Francisco Ramírez Espinoza Mauricio Pérez Soto