A Payment Agreement is a contract to repay a loan. Payment Agreements outline the important terms and conditions of a loan and help to document money that is owed to you or money that you owe to someone else. These documents typically specify the amount of the loan, the interest rate, the repayment terms and includes other specific provisions.
Agreements can fall apart, so when your money is involved you should take care to ensure you're protected. Whether you're the borrower or the lender, having everything clearly documented in writing can give you the extra assurance you need. Getting a Payment Agreement drafted is a great foundation for a smooth loan.
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