Sample Agreement To Repay Money

The beneficiary and the promiser agree with the payment agreement defined above. Use such a template if: There may be cases when the borrower is not able to pay on time. If this happens, the agreement should contain information on what to do. As a lender, you can ask the borrower to pay a penalty for late payment. If not, you can also define a process for managing late payments. You can either set an additional deadline or immediately request a penalty if the payment is made to you. While loans can occur between family members — what`s called a family credit agreement — this form can also be used between two organizations or entities that have a business relationship. It is strongly recommended that the agreement be notarized or, at the very least, certified and signed by an impartial third party.

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