When one party agrees to provide goods, services or money to another party the promise to pay letter is an indispensable component of the transaction. This document clearly and legally defines the agreement between the parties and may be used as evidence in a lawsuit if one of the parties fails to uphold their side of the bargain. These documents don't have to be long or complicated. However, it's essential that they include a few basic elements so that the terms can be understood and interpreted by anyone who reads them. Sometimes called a or an, a promise to pay letter defines a transaction between at least two parties. Such agreements are common between companies that are agreeing to exchange money for goods or services. These documents also may be utilized by insurance companies who ask customers to agree to certain payment terms. Payment agreements may also be arranged between private parties. Friends, family members and colleagues may all use these documents to help ensure fair dealings when loaning or accepting money. The payment agreement protects each party in various ways. It clearly defines what the transaction is, such as a loan between friends. Beyond the shortcuts, the desktop app doesn't really offer any new services to set it apart from the web version, and it doesn't have calling capabilities. A number of keyboard shortcuts, including Ctrl (Command on a Mac) + Shift + M to mute a conversation and Ctrl + Shift + U to change the read status of a message, make the desktop app an enhanced version of WhatsApp Web. Whatsapp for business on mac. Response letter to installment payment proposal. INSTALLMENT PLAN INFORMATION SHEET INTRODUCTION The Offer in Compromise program allows for installment payments under an agreement not to exceed five years. If you can't pay a debt off immediately, ask the creditor or debt collector to agree to a monthly payment. Sample letter requesting a. It identifies the parties and how much money is involved. It further delineates how and when the money will be paid back. For instance, the party loaning the money may require that the borrower pay them back with a cashier's check while prohibiting the use of a personal check. Moreover, the agreement may define what sort of penalty is involved if the money is not paid back as agreed upon. ![]() Interest rates are not always a part of these agreements. If the borrower will be required to pay interest, then this should be defined in the agreement, including how the interest will be calculated. Strongly Recommended It is strongly recommended that the agreement be notarized or at least witnessed and signed by an impartial third party. This makes the agreement easier to defend in court, and makes it less likely that the document will be tampered with later. Each party to the agreement should receive a fully-executed copy for their files. This level of detail is necessary for the protection of both parties because it makes it far less likely that disputes will arise. The promisor, the party borrowing the money, receives the assurance that the payee, the party loaning the money, will not claim that the loan was actually for a much larger amount. Written Agreement Moreover, the written agreement makes it possible for the payee to prove that the promisor had a well-defined payment plan and that they did not comply with the schedule. Accordingly, it is less likely that litigation will arise from a dispute, and if litigation does occur, then the agreement may be what the court relies upon to make a decision. A single page document is all that is required to make a binding promise to pay letter. The following example is a template that can be easily customized to suit a variety of transactions. ![]() Sample 1 - Promise to Pay Letter Full, legal name of Payee Full, legal name of Promisor Loan Date Total Amount of Loan Final Due Date for Repayment Agreement Terms: I, Payee Name ('Payee'), borrowed $1,000 from Promisor Name ('Promisor') on Loan Date. By signing this agreement both Payee and Promisor acknowledge that Payee will pay back Promisor using the following payment schedule. Payee agrees to repay Promisor with a personal check for $100 on the first of each month for 10 months beginning with January 1, 20__. The last payment will be made October 1, 20__, at which time the loan will be fully repaid. Payee further agrees to pay a $35 per week late charge for every week that payment is delayed after the first of the month. This $35 late charge may be prorated as a $5 per day charge for each day that the payment is late for segments of time shorter than seven days. Both Payee and Promisor agree to the payment agreement defined above. Signed: Signature of Payee with Date Signature of Promisor with Date Signature of Witness or Notary with Date. Sample 2 - Promise to Pay Letter PAYMENT AGREEMENT FULL NAME OF PAYEE FULL NAME OF PROMISOR DATE OF LOAN DATE REPAYMENT IS DUE TOTAL AMOUNT DUE TERMS OF AGREEMENT: I, FULL NAME, borrowed $500 from FULL NAME on DATE. At our site you will find many other games of different genres, from racing and action to the logic and gambling apk games. Download free app Beyblade HD for mobile phone via PC or QR code. To get best games for Android, top 10 just sort games by Popularity. Send a friend a reaction animated gif images or download it. 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