The payment arrangement agreement letter is one of the important documents that should be arranged for you to pay. This agreement probably is arranged between private parties, family members, friends, and colleagues. They use this agreement to ensure fair dealing when loaning or accepting the money.
What is the function of a payment arrangement agreement letter?
The payment arrangement agreement letter idea has an important role in your payment. This agreement will protect each party in various ways. It also will define clearly what the transaction is including the loan between friends. This letter will identify the parties and how much money is involved.
How to create a payment arrangement agreement letter
Since the role of this payment arrangement agreement letter template is important, you need to arrange it properly. When you are arranging this letter, you have to consider the steps to make it easy to read. Here are some of the steps to follow:
- When you are arranging this letter, you have to state clearly all the relevant information as it will become a binding contract
- The agreement also has to include the original debt owed and payment terms that work for the payee
- You have to write the letter with a positive circumstance for both parties
Tips to write a payment arrangement agreement letter
Furthermore, you also will need some tips to make your payment arrangement agreement letter format easy to read. Here are some of the tips that have to be followed.
- You have to include how and when the payment should be made and it has to be included
- The payee will sign the letter if they think that they can meet the payment terms
- Make your letter clear with good grammatical and spelling
The example of a payment arrangement agreement letter
To facilitate you in writing this letter, you can follow the payment arrangement agreement letter sample. This sample will lead you to write the proper letter.
Here is an example of the letter:
Dear Mr. Kenny
I am writing this letter to apologize for the extenuating circumstances that have affected the financial situation. Thank you for taking our call and please agree to follow the payment arrangement that has been discussed.
Current outstanding Debt: $178.25 for account number #4521; originally due March 28, 2015. The payee has been promised to pay back this total amount is $100 paid monthly. The first payment will be due on July 1, 2015. The final payment of $78.25 will be due on September 1, 2015.
If the payee fails to complete one of the payments, the total amount will be due immediately. Once paid you can any further claim on behalf of the service.
This agreement for a payment arrangement is agreed to by both parties and is valid on this date once both parties have signed.
Thank you for your consideration in this matter,
I have read and understood this agreement and voluntarily accept the term
That is all about a payment arrangement agreement letter. Your letter has to state clearly to make the readers easily understand your letter as well.