INSTALLMENT PAYMENT AGREEMENT



This Agreement is made on [Day] day of [Month], [Year]



PARTIES



Creditor (First Party): [Title] [First Name] [Last Name] / [Company/Business Name] Registration No. [Registration Number] (if applicable), Address: [Street Number] [Street Name], [City], [State] [ZIP Code], Phone: [Phone Number], hereinafter referred to as the "Creditor"



Debtor (Second Party): [Title] [First Name] [Last Name], ID/SSN: [ID/Social Security Number], Address: [Street Number] [Street Name], [City], [State] [ZIP Code], Phone: [Phone Number], hereinafter referred to as the "Debtor"



RECITALS



WHEREAS, the Debtor owes the Creditor the sum of $[Principal Amount] ([Amount in Words]) for [Description of Goods/Services/Debt];



WHEREAS, the parties desire to establish terms for the repayment of said debt through installment payments;



NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:



ARTICLE 1: DEBT ACKNOWLEDGMENT



1.1 The Debtor acknowledges and agrees that they owe the Creditor the principal amount of $[Principal Amount] as of the date of this Agreement.



1.2 Interest shall accrue on the outstanding balance at a rate of [Interest Rate]% per [annum/month], calculated on a [simple/compound] basis.



1.3 The total amount to be repaid, including principal and interest, is $[Total Amount] ([Total Amount in Words]).



ARTICLE 2: PAYMENT SCHEDULE



2.1 The Debtor agrees to repay the total amount in [Number of Installments] equal installments of $[Installment Amount] each.



2.2 Payments are due on the [Day of Month] day of each month, beginning [First Payment Date] and continuing until the debt is paid in full.



2.3 The final payment of $[Final Payment Amount] is due on [Final Payment Date].



ARTICLE 3: PAYMENT METHOD



3.1 Payments shall be made by [Payment Method - Cash/Check/Bank Transfer/Credit Card] to the Creditor at [Payment Address/Account Details].



3.2 Payments received after [Time - e.g., 5:00 PM] or on non-business days will be credited on the next business day.



ARTICLE 4: LATE PAYMENT PENALTIES



4.1 If any payment is more than [Grace Period Days] days late, the Debtor shall pay a late fee of $[Late Fee Amount] or [Percentage]% of the overdue amount, whichever is greater.



4.2 Additional interest of [Default Interest Rate]% per month shall accrue on any overdue amounts.



ARTICLE 5: DEFAULT AND ACCELERATION



5.1 The Debtor shall be in default if:

a) Any payment is more than [Default Days] days overdue;

b) The Debtor becomes insolvent or files for bankruptcy;

c) The Debtor materially breaches any other term of this Agreement.



5.2 Upon default, the Creditor may declare the entire unpaid balance immediately due and payable, and may pursue all legal remedies available at law or in equity.



ARTICLE 6: PREPAYMENT



6.1 The Debtor may prepay the outstanding balance in whole or in part at any time without penalty.



6.2 Prepayments shall be applied first to accrued interest, then to principal.



ARTICLE 7: SECURITY AND COLLATERAL



7.1 As security for this debt, the Debtor grants the Creditor a security interest in [Description of Collateral] (if applicable).



7.2 The Debtor warrants that they have clear title to the collateral and that it is free from other encumbrances.



ARTICLE 8: GENERAL PROVISIONS



8.1 This Agreement shall be governed by the laws of [State/Country].



8.2 Any disputes arising from this Agreement shall be resolved through [arbitration/litigation] in [Jurisdiction].



8.3 This Agreement may not be modified except in writing signed by both parties.



8.4 If any provision of this Agreement is deemed invalid or unenforceable, the remainder shall remain in full force and effect.



SIGNATURES



IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written above.





CREDITOR:



Signature: _________________________ Date: _____________

Print Name: [Creditor Name]





DEBTOR:



Signature: _________________________ Date: _____________

Print Name: [Debtor Name]





WITNESS:



Signature: _________________________ Date: _____________

Print Name: [Witness Name]