Agreement Letter for Payment Between tow Parties

[Your Name/Company Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Date]

To,
[Recipient’s Name/Company Name]
[Recipient’s Address]
[City, State, ZIP Code]

Subject: Agreement Letter for Payment Between Two Parties

Dear [Recipient’s Name],

This Agreement is made and entered into on [Date] by and between:

1. Party 1 (Payee): [Full Name/Company Name], located at [Address] (hereinafter referred to as the “Payee”).
2. Party 2 (Payer): [Full Name/Company Name], located at [Address] (hereinafter referred to as the “Payer”).

Both parties agree to the following terms regarding the payment of $[Total Amount]:

Terms of Payment Agreement

1. Payment Amount & Purpose:
   • The total agreed payment amount is $[Total Amount] for [Goods/Services/Loan/Other Purpose].
2. Payment Schedule:
   • Initial Payment: $[Amount] due on [Date].
   • Remaining Balance: To be paid in [Lump sum/Installments] as follows:
     • First installment of $[Amount] due on [Date].
     • Second installment of $[Amount] due on [Date].
3. Mode of Payment:
   • Payments shall be made via [Bank Transfer/Cheque/Cash] to the following account:
     • Bank Name: [Bank Name]
     • Account Holder’s Name: [Payee’s Name]
     • Account Number: [Account No.]
     • SWIFT/IFSC Code: [Code] (if applicable).
4. Late Payment Clause:
   • If the Payer fails to make payments as agreed, a penalty of $[Late Fee Amount] per [day/week/month] shall apply.
   • If payment is not received within [Number] days of the due date, the Payee reserves the right to terminate the agreement and take legal action.
5. Acknowledgment of Payment:
   • The Payee shall provide a written acknowledgment for each payment received.
6. Legal Considerations & Dispute Resolution:
   • Both parties agree to resolve any disputes arising from this agreement through [Arbitration/Mediation/Court] in [Jurisdiction].

By signing this agreement, both parties acknowledge and accept the stated terms and conditions.

Party 1 (Payee)
Signature: _______________________
Name: [Payee’s Name]
Date: _______________

Party 2 (Payer)
Signature: _______________________
Name: [Payer’s Name]
Date: _______________