This Agreement may be entered into and is legal and binding both in the United States and throughout Europe. This Agreement is legal and binding between the Parties as stated above. In the event of a dispute resulting in legal action, the successful Party will be entitled to its legal fees, including, but not limited to its attorneys’ fees, collection fees and the like. The failure by either Party to exercise any right, power, or privilege under the terms of this Agreement will not be construed as a waiver of any subsequent or future exercise of that right, power, or privilege or the exercise of any other right, power, or privilege.
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In the event any provision of this Agreement is deemed invalid or unenforceable, in whole or in part, that part shall be severed from the remainder of the Agreement and all other provisions should continue in full force and effect as valid and enforceable. The performance and obligations of either Party will not violate or infringe upon the rights of any third party or violate any other agreement between the Parties, individually, and any other person, organization, or business or any law or governmental regulation. Both Parties represent that they are fully authorized to enter into this Agreement. If the Debtor defaults on its payments and fails to cure said default within a reasonable amount of time, the Debtee will have the option to declare the entire remaining amount of Principal and any accrued interest, if applicable, immediately due and payable. The Parties agree this Agreement does not release the Debtor of any obligations to pay the Debt.ĭefault. By entering into this Payment Plan, the Debtee agrees to release the Debtor from any previous claims, actions, and/or liabilities due to the Debt. The Debtor represents and warrants this Payment Plan was developed in such a manner that the Debtor can make the required payments without causing further debt or detriment. The Parties agree to the following Payment Plan. The Debtor owes the Debtee $_ (the “Debt”). NOW THEREFORE, in consideration of the mutual promises, covenants, and conditions contained herein, the Parties agree as follows:ĭebt Amount. WHEREAS, the Debtee and the Debtor desire to enter into an agreement to memorialize this debt and an associated payment plan WHEREAS, the Debtor owes the Debtee a certain debt and This Payment Agreement (the “Agreement”) is entered into _ (the “Effective Date”), by and between _, with an address of _ (the “Debtee”) and _, with an address of _, (the “Debtor”), also individually referred to as “Party”, and collectively “the Parties.”
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