A payment agreement, also referred to as a promissory note, is an agreement that sets forth the terms of a loan and its repayment. If you are considering borrowing or lending money from someone you know, you should draft a promissory note. This note explains the conditions of the loan, the interest amount, the parties involved in the loan, and when the loan is to be repaid. By having the agreement in writing and notarized, you ensure that all of the parties to the loan are in agreement.
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