The Owing Party and the Owed Party intend to enter into an agreement under which the Owing Party will pay the sum of the defects on a payment plan as stated below. In the event that the owingParty cannot make payments in accordance with the payment plan, after reaching ten (10) days after the non-achievement of such a mandatory payment, the total amount of the default will be immediately due and payable. [Client.FirstName] [Client.LastName]][Client.Company] This payment agreement is entered into from [Date] between [Client.Company] with the head office under [Client.Address] (the “Owing Party”) and [Sender.Company] with the head office under [Sender.Address] (Owed Party), both of which agree to be linked to this agreement. . The parties heresafter accept the payment plan as described in Schedule A (the “payment plan”). The Owing Party undertakes to make payments to the due party in relation to the data in the payment plan. Any amendment to this agreement is only valid if it has been agreed in writing and by both parties. This convention and the interpretation of its terms are governed by state laws and are subject to the exclusive jurisdiction of the federal and regional courts of [County], [state] . The due party may cede the agreement to the Owing Party by written notification. In the case of such an assignment, the assignee may designate a new method of payment. Payments to the due party are made in accordance with the payment plan by [payment method].
If, for any reason, a provision of this agreement is found to be invalid, illegal or enforceable, the parties agree that this provision is deemed adopted and that the rest of the agreement is applied as if the provision adopted had never been included in the agreement. The Owing Party assures and guarantees that this agreement and its payment plan were drawn up so that the Owing Party reasonably believes it can pay the Owed Party without further interruption, despite a further change in circumstances. In return for the acceptance of this payment agreement, the due party releases all claims against the Owing Party at the time of this agreement. However, there is nothing in this agreement intended to exempt the Owing party from its obligation to pay the default in accordance with the payment plan outlined above, nor to limit the rights of the party due in the forfeiture of that default.