How To Create a Top-Level Money Agreement Between Two Parties Effortlessly

Standardized Legal Documents How To Create a Top-Level Money Agreement Between Two Parties Effortlessly

Money Agreement Between Two Parties Made Simple

Lending or borrowing money is a tricky business, and there’s always a chance that something may go wrong. Regardless of whether you are a lender or a borrower, you will want to secure your rights and agree upon the conditions of the loan with the other party. For this purpose, you need a specific legal document—a money agreement between two parties—to seal the deal in the right way. 

Since writing such a contract yourself can be difficult, we will walk you through some essential tips for making one yourself. Read our guide and find out everything you should know about this agreement but were afraid to ask!

What Is a Money Agreement? 

A money agreement, also known as a payment agreement, is a contract that stipulates the rules and conditions of performing a specific money transaction—usually a loan. Once the borrower’s loan request is approved, the parties negotiate the terms that will be beneficial for both of them and put them into writing. With such a document, both the lender and borrower are more aware of their duties and able to resolve any misunderstanding by referring to the contract clauses.

When Should You Sign a Money Agreement?

You may need a money agreement between two parties if you:

  • Need to borrow a specific sum from somebody
  • Want to lend somebody a certain amount and be sure that it will be returned accordingly
  • Must make a schedule of amortization
  • Strive to keep track of your monthly payments and interests that await you

How To Compose a Money Agreement Between Two Parties

Here’s a table showing the methods you can use for drafting a money agreement:

Drawing up an agreement by yourselfEach money agreement differs depending on the case, but there are some recommended sections you can always use while composing a contract yourself. You should cover:

  • Information about the signing parties, including names and physical addresses
  • Effective date
  • Purpose of the contract
  • Terms of the agreement, including:
    • Payment amount
    • Payment schedule
    • Interest rates
  • Collateral clause
  • Penalties for late or missing payments
  • Warranty information
  • Termination clause
  • Applicable laws
  • Signatures of both signing entities
Looking for online contract templatesYou can find various online samples and templates, but not all of them are always suitable for a specific case. They are often too generic, or they don’t contain all the clauses you need. If they were posted to the platform a while ago, there’s a chance that they may even be outdated
Hiring a professional to draft the document for youLawyers know how to create a valid and complete agreement since they are familiar with the applicable laws and specific language. The bad news is that this service isn’t the best option if you have a tight budget. It may take several hundred or thousands of dollars from your pocket

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Trying to write a contract or any other legal document by yourself can be quite frustrating unless you are acquainted with related legal terms and governing laws. If dealing with the matter on your own makes you anxious, it’s time for you to try out DoNotPay and forget all other solutions!

We have come up with an AI-based app that can help you get various fully customized contracts and other legal documents in a few taps! Don’t spend hours drafting your agreements manually and risk compromising the validity of your document with the slightest error. Once you provide us with a few essential pieces of information, our AI bots will generate a proper personalized document according to all applicable state laws.

You can choose between many real estate, business, and other legal documents, including:

How To Generate a Legal Document With DoNotPay

Here’s how to try out this feature:

  1. and log in
  2. Search for the desired document and click on the result 
  3. Add some details related to the contents of your contract

After getting your ready-made agreement, make sure you sign it or have it notarized if necessary!

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Another handy feature we offer is the Notarize Any Document service that helps you schedule a meeting with a remote notary hassle-free by picking the time that works best for you. You don’t need to adapt to the notary’s schedule anymore. We can connect you with the authorized officials that work 24/7 and can notarize your documents whenever you need them!

To book a meeting using our app, follow these steps:

  1. Go to Notarize Any Document
  2. Upload the e-version of the document that needs notarization
  3. Type in your email address

We’ll send a link to a timetable to your inbox—all you should do is mark the desired time!

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