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 yourself||Each 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:
|Looking for online contract templates||You 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 If they were posted to the platform a while ago, there’s a chance that they may even be outdated|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 you||Lawyers 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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Here’s how to try out this feature:
- and log in
- Search for the desired document and click on the result
- 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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