# Account Debtor Agreement
**This Account Debtor Agreement ("Agreement") is made and entered into as of [Date], by and between the following parties:**
**Creditor:**
[Creditor's Name]
[Creditor's Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Debtor:**
[Debtor's Name]
[Debtor's Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**RECITALS**
WHEREAS, the Debtor owes the Creditor a sum of money as detailed below; and
WHEREAS, the Creditor agrees to provide an account for collection of the debt from the Debtor, subject to the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, the parties agree as follows:
## 1. **Debt Acknowledgment**
The Debtor acknowledges an outstanding debt to the Creditor in the principal amount of $[Amount], which was incurred on or about [Date of Debt].
## 2. **Payment Terms**
The Debtor agrees to pay the above-mentioned debt according to the following payment schedule:
- **Initial Payment:** $[Amount] due on or before [Date]
- **Subsequent Payments:** $[Amount] due on the [Day] of each month for [Number] months until the total debt is satisfied.
Additionally, any payment received after the due date may include a late fee of $[Fee] as permitted by law.
## 3. **Method of Payment**
Payments may be made via the following methods:
- Check: Payable to [Creditor's Name]
- Bank Transfer: [Bank Account Details]
- Online Payment: [Payment Link or Method]
## 4. **Default**
In the event that the Debtor fails to make any payment within [Number] days of the due date, the following actions may be taken:
- The total remaining balance will immediately become due and payable.
- The Creditor may initiate collection proceedings as permitted by law.
## 5. **Governing Law**
This Agreement shall be construed in accordance with and governed by the laws of the State of [State], without regard to its conflict of law principles.
## 6. **Amendments**
This Agreement may be amended only by a written document signed by both parties.
## 7. **Entire Agreement**
This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, or negotiations whether written or oral.
## 8. **Severability**
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
## IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
**Creditor:**
Signature: ______________________
Print Name: ______________________
Date: ______________________
**Debtor:**
Signature: ______________________
Print Name: ______________________
Date: ______________________
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**Witness (Optional):**
Signature: ______________________
Print Name: ______________________
Date: ______________________
**Notary (If Required):**
State of [State]
County of [County]
Subscribed and sworn to before me on this [Date] by [Names of Creditor and Debtor].
Signature: ______________________
Notary Public
My Commission Expires: ________________
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*This document is for informational purposes only. It is recommended to consult with a legal professional before finalizing any legal documents.*