# Account Stated Agreement
**This Account Stated Agreement ("Agreement") is entered into as of [Date] by and between:**
**[Party A Name]**
[Party A Address]
[City, State, Zip Code]
(Hereinafter referred to as "Party A")
AND
**[Party B Name]**
[Party B Address]
[City, State, Zip Code]
(Hereinafter referred to as "Party B")
**Collectively referred to as the "Parties."**
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## 1. Purpose
The purpose of this Agreement is to establish the acknowledgment and acceptance of the balance of accounts between Party A and Party B, thereby constituting an account stated.
## 2. Acknowledgment of Balance
The Parties acknowledge and agree that the current balance owing as of [Date] between Party A and Party B is [Amount] (the "Stated Amount").
## 3. Payment Terms
Party B agrees to pay the Stated Amount to Party A according to the following payment schedule:
- **Initial Payment:** [Amount] due on [Due Date]
- **Subsequent Payments:** [Amount] due on [Due Dates]
- **Final Payment:** [Amount] due on [Final Due Date]
## 4. Failure to Pay
In the event that Party B fails to make any payment as scheduled, Party A reserves the right to:
- Charge interest on the overdue amount at a rate of [Interest Rate]% per annum.
- Initiate collection proceedings for the recovery of the unpaid balance, including all applicable costs and attorney's fees.
## 5. No Waiver
No provision of this Agreement may be waived except in writing and signed by both Parties. A waiver of any right or remedy in one instance shall not be construed as a waiver of any other right or remedy in any other instance.
## 6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the [State/Country].
## 7. Severability
If any provision of this Agreement is found to be invalid or unenforceable by a court of law, the remaining provisions shall continue in full force and effect.
## 8. Entire Agreement
This Agreement constitutes the entire understanding between the Parties regarding the subject matter hereof and supersedes all prior communications, agreements, or understandings, whether written or oral.
## 9. Amendments
No amendment or modification of this Agreement shall be valid unless in writing and signed by both Parties.
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**IN WITNESS WHEREOF**, the Parties hereto have executed this Account Stated Agreement as of the date first above written.
_________________________
**[Party A Name]**
Title: [Title]
Date: [Date]
_________________________
**[Party B Name]**
Title: [Title]
Date: [Date]
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*This is a general template for an account stated legal contract. It is advisable to consult with a legal professional to tailor the agreement to specific circumstances and legal requirements.*