# Balance Due Agreement
**This Balance Due Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**[Creditor's Name]**
Address: [Creditor's Address]
Email: [Creditor's Email]
Phone: [Creditor's Phone Number]
**(Hereinafter referred to as the "Creditor")**
AND
**[Debtor's Name]**
Address: [Debtor's Address]
Email: [Debtor's Email]
Phone: [Debtor's Phone Number]
**(Hereinafter referred to as the "Debtor")**
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### Recitals
WHEREAS, the Debtor acknowledges that they owe the Creditor a certain amount of money as a balance due (the "Debt");
WHEREAS, the Debtor wishes to create a repayment plan to clear the outstanding balance.
NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties agree as follows:
### 1. Amount Due
The total balance due from the Debtor to the Creditor is [Total Amount Due] ("Balance Due").
### 2. Payment Terms
The Debtor agrees to pay the Balance Due to the Creditor according to the following terms:
- **Payment Amount:** The Debtor shall make payments of [Payment Amount] each month.
- **Payment Schedule:** Payments shall be due on the [Due Date] of each month.
- **First Payment Due:** The first payment shall be due on [First Payment Due Date].
- **Final Payment Due:** The entire Balance Due shall be paid in full by [Final Payment Due Date].
### 3. Method of Payment
Payments shall be made by [Check/Cash/Bank Transfer/Other Payment Method] to the following account or address:
[Creditor's Payment Address or Account details]
### 4. Late Payment
If the Debtor fails to make any payment by the due date, a late fee of [Late Fee Amount] shall be charged for each missed payment. The Creditor reserves the right to demand the full Balance Due should payments not be made in accordance with this Agreement.
### 5. Default
In the event of default, the Creditor may, at its option, declare the entire remaining Balance Due immediately payable. Default shall include failure to make any payment within [Number of Days] days of its due date.
### 6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
### 7. Entire Agreement
This Agreement constitutes the entire understanding between the parties regarding the subject matter herein and supersedes all previous communications, representations, and agreements, whether written or oral, between the parties.
### 8. Amendment
This Agreement may only be amended or modified by a written agreement signed by both parties.
### 9. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Balance Due Agreement as of the day and year first above written.
**Creditor:**
____________________________
[Creditor's Name]
Date: _______________________
**Debtor:**
____________________________
[Debtor's Name]
Date: _______________________
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> **Note:** It is recommended to seek legal counsel before entering into any contractual agreement.