```markdown
# Payment in Full Agreement
## This Payment in Full Agreement (the “Agreement”) is made and entered into as of [Insert Date], by and between:
### [Insert Name of Debtor]
**Address:** [Insert Address]
**City, State, Zip Code:** [Insert City, State, Zip Code]
**Email:** [Insert Email]
**Phone:** [Insert Phone Number]
(hereinafter referred to as the “Debtor”)
AND
### [Insert Name of Creditor]
**Address:** [Insert Address]
**City, State, Zip Code:** [Insert City, State, Zip Code]
**Email:** [Insert Email]
**Phone:** [Insert Phone Number]
(hereinafter referred to as the “Creditor”)
## RECITALS
WHEREAS, the Debtor owes the Creditor a total of $[Insert Amount] (the “Debt”); and
WHEREAS, the Debtor has agreed to pay the Debt in full, thereby releasing any further claims of the Creditor against the Debtor related to this obligation.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:
## 1. Payment
The Debtor agrees to pay the Creditor the full sum of $[Insert Amount] (the “Payment”) on or before [Insert Payment Due Date]. The Payment shall be made in the following manner:
- **Payment Method:** [e.g., Cash, Check, Bank Transfer, etc.]
- **Instructions:** [Include any necessary details for payment]
## 2. Release of Claims
Upon receipt of the Payment in full as described in Section 1, the Creditor agrees to release and discharge the Debtor from any further claims, demands, or actions related to the Debt.
## 3. Entire Agreement
This Agreement constitutes the entire understanding between the parties regarding the subject matter herein and supersedes all prior negotiations, representations, or agreements, whether written or oral.
## 4. Amendment
This Agreement may only be amended by a written document signed by both parties.
## 5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [Insert State].
## 6. Severability
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
## 7. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.
## IN WITNESS WHEREOF, the parties hereto have executed this Payment in Full Agreement as of the day and year first above written.
### [Insert Name of Debtor]
**Signature:** ________________________
**Name:** [Insert Name]
**Title:** [if applicable]
**Date:** _____________________________
### [Insert Name of Creditor]
**Signature:** ________________________
**Name:** [Insert Name]
**Title:** [if applicable]
**Date:** _____________________________
```
### Notes:
- Replace placeholders (anything in brackets) with the specific information relevant to your situation.
- It is recommended to consult with a legal professional to ensure that the contract meets all necessary legal requirements and considerations for your jurisdiction.