If a disagreement subsequently arises, a simple agreement serves as evidence for a neutral third party such as a judge who can assist in the application of the treaty. Debt – A promise of payment made by a debtor and a creditor lending money. A payment agreement template, also known as a payment agreement, is a document containing relevant information about a credit. If you plan to borrow some money or borrow money from someone, you should create such a document. The terms of the loan, the amount of interest, the parties involved and the details of the repayment of the loan are explained. Drawing up the document and having it certified as a notarized means that the parties involved agree with everything that is written. Here are some steps and tips you can help draft your document: Credit agreements usually contain information about: Here are the main elements.