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The Letter For Agreement of Payment is a crucial document used when parties need to formally document and structure the repayment of an outstanding debt under Irish law. This document is particularly valuable in situations where a debtor acknowledges a debt and both parties wish to establish clear, legally binding payment terms. It incorporates essential elements required by Irish commercial law, including specific payment schedules, methods of payment, and consequences of default. The document is commonly used in both business-to-business and business-to-individual contexts, providing a formal framework for debt resolution while protecting the interests of both creditor and debtor. Its usage spans various scenarios, from commercial transactions to personal debts, and it can be customized to accommodate different payment arrangements while maintaining compliance with Irish legal requirements.

1. Letterhead and Date: Full legal name and address of the creditor, current date

2. Recipient Details: Full legal name and address of the debtor

3. Subject Line: Clear indication that this is a Payment Agreement Letter

4. Debt Acknowledgment: Clear statement of the total amount owed and origin of the debt

5. Payment Terms: Detailed payment schedule, including amounts, frequency, and due dates

6. Payment Method: Specified acceptable payment methods and relevant account details

7. Duration: Timeline of the payment arrangement and completion date

8. Signature Block: Space for both parties to sign and date the agreement