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Simple Payment Agreement Letter

Simple Payment Agreement Letter Template for Pakistan

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Simple Payment Agreement Letter

"I need a Simple Payment Agreement Letter for my software development company in Lahore to receive payment of PKR 500,000 in three equal installments from a client, with payments due on January 15, March 15, and May 15, 2025, including a 5% late payment penalty."

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Document background
The Simple Payment Agreement Letter is a commonly used document in Pakistani business practice when there is a need to formally document payment obligations between parties. This document is particularly useful for businesses and individuals who need to establish clear payment terms without the complexity of a full contract. It is typically used for straightforward payment arrangements, installment plans, or settling outstanding dues. The letter must comply with Pakistani contract law, particularly the Contract Act 1872 and related financial regulations. It should include all essential elements such as party details, payment amounts, schedules, and terms, while remaining simple enough for general business use. The document serves as evidence of the payment obligation and can be used for legal recourse if needed.
Suggested Sections

1. Sender and Recipient Details: Full names, addresses, and contact information of both parties

2. Date: The date of the letter which will be considered the effective date

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

4. Opening Statement: Formal greeting and reference to any prior communications or agreements

5. Payment Amount: Clear statement of the total amount to be paid in both numbers and words

6. Payment Terms: Specification of payment schedule, method of payment, and due dates

7. Account Details: Banking or payment processing information where payments should be made

8. Acknowledgment: Statement confirming both parties' understanding and agreement to the terms

9. Closing: Formal closing, including space for signatures of both parties

Optional Sections

1. Late Payment Terms: Include when there needs to be specific provisions for late payments, including any penalties or interest charges

2. Early Payment Provisions: Include when there are discounts or benefits for early payment

3. Force Majeure: Include when needing to address potential circumstances beyond parties' control that might affect payment schedule

4. Dispute Resolution: Include when specific dispute resolution procedures need to be established

5. Witness Section: Include when additional verification of signatures is desired or required by local practice

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments, amounts, and due dates if payment is to be made in multiple installments

2. Party Information Appendix: Detailed information about the parties including registration numbers, tax IDs, or other relevant identification if needed

3. Supporting Documents: List of any referenced documents or previous agreements that form the basis for this payment arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















Clauses


















Relevant Industries

Retail

Manufacturing

Construction

Professional Services

Information Technology

Real Estate

Education

Healthcare

Financial Services

Consulting

Import/Export

Small and Medium Enterprises

Agriculture

Logistics

Relevant Teams

Finance

Accounts

Legal

Treasury

Procurement

Credit Control

Operations

Administration

Compliance

Risk Management

Relevant Roles

Finance Manager

Accounts Receivable Manager

Accounts Payable Manager

Business Owner

Chief Financial Officer

Financial Controller

Credit Manager

Collections Officer

Treasury Manager

Procurement Manager

Contract Administrator

Legal Counsel

Company Secretary

Operations Manager

Small Business Owner

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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