PAYMENT CONTRACT
This Payment Agreement is entered into on _____________________ by and between ______________________________ of __________________ (hereinafter referred to as ‘Company’) and _____________________ of _________________ (hereinafter referred to as ‘Client’). Individually referred to as Party, collectively referred to as Parties.
- DEFICIENCY ACKNOWLEDGMENT
The Client agrees and acknowledges that it owes the Company an amount equal to the Deficiency amount as follows: ______________________. Nothing in this Agreement is a waiver of any amounts owed and in the event of any breach to this Agreement by the Client, the Company’s rights to the Deficiency amount shall not be limited.
- CLIENT REPRESENTATION AND WARRANTY
The Client hereby represents and warrants that this Agreement and the payment plan herein has been developed in a manner that the Client reasonably believes it can pay the Client without further interruption notwithstanding an additional change in circumstances.
- PAYMENT PLAN
The Parties agree to the payment plan as follows: The Client agrees to pay the full amount within 30 days after receiving the Hard drive.
- METHOD OF PAYMENT
Payments shall be made to the Company in accordance with the Payment Plan via:
- RELEASE AND INDEMNIFICATION
In consideration for agreeing to this Payment Agreement, the Company hereby releases claims against the Client related to the deficiency as of the date of this Agreement. However, nothing in this Agreement is meant to release the Client from its obligation to pay.
- ACCELERATION UPON BREACH
In the event the Client fails to make any payments according to the payment plan, upon reaching 7 days after the failure to make such prescribed payment, the amount shall immediately become due and payable.
- NO MODIFICATION UNLESS IN WRITING
No modification of this Agreement shall be valid unless in writing and agreed upon by both Parties.
- SEVERABILITY
In the event any provision of this Agreement is held to be invalid, illegal, or unenforceable for any reason, then the Parties agree that such provision shall be deemed to be struck and the remainder of the Agreement shall be enforced as if the struck provision were never included in the Agreement.
- APPLICABLE LAW
This Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of Illinois and subject to the exclusive jurisdiction of the federal and state courts located in Illinois.
IN WITNESS WHEREOF, each of the Parties has executed this Agreement, both parties by its duly authorized officer:
COMPANY REP. SIGN ____________________
DATE: ______________________
CLIENT: ___________________
DATE: _________________
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