Partial Payment Agreement Letter

1-

I hope you are well. I am writing to inform you that your proposal for partial payment for product X has been accepted and approved. However, you need to sign the agreement to make things official. For your ease I am sharing the terms and conditions of the agreement in this letter, please go through them thoroughly and let me know if you agree to them all. We can arrange a visit then and get this agreement signed by the end of the week. The terms and conditions are as follows: 

  1. The principal amount of the product is $ (X) and is payable in 12 equal monthly instalments of $ (X). 
  2. The interest rate for the instalment is X percent per month. The total amount due will become $ (X).
  3. The amount will be paid on or before the 10th of every month. 
  4. Late payment will result in a fine of $ (X) per day. 
  5. A balloon payment is not acceptable. 

Kindly read these terms and sign the document so we may deliver you the product. Looking forward to doing business with you. In case you have a query please feel free to contact me at my number X or email me at X. You may also write your concern to me or visit me anytime. I am assuring my availability. 

Regards, 

Partial payment agreement letter

2-

As per our telephonic conversation, I am writing to inform you that I have studied your documents in detail and concluded that you are eligible to pay the payment of the product in installments. However, you need to visit us at least once to sign the document of partial payment. For your consideration and convenience, I am sharing the terms and conditions of the partial payment agreement within this letter.

Kindly go through the clauses in detail end let me know at your earliest your availability to sign the document. I’ve also attached the payment plan for the whole year with this letter. You may also call me and discuss these clauses in detail. The terms and conditions are as follows 

  1. 1 The payment for product X is accepted in partial mode. The plan has been communicated to the payee. 
  2. 2 the payment will be made on or before the 5th of every month. Late payments are accepted with a fine of X $ 
  3. The mode of payment will be via cash only. No bank transaction is acceptable. 
  4. Balloon payments are also acceptable twice per year. 
  5. The document has no legal bondage unless signed.
  6. 25% advance payment will be made of the principal amount. The rest of the 75% is subject to instalment and an interest rate of [X] % will be applied to it.

Kindly read and respond so we may deliver the desired product to you. I have also attached a list of products that we supply in installments, kindly choose all which are required and send the list back to us. After signing the agreement, the product will be sent to you in a week. Looking forward to from you soon. Thank you. 

Regards, 

Partial payment agreement letter