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In this tutorial, the presenter explains how to write a payment agreement, a legally binding document between a lender and a borrower detailing loan terms. Key components to include are an opening statement confirming the borrower's financial responsibility and agreement to the payment amount within a specified timeframe. The second part addresses penalties for late payments, which can vary by agreement, allowing flexibility in adjusting percentages and amounts. The tutorial emphasizes using a template to structure these elements effectively.
