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In this video tutorial, viewers learn how to write a payment agreement, a legally binding document between a lender and a borrower detailing loan terms, including the amount, payment schedule, and penalties. The tutorial emphasizes starting with an opening statement that acknowledges the borrower’s financial responsibility for all payments. It suggests including phrases like "I understand and agree that I am financially responsible for payment of all services" and specifying the payment amount due within a set timeframe. Additionally, it highlights the importance of outlining penalty statements for late payments, noting that penalties can vary and should be adjusted according to the agreement.
