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In this tutorial on writing a payment agreement, the host explains that a payment agreement is a legally binding document between a lender and borrower, detailing the loan's terms, payment schedule, and penalties. The video outlines how to create one using a template. First, the opening statement should confirm that the signer understands and agrees to their financial responsibility, including acknowledging the payment amount and timeline. Secondly, it should include a penalty statement for late payments, which can be customized with different percentages or amounts as necessary.
