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In this tutorial, viewers learn how to write a payment agreement, a legally binding document between a lender and borrower detailing loan terms, including amount, payment schedule, and penalties. The process begins with crafting the opening statement, which affirms the signer's understanding of financial responsibilities and agreement to pay the specified amount within the designated time frame. The second part addresses the penalty statement for late payments, allowing for customization of penalties, including percentage rates and amounts. The tutorial emphasizes using a template for clarity in creating the agreement.