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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. The agreement outlines the loan terms, including the amount, payment schedule, and penalties. The tutorial emphasizes starting with an opening statement that indicates the signer acknowledges their financial responsibility, using language like "I understand and agree that I am financially responsible for payment of all services." It also highlights the importance of including a statement of penalties for late payments, noting that different agreements may have varying penalty percentages and amounts. The presenter encourages using a template for ease of writing.
