Relying solely on a verbal promise is often a recipe for a person who gets the short end of the stick. When repayment terms are complex, a written agreement allows both parties to clearly specify the terms of payment in instalments and the exact amount of interest due. If a party does not fulfill its part of the agreement, this written agreement has the added benefit of having recalled the understanding that both parties have consequences. A person or business can use a credit agreement to set terms such as an amortization table with interest (if any) or the monthly payment of a loan. The most important aspect of a loan is that it can be adjusted to its liking by being very detailed or just a simple note. In any case, each credit agreement must be signed in writing by both parties. (name of distributor) Payment Protection System (GPS) Agreement for installation and disclosure declaration Buyer(s) Names: Date: Vehicle description: year Model vehicle model Identification number (wine) according to the retail contract and. The credit agreement should clearly describe how the money is repaid and what happens if the borrower is unable to repay. Use LawDepot`s credit agreement template for business transactions, tuition, real estate purchases, down payments, or personal loans with friends and family….