Both parties would have already agreed to the terms of payment, so write them all down in the document. This is important for you to have documented evidence if one of the parties does not follow what has been written. Payment terms are important for the borrower and lender to know what to expect. In the event that the owingParty cannot make payments in accordance with the payment plan, after reaching ten (10) days after the non-achievement of such a mandatory payment, the total amount of the default will be immediately due and payable. The parties heresafter accept the payment plan as described in Schedule A (the “payment plan”). The Owing Party undertakes to make payments to the due party in relation to the data in the payment plan. When it comes to money and payments, a payment contract is usually developed. It is a formal written document between two parties, usually referred to as lenders and borrowers. The agreement follows a particular process to make it work effectively. Here are the steps in the unification process: after the creditor and the debtor are signed, the contract becomes final. There may be deposits where the borrower is not able to pay on time. If that happens, the agreement should provide information on what to do. As a lender, you can ask the borrower to pay a penalty for late payments.
Otherwise, you can also set a process for late payments. You can either give extra time or immediately request a penalty if the payment arrives too late. This is because employees in key positions who have access to confidential information, such as a company`s business secrets, can inevitably be acquired by employees. In cases where the employee resigns, he or she somehow takes away the confidential information. A problem arises when a competitor can hire the employee and obtain the worker`s classified information, including the former employer`s clients and clients, giving the employee a lesser advantage. Another consideration may be that the employee can start his own business, which may lead him to compete with the former employer, including the theft of customers who offer them a better offer, to the detriment of the former employer.