If the person creating the document is not very close to the other person, it is important to request this information. The document may be invalid if one of the names is misspelled. A payment agreement between two parties is also called a payment agreement, a debt note, or a instalment payment agreement. Read 3 min The borrower owes the lender a certain amount of money qualified as a shortage. Both the lender and the borrower are prepared to enter into a formal agreement in which the borrower pays the lender the full amount of the default on the basis of an agreement with which they both agree….