FREE 3+ Restaurant Payment Agreement Samples in MS Word | Google Docs | PDF

Opening a restaurant can be quite an expensive endeavor as you need to think about several factors such as choosing the right location, hiring employees, buying or renting out equipment, looking for the right suppliers and food vendors, marketing campaigns, licenses and etc. That being said, if you need the right amount of capital required to open up a restaurant business you may opt to get a loan in a bank or in other financial institutions. And once you’ve covered all the requirements, a restaurant payment agreement is executed. If you want to know more about this, let us discuss this further below. And if you need to start working on this agreement, then check out our free restaurant payment agreement samples that are available for download on this page.

3+ Restaurant Payment Agreement Samples

1. Restaurant Payment Agreement Template

2. Restaurant Website Payment Agreement

3. Restaurant Payment Agreement

4. Restaurant Deposit Payment Agreement

What Is a Restaurant Payment Agreement?

A payment agreement is a valid document that binds two entities together, which are the lender and the borrower. This contract or agreement could be used for both personal or commercial transactions, in this case, if you need to borrow funds to open up a restaurant or to renovate or remodel an existing restaurant property. A restaurant payment agreement should outline the terms of installment payments between both parties. It is important to prepare a payment agreement whether for your restaurant business or other reasons because money is one of the most common financial transactions in society. And lenders want to make sure they are properly paid on what is due to them, and most importantly legal action can be enforced if the other party fails to accomplish his or her obligation.

How To Create a Restaurant Payment Agreement?

Another thing is that a payment agreement holds all parties accountable to the payment plan and acts as a point of reference if disputes escalate. Although at times verbal agreement is legal, it is crucial to get your agreement into writing since this is much stronger evidence or reference for any future disputes. Without it, you may risk getting your money back. For restaurant owners, it isn’t something new to borrow money to open up a business as long you are confident enough that your establishment will be able to make enough profit to pay off your expenses and the loan. This is why a feasibility study must be conducted beforehand to make sure that the business you wish to pursue will be successful. Now, remember that each restaurant payment agreement is slightly different from the other, but the list below should be able to help you create a well-crafted agreement.

I. Contact Information

The first section of the agreement should contain the basic details of both parties which are their name, address, and contact numbers.

II. Debt Amount

The main purpose of the agreement is the amount of money to be repaid to the lender, which should be included in the document. If the debtor has already made a downpayment of some sort, then whatever remaining balance is due is written down.

III. Payment and Scheduling

Prior to the agreement, both parties need to agree on how and when payments will be made. Once they do, it is essential to write this all down in the agreement. So you need to provide what particular date of the month should payment be made and details on where to deposit the amount.

IV. Interest

There are instances when the debtor would fail to make on-time payments or if not skip a month or two. To make sure that the creditor is compensated, it is important to implement interest rates if not paid on time or simply this is part of the payment plan.

V. Modifications and Termination

In case there is a need to modify the agreement or terminate this, then there should be terms for this to take effect.

VI. Signature and Date

Once both parties agree to what is written in the agreement, to seal the deal it is important to affix their signatures and the date. Signatures are legal proof that all parties acknowledge and accept the terms of the payment agreement.

FAQs

If you think taking out a loan is the best option you have to open up a restaurant business, then go for it. Make sure that a restaurant payment agreement is executed in order to set the payment terms of the loan. To make it easier for you to prepare one, don’t forget to download our free templates.