M
Mr_X
Guest
Hi, I hope this is in the right place. I recently loaned some one $4900 and we had a contract saying the money must be payed within a week on request, well basically he doesnt have it so I have come up with a new contract I will propose to him. by the way he has payed me back $700 of what was owed. I have little knowledge about contract law so I will post the contract I have written up with the names blanked out. I am just curious as to weather this contract would be Ok is court or any improvemts that could be made, I plan on getting it signed by 2 JP's. By the way I live in Australia, So here it is:
I ____ agree I owe ____ the sum of $4,200. Due to the fact funds are not available to ____ in a lump sum as agreed in the original contract the following contract will now take the original contracts place thus voiding the original contract.
I ____ agree to pay ____ $70 per week, this will be deducted from the total amount owed as paid. I shall pay this until;
• The total amount owed is equal to $0
• The funds required to repay what is owed become available at which point what is owed will be payed in a lump sum
• A lump sum of the remaining money owed is requested by ____ at this point it shall be payed within a month. If it is not payed within this time 5% interest will be added per week from the original amount owed (i.e. $4,200)
The money shall be payed weekly by Friday, if it is not a it will be considered a breach of contract . If a breach of contract occurs a total of 5% interest will be added to the original amount of money owed (i.e. $4,200) as a penalty for the breach, therefore each breach will increase the amount owed by $210.
By signing my name I agree to everything stated in this legally binding contract.
Name
______________________
Signature
_______________________
Witness Signature
_______________________
Date
_______________________
Name
______________________
Signature
_______________________
Witness Signature
_______________________
Date
_______________________
I ____ agree I owe ____ the sum of $4,200. Due to the fact funds are not available to ____ in a lump sum as agreed in the original contract the following contract will now take the original contracts place thus voiding the original contract.
I ____ agree to pay ____ $70 per week, this will be deducted from the total amount owed as paid. I shall pay this until;
• The total amount owed is equal to $0
• The funds required to repay what is owed become available at which point what is owed will be payed in a lump sum
• A lump sum of the remaining money owed is requested by ____ at this point it shall be payed within a month. If it is not payed within this time 5% interest will be added per week from the original amount owed (i.e. $4,200)
The money shall be payed weekly by Friday, if it is not a it will be considered a breach of contract . If a breach of contract occurs a total of 5% interest will be added to the original amount of money owed (i.e. $4,200) as a penalty for the breach, therefore each breach will increase the amount owed by $210.
By signing my name I agree to everything stated in this legally binding contract.
Name
______________________
Signature
_______________________
Witness Signature
_______________________
Date
_______________________
Name
______________________
Signature
_______________________
Witness Signature
_______________________
Date
_______________________
