Simple Agreement Letter for Utang Example [Edit & Download]
Carlos Reyes
123 Main Street
Manila, Philippines
January 12, 2025
Juan Santos
456 Rizal Avenue
Quezon City, Philippines
Subject: Simple Agreement Letter for Utang
Dear Juan Santos,
This letter serves as a formal agreement between Carlos Reyes (the Borrower) and Juan Santos (the Lender) regarding a loan provided by the Lender to the Borrower.
The terms of the agreement are as follows:
- Juan Santos agrees to lend Carlos Reyes the amount of ₱100,000 for personal financial needs.
- Carlos Reyes agrees to repay the full amount of ₱100,000 within 12 months, starting February 1, 2025, and ending January 31, 2026.
- The repayment will be made in 12 equal monthly installments of ₱8,333.33.
- Payments will be made via bank transfer or cash, as mutually agreed upon by both parties.
- A penalty fee of ₱500 will be applied for any late payment beyond 7 days from the due date.
- If the Borrower fails to make payments for three consecutive months, the full remaining balance will become immediately due.
- Both parties agree to resolve any disputes under the jurisdiction of Philippine law.
This agreement is effective from January 12, 2025, and will remain valid until the full repayment of the loan.
Both parties confirm their understanding and acceptance of the terms by signing below.
Sincerely,
Carlos Reyes
(Signature)
Juan Santos
(Signature)
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