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payment installment agreement Payment Agreement, Contract Agreement - Available in a4 & us letter sizes. A payment agreement is a legal contract detailing the terms of installment payments between the lender (the creditor) and the payer (the debtor). Payment plan (installment) agreement i. Fill in the details accordingly. A payment plan agreement outlines an installment plan to repay an outstanding balance over a specified time frame. You should also read this: Google Docs Schedule Template