A payment plan is a way for someone to pay for something for a long time. This is often the time when an amount that is prohibitive for a person is due and the creditor authorizes the payment for months or years. The Parties approve the payment plan as described in Appendix A of the Annex (the “Payment Plan”). The responsible party undertakes to make payments to the party due that are linked to the data contained in the payment plan. Also known as a payment contract or instalment payment agreement, a payment agreement is a document describing all the details of a loan between a lender and a borrower. When you borrow money, write professional payment agreements for borrowers with our free PDF template for payment agreements.