Terms of repayment of the Clause Samples

The 'Terms of repayment' clause defines the specific conditions under which a borrower must repay a loan or debt. It typically outlines the repayment schedule, including the frequency and amount of payments, any applicable interest rates, and the method of payment. For example, it may require monthly installments over a set period or a lump sum payment by a certain date. This clause ensures both parties have a clear understanding of repayment expectations, reducing the risk of disputes and providing a framework for managing financial obligations.