Payment extension agreement template
The creditor allows more time to pay an amount that is due: the new date, conditions, what follows if it is missed. A sample contract you can read in full, edit in QuoteBill and sign online with a secure link.
Sample — review with a lawyer · Simple electronic signature with an audit trail
Who it is for
For a creditor who agrees to wait for payment, or a debtor who asks for more time, and wants the new date and the conditions in writing instead of an informal promise.
Interest, fees and extensions on late payment are regulated in many countries, especially for consumers; check the rules that apply before you grant or ask for an extension.
What it covers
13 clauses, in this order. Each one is in the sample text below, and you can edit, remove or add clauses before you send.
1. Purpose
What the agreement is for: the Creditor gives the Debtor more time to pay an amount already due, and the agreement sets the new date or dates and the conditions.
2. The amount and the original due date
Blanks for the amount, the invoice or contract it comes from and the original due date. The Debtor confirms it is owed and has no objection, apart from deductions in a blank.
3. New payment date
A blank for the new date, or the dates of the price schedule. A payment counts when it is credited, and the Debtor may pay early at no charge.
4. Interest and charges during the extension
A choice whether interest under the original contract runs during the extension. Nothing new is added because of the extension unless the blank says so, and only where the law allows.
5. Conditions of the extension
A blank for conditions, such as paying other amounts on time, or none. If a condition is not met, the extension ends and the amount is due at once.
6. If the new date is missed
A reminder and a further period of a set number of days. After that the whole unpaid amount is due and may be pursued, including under the original contract. A blank for interest on late amounts.
7. Other rights stay in force
The original invoice or contract stays in force and only the payment date changes. The Creditor gives up no right, and the effect on time limits follows the law that applies.
8. Security and guarantors
A blank for any security or guarantee. Each guarantor is told, and any consent the law requires for the security to stay in force is obtained.
9. Confirmation of payment
Once the amount is paid in full, the Creditor confirms it on request and the agreement ends.
10. Costs
Each side bears its own cost of the agreement. Collection costs for a late payment are charged only as far as the law allows.
11. Rules that apply
The sides follow the rules that apply, such as limits on interest and charges, consumer credit and collection rules and any required form. A consumer’s legal rights are not reduced.
12. Notices and changes
This contract is the whole agreement on the extension. Changes need both sides’ written or electronic agreement, and notices go to the addresses stated.
13. Governing law and disputes
The law you name applies. The sides first try to settle a dispute in good faith, and otherwise the courts you name decide.
A price schedule is optional: add one if you want the amounts in a table, or write the agreed amount into the payment clause.
The sample text
The whole sample, as QuoteBill starts it. Text in double square brackets, like [[10]], is a blank to fill in or check. A figure or time such as [[10]] that you leave as it is is used as shown when you send; a blank that needs your own words must be filled first. The clause text is written in English, Korean, Japanese and German; in other languages a contract starts in English for you to translate.
Read the sample text
Payment Extension Agreement
Parties: Creditor · Debtor
1. Purpose
This agreement records that the Creditor allows the Debtor more time to pay an amount that is already due, and sets the new payment date or dates and the conditions of the extra time.
2. The amount and the original due date
The Debtor owes the Creditor [[Amount and currency]] (the “Amount”) under [[Describe the invoice, contract or purchase, with numbers and dates]]. The Amount was due on [[Original due date]].
The Debtor confirms that the Amount is owed and due and that it has no objection to it, except: [[none / list any agreed deductions]]
3. New payment date
The Creditor allows the Debtor to pay the Amount on this new date: [[New date]] [[or: in the amounts and on the dates listed in the price schedule of this contract]]
A payment is made when the amount is credited to the Creditor’s account stated in this contract. The Debtor may pay earlier, in whole or in part, at no charge.
4. Interest and charges during the extension
During the extension, interest and charges under the original contract [[do not run / continue as that contract states]].
No new interest or fee is added because of the extension unless it is written here: [[none / the interest or fee, where the law allows it]]
5. Conditions of the extension
The extension applies only if the Debtor [[meets these conditions, e.g. pays other amounts that fall due on time, or write: none]].
If a condition is not met, the extension ends and the Amount is due at once.
6. If the new date is missed
If the Debtor does not pay on the new date, the Creditor may remind the Debtor in writing or in electronic form and set a further period of [[7]] days to pay. When that period has passed, the whole unpaid Amount is due at once and the Creditor may pursue it by every lawful means, including its rights under the original contract.
Interest on late amounts: [[none / the rate, where the law allows it]]
7. Other rights stay in force
The original invoice, contract or purchase stays in force. This agreement changes only the payment date or dates and what it expressly states. The Creditor gives up no right by agreeing to the extension. How the extension affects the time limits for claiming the Amount depends on the law that applies.
8. Security and guarantors
Security or guarantee for the Amount: [[none / describe it]]
The Creditor tells each guarantor about this extension, and the parties obtain any consent that the law that applies requires for the security or guarantee to stay in force.
9. Confirmation of payment
When the Amount has been paid in full, the Creditor confirms this in writing or in electronic form on request, and the extension and this agreement end.
10. Costs
Each party bears its own costs of this agreement. Costs of collecting a late payment are charged to the Debtor only as far as the law that applies allows.
11. Rules that apply
The parties follow the rules that apply to this agreement, such as limits on interest and charges, consumer credit and debt collection rules, and any required form. If the Debtor is a consumer, the rights the law gives it are not reduced by this agreement.
12. Notices and changes
This contract is the entire agreement between the parties on the extension. Changes are valid only if both parties agree to them in writing or in electronic form. Notices are given to the addresses stated for the parties, or to another address a party has notified.
13. Governing law and disputes
This agreement is governed by the law stated under Governing law. The parties will first try to settle any dispute in good faith. Otherwise the courts stated under Jurisdiction decide, unless mandatory law provides otherwise.
Payment terms
The Amount is paid by bank transfer to the account stated in this contract so that it arrives on or before the new payment date, [[New date]]; any further dates and amounts are listed in the price schedule.
Governing law
[[Country or state whose law applies]]
Jurisdiction
[[Courts that decide disputes, e.g. the courts of your city]]
How to use it
Choose the template
Press the button to use this template. If you are not signed in, you first sign in or sign up for free and then come straight back to it.
Start a draft
The new-contract page opens with this template marked. Press its card to create a draft. Your company details fill in Party A, and you fill in the blanks, the other party and, where the template has one, the price schedule.
Send it for signature
You sign first, then send each signer a secure link and, by another route, an access code. Signers need no account.
Next steps
Your client opens the link on any device and needs no account. See what the signing looks like on the E-Contracts page, and read which kind of electronic signature is enough for which document.
Already signed? Make the invoice from the signed contract: the parties and the price lines carry over, in full or for a deposit. The guide on turning a quotation into an invoice shows how to review the new draft, its dates and the PDF.
What it is, and what it is not
QuoteBill creates a simple electronic signature with an audit trail. In the EU, the UK, the US and Korea a signature is not denied legal effect only because it is electronic, and in Japan most contracts need no particular form at all. What a simple electronic signature proves in a dispute depends on the evidence behind it, and some documents need another form.
It is not a qualified or advanced electronic signature, and QuoteBill does not verify who the signers are. It records the use of the link and access code you delivered, so anyone who has both can sign. The signature certificate lists every link issued and, for each action by the sender or a signer, its IP address and browser where they could be read.
Some documents need another form. Wills, many real-estate transfers, guarantees and some employment documents must, in some countries, be handwritten, notarised or signed with a qualified signature. The templates are samples, not legal advice: review them with a lawyer.
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