Installment Agreement
/ɪnˈstɔːlmənt əˈɡriːmənt/
Definitions
- (n.) A contractual arrangement allowing a debtor to pay a debt in multiple partial payments over time rather than a lump sum.
The taxpayer entered into an installment agreement with the IRS to settle his tax liability.
- (n.) A formal payment plan authorized by a court or creditor to facilitate debt repayment in installments.
The court approved the installment agreement between the creditor and the debtor.
Forms
- installment agreement
- installment agreements
Related terms
See also
Commentary
Installment agreements often require clear terms on payment amounts, due dates, and consequences of default; precise drafting ensures enforceability and clarity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.