There may be cases where the borrower is not able to pay on time. If this happens, the agreement should contain information on what to do. As a lender, you can ask the borrower to pay a penalty for late payment. If not, you can also define a process for managing late payments. You can either set an additional deadline or immediately request a penalty if the payment is made to you. The debtor represents and warrants that it will agree that this payment plan has been developed in such a way that it can make the necessary payments without causing any further debts or inconvenience. 5. Insurance and Warranties. Both parties declare that they are fully entitled to conclude this agreement. Once the divorce agreement has been signed by both spouses and accepted by the court as fair and equitable, it is included in a document that formally dissolves the marriage.