It is a formal written document between two parties, usually called lenders and borrowers. The agreement follows a particular process for it to work effectively. Here are the steps in the agreement process: 7. Lump sum payments are included in a monthly or bi-annual pay slip and are subject to legal withholding. A payment contract is a legally binding document between two parties: the lender and the borrower. It is done when a lender lends a certain amount of money to a borrower and accepts the terms of payment. The contract should contain information on how and when to make payments. It should also include any penalties or fees that have been discussed and agreed upon by both parties. Here are some reasons why you should create such a document: 3. Changes in the grade of existing classified position classifications will only occur on the basis of selective compensation adjustments through contractual negotiations for a succession agreement, a contract for the purpose of negotiating selective salary adjustments or after notification to the CPCFCE of a recommendation from the Human Resources Department for the implementation of such a change. .