A plan support agreement is a legal and formal document entered into when an individual or organization agrees to financially support the plan of another individual or organization. The plan can be a certain project or a business plan or seven an insurance policy. The agreement acts as documentary evidence. This helps in avoiding any kind of confusion arising between the party coming up with the plan and the party supporting the plan.
There are few terms and conditions mentioned in the agreement that both the parties need to follow. The details usually required to be mentioned in a plan support agreement are as follows:
- The plan proposed for which financial support is required
- The agreement is prepared under the jurisdiction of the law and so the law type needs to be mentioned
- The exact financial amount that the supporting party will provide.
- The process in which the plan will be executed.
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