This agreement is intended to communicate the goals and terms of the allowance.
This agreement is between _____________________________ (name of “allowancee” – receiving the allowance) and _______________________________(name of “allowanceor” – paying the allowance).
Reason for the allowance: (goals of agreement)
An allowance is being _____________(given/earned) for the following reasons;
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
(Example: to teach responsibility, learn to manage money, have own spending money)
Terms of the allowance:
1)How the allowance will be earned:
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
(Example: specific jobs around the house, school performance, helping others)
2)Amount:
The allowance will be in the amount of _________________. or negotiated per job _____________
3) Payment term:
The allowance will paid______________ (daily/weekly/monthly) starting on the ______________(1st, 15th, 30th or specific day) day.
Paid immediately on the completion and inspection of the job.
4) Currency:
The allowance will paid in _____________________ currency.
5) Use of allowance funds.
The allowance will be used with the following restrictions;
___________________________________________________
___________________________________________________
___________________________________________________
(Example: no restrictions, % savings, % gifts, %discretionary spending money)
6)Duration Term of this agreement:
This agreement is effective on _____________________(date) and will end on
_______________________ (date)
7) Disputes:
In the event of a dispute over any of the terms of this agreement;. both parties agree to binding arbitration. The arbitrator will be _____________________________ (name)
This agreement was agreed to at_____________________ (city) and in the ____________________(Country)
Signatures of parties to this agreement::
_________________________
Name of Allowancee
_________________________
Signature of Allowancee
_________________________
Name of Allowanceor
_________________________
signature of Allowanceor