Payment plan agreement
This agreement is made on 5 November 2026 between:
Creditor: Brightwater Analytics (Pty) Ltd, 10 Rivonia Road, Sandton, Johannesburg ("the Creditor")
Debtor: Orbit Retail (Pty) Ltd, 5 Long Street, Cape Town ("the Debtor")
1. The debt and how it arose
1.1 The Debtor owes the Creditor ZAR 120,000 (the "Debt") for invoices 2026-114 and 2026-131 for software services.
1.2 The invoices were issued on 3 and 17 August 2026 and fell due on 2 and 16 September 2026, and have not been paid.
1.3 The Debtor confirms that the Debt is correct, that it is due, and that the Debtor has no claim against it, no set-off and no defence that would reduce it. If the Debtor disputes part of it, the undisputed part is paid under this agreement, and the rest is dealt with under section 13.
2. Acknowledgment
2.1 By signing, the Debtor acknowledges the Debt and promises to pay it as this agreement states. The acknowledgment is made in writing and may be relied on by the Creditor as proof of the Debt, and, where the law allows, it restarts any time limit for claiming the Debt.
2.2 This agreement does not create a new debt. It changes only how and when the Debt is paid.
3. The payment plan
3.1 The Creditor agrees to accept the Debt in instalments instead of one payment, as set out in this section.
3.2 The payments are as follows:
- Paid at signing: ZAR 20,000
- Instalment: ZAR 20,000, 5 times, monthly, on the 1st
- First instalment due: 1 December 2026
- Last instalment due: 1 April 2027
3.3 The payments are set out in the table below.
| Payment | Due date | Amount |
|---|---|---|
| First instalment | 1 December 2026 | ZAR 20,000 |
| Each later instalment | monthly, on the 1st | ZAR 20,000 |
| Last instalment | 1 April 2027 | ZAR 20,000 |
3.4 The amount paid at signing and all the instalments together equal the Debt. If a rounding difference or an earlier payment leaves a different amount, the last instalment is changed so that the Debt is paid in full, and no more.
3.5 The Debtor will pay each instalment in full, without deduction or set-off, on or before the due date.
4. How to pay
4.1 Payments are made by electronic transfer to account 1234 567 890 at the creditor's bank, branch code 250655, reference 2026-114.
4.2 A payment counts on the day the money reaches the Creditor. The Debtor will bear any bank charge on its own side, and will make sure that the full amount reaches the Creditor.
4.3 The Creditor will confirm each payment on request, and will send a receipt when the Debt is paid in full.
4.4 The Creditor will apply each payment first to costs and any interest or fee that is due under this agreement, and then to the Debt.
5. Early payment
The Debtor may pay more than an instalment, or pay the whole balance, at any time without a fee or penalty. An extra payment reduces the last instalments first, unless the Debtor asks in writing for the next instalments to be reduced instead. If the whole balance is paid, no further instalment is due.
6. Interest and fees
6.1 No interest is charged on the Debt, and no fee is added to it, while the Debtor keeps to this agreement.
6.2 If a payment is missed, this charge applies to the unpaid amount: interest of 2 percent a year on the unpaid amount, from the due date until it is paid.
6.3 No other fee is added to the Debt under this agreement. The Creditor will not charge more than the law allows. If a charge in this agreement is more than the law allows, it is reduced to the highest amount allowed.
7. Missed payments and grace period
7.1 The Debtor will tell the Creditor in writing as soon as it knows it may not pay an instalment on time, and the Creditor will consider a short delay in good faith.
7.2 If an instalment is not paid within 7 days of its due date (the "Grace Period"), the Creditor may give the Debtor a written notice of the missed payment.
7.3 The Debtor may put the default right by paying the missed instalment, with any interest or fee due under section 6, within 7 days of the notice.
8. Default
8.1 If the Debtor does not put the default right within the time in section 7.3, or if the Debtor becomes insolvent, stops paying its debts, or a court order or bankruptcy proceeding is made against it, the whole unpaid balance becomes due at once.
8.2 After that, the Creditor may take the steps that the law allows to collect the unpaid balance, with any interest, and the reasonable costs of collection, to the extent that the law allows. The Debtor will not be treated as being in default again for a payment that the Creditor has already accepted late.
8.3 The Creditor's acceptance of a late payment once does not waive its right to insist on payment on time later.
9. The Creditor holds off collection
9.1 While the Debtor keeps to this agreement, the Creditor will not start or continue any collection step for the Debt, including legal proceedings, a demand to a third party, a report to a credit agency or a charge on property, and will not send reminders other than those that this agreement provides.
9.2 By agreeing to this plan the Creditor does not give up the Debt, or any right to it beyond what is written here. A step that the Creditor must take to stop a time limit running, or to protect its position against other creditors, is not a breach of section 9.1, and the Creditor will tell the Debtor of it.
9.3 If a time limit for claiming the Debt would end during the plan, the parties agree that it is paused for the duration of the plan, as far as the law allows.
10. Ending when the Debt is paid
10.1 This agreement ends when the Debtor has paid the Debt in full, with any interest or fee due under it.
10.2 When that has happened, the Creditor will confirm in writing, within 7 days, that the Debt has been paid in full and that the Debtor owes nothing more for it, and will remove any charge, report or record about the Debt that it made.
10.3 The ending of this agreement does not take away a right or duty that has already arisen.
11. Receipt
11.1 The Creditor acknowledges receipt of ZAR 20,000 on the date of this agreement, if any amount is stated in section 3.2. The Creditor will keep a record of every payment received, and give the Debtor a statement of the balance on request.
11.2 The Creditor's final receipt will state the date, the total paid and that the Debt is fully paid. It will be sent to the Debtor at its address in this agreement, or by email to accounts@brightwater.example.
12. Changes, notices and general
12.1 A change to this agreement must be in writing and signed by both sides. If the Debtor's situation changes, the Debtor should tell the Creditor early.
12.2 Notices must be in writing and sent to the address in this agreement, or to the email address that a party names for the purpose, and are received on the day after they are sent.
12.3 This is the whole agreement of the parties about the Debt and the plan. If any part of it cannot be enforced, the rest stays in effect.
12.4 The Debtor may not pass this agreement to anyone else without the Creditor's written consent. The Creditor may pass the Debt and this agreement to another person, and will tell the Debtor in writing, and the Debtor then pays that person.
12.5 This agreement may be signed in separate copies and electronically, and together they form one agreement.
13. Governing law and disputes
13.1 This agreement is governed by the law of South Africa.
13.2 The parties will first try to settle any dispute by discussing it in good faith for 14 days after one of them gives written notice of it.
13.3 The place for deciding any dispute under this agreement is Johannesburg. How disputes are decided
13.4 Nothing in this agreement takes away a right that the law gives a consumer and that cannot be given up.
Signatures
The Creditor: Brightwater Analytics (Pty) Ltd, 10 Rivonia Road, Sandton, Johannesburg
Signature: ______________
Date: ______________
The Debtor: Orbit Retail (Pty) Ltd, 5 Long Street, Cape Town
Signature: ______________
Date: ______________