Panechotes also called Panares, ex-cosmetes of Oxyrhynchus, through his friend Gemellus, to Apollonius, writer of shorthand, greeting. I have placed with you my slave Chaerammon to learn the signs which your son Dionysius knows, for a period of two years from the present month Phamenoth of the 18th year of Antoninus Caesar the lord, for the fee agreed upon between us of 120 silver drachmae, with exception of feast-days; and of this sum you have had a first instalment of 40 drachmae, and you will receive a second instalment of 40 drachmae when the boy has learned all the commentary by heart, and the third instalment, the remaining 40 drachmae, you will receive at the end of the period when the boy can write and read from prose of all kinds without fault. If you make him perfect within the period, I will not await the aforesaid date, though I shall have no right to remove the boy within the period, and he shall remain with you after the period for as many days or months as he may have been absent from work. The 18th year of the Emperor Caesar Titus Aelius Hadrianus Antoninus Augustus Pius, Phamenoth 5.
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