Debt Acknowledgement Letter - Template, Sample Form Pro · NG-law

ACKNOWLEDGEMENT OF DEBT

(Made pursuant to the laws of the Federal Republic of Nigeria)

§ 1. THE DEBTOR

I, ________, of ________, holder of means of identification number ________ (hereinafter referred to as the “Debtor”), do hereby acknowledge, admit and confirm as follows.

§ 2. ACKNOWLEDGEMENT OF INDEBTEDNESS

(1) I am justly and truly indebted to ________, of ________ (hereinafter referred to as the “Creditor”), in the principal sum of ₦________ (________) (the “Debt”).

(2) The Debt represents the outstanding sum owed by the Debtor to the Creditor in respect of goods sold and delivered to the Debtor on or about ________, particulars of which are known to and admitted by both parties.

(3) The Debt is presently due and owing, and the Debtor unconditionally admits liability therefor without qualification or reservation of any kind.

§ 3. INTEREST AND CHARGES

(1) The principal sum stated in § 2 shall bear interest at the rate of ________ per centum (%) per annum, calculated from the date of this Acknowledgement until the Debt is fully and finally discharged.

(2) The Debtor shall additionally be liable for all reasonable miscellaneous charges, costs and expenses lawfully incurred by the Creditor in connection with the recovery of the Debt.

§ 4. UNDERTAKING TO PAY — REPAYMENT SCHEDULE

(1) I hereby unconditionally undertake and promise to pay the Debt, together with all interest and miscellaneous charges, in accordance with the following repayment plan:

________

(2) All payments due hereunder shall be made to the Creditor at the address stated in § 1, or by electronic transfer to the account designated by the Creditor as follows: ________, on or before the respective due dates set out in the repayment plan.

§ 5. CERTIFICATIONS AND CONFIRMATIONS

I hereby certify, represent and confirm as follows:

(1) This Acknowledgement of Debt supersedes and modifies all prior verbal or written agreements, arrangements and understandings between the Creditor and the Debtor in respect of the Debt.

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(3) All payments made in settlement of the Debt shall be applied and appropriated in such manner and order as the Creditor may, in its absolute discretion, determine.

(4) The Debtor has no defence, claim, counterclaim, credit, deduction or set-off whatsoever against the Debt or any part thereof.

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(6) The parties shall first endeavour to resolve any dispute arising out of or in connection with this Acknowledgement amicably, and may refer such dispute to mediation or other alternative dispute resolution. Notwithstanding the foregoing, the Debtor hereby submits to the jurisdiction of the High Court of ________ State, which courts shall have jurisdiction to hear and determine any dispute relating to this document.

(7) Any delay, omission or failure on the part of the Creditor to exercise or enforce any of its rights hereunder shall not operate as, or be construed to be, a waiver of such rights.

(8) This Acknowledgement of Debt shall be binding upon the Debtor and the Debtor’s heirs, executors, administrators, successors and assigns, and shall enure to the benefit of the Creditor and the Creditor’s successors and assigns.

(9) This Acknowledgement of Debt is governed by and shall be construed in accordance with the laws of the Federal Republic of Nigeria.

§ 6. EXECUTION

DATED this ________ day of ________, 20________.

SIGNED, SEALED AND DELIVERED by the Debtor:

_____________________
________

IN THE PRESENCE OF (Witness):

Name ________

Address ________

Occupation ________

Signature .........................................................................................................