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Our Ref: ________
Date: ________
To:
________
________
Dear Sir/Madam,
RE: FORMAL LETTER OF DEMAND FOR PAYMENT OF THE OUTSTANDING SUM OF \u20a6________ (________)
§1. INTRODUCTION
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1.2 You are hereby placed on notice that this letter, and proof of its service upon you, shall be relied upon and tendered in evidence in any subsequent proceedings instituted for the recovery of the said sum, together with interest and costs.
§2. PARTICULARS OF THE TRANSACTION
2.1 The debt the subject of this demand arises from a contract for the sale of goods entered into between the parties on ________, pursuant to which the following goods were sold and delivered to you:
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2.2 The total agreed contract/sale price for the said goods was \u20a6________ (________).
2.3 You have to date made part payment in the sum of \u20a6________ (________), leaving an outstanding and undisputed balance of \u20a6________ (________).
2.4 The said sum is now due, owing and payable, and remains wholly unpaid notwithstanding the obligations you assumed under the said contract and the receipt by you of the goods aforesaid.
§3. DEMAND
3.1 TAKE NOTICE that we hereby formally and unconditionally demand from you immediate payment of the outstanding sum of \u20a6________ (________).
3.2 Payment shall be made in full on or before ________, by way of the following method:
________
3.3 Where payment is to be made by bank transfer or deposit, the same shall be effected into the following account:
Account Name: ________
Account Number: ________
Bank: ________
§4. INTEREST
4.1 In the event of your failure to settle the outstanding sum within the period stipulated above, we reserve the right to claim interest on the outstanding balance at the rate of ________% per annum from the date the said sum fell due until final payment or judgment, together with post-judgment interest at the rate prescribed by the relevant Rules of the applicable court.
§5. CONSEQUENCES OF DEFAULT
5.1 TAKE FURTHER NOTICE that should you fail, refuse and/or neglect to liquidate the said outstanding sum within the time stipulated in §3.2 above, we shall, without any further reference, notice or demand to you, proceed to institute appropriate recovery proceedings against you before the ________ to recover the said sum together with interest, the costs of these proceedings, professional fees and all incidental expenses incurred, the whole of which shall be at your sole expense and liability.
5.2 You are advised to treat this matter with the utmost urgency and seriousness it deserves, as we are firmly resolved to pursue every lawful remedy available to us to recover the debt in full.
§6. GENERAL
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6.2 This letter is written entirely without prejudice to any and all of our rights, claims and remedies, all of which are expressly reserved.
6.3 Kindly acknowledge receipt of this letter and confirm your proposals for settlement within ________ of the date hereof.
We thank you for your anticipated cooperation and look forward to your prompt and favourable response.
Yours faithfully,
____________________
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