The Notice of Final Demand is a critical document in Indian debt recovery practice, typically issued after previous attempts to collect a debt have been unsuccessful. It represents the final formal communication before legal action is initiated. This document is used when a debtor has failed to respond to previous payment requests or has defaulted on payment obligations. The notice must include specific details required under Indian law, such as the exact amount owed, calculation of interest (if applicable), payment deadline, and consequences of non-payment. It's essential in establishing due diligence in debt collection efforts and can be used as evidence in court proceedings. The document must comply with various Indian legislations, including the Indian Contract Act, 1872, and the Limitation Act, 1963.
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1. Sender Details: Full legal name, address, and contact information of the creditor/demanding party
2. Recipient Details: Full legal name, address, and contact information of the debtor
3. Date: Date of the notice issuance
4. Reference Number: Unique identifier for the demand notice and reference to previous communications
5. Debt Details: Clear statement of the original debt amount, date incurred, and purpose
6. Current Amount Due: Total amount currently owed, including any interest and penalties
7. Payment Demand: Clear statement of demand for payment, including the deadline
8. Legal Consequences: Statement of intended legal action if payment is not received by the specified deadline
9. Payment Instructions: Detailed information on how and where to make the payment
10. Signature Block: Signature of authorized representative with name and designation
1. Interest Calculation: Detailed breakdown of how interest has been calculated - include when interest forms a significant portion of the debt
2. Previous Communications: Summary of previous attempts to collect the debt - include when there is a significant history of communication
3. Settlement Options: Alternative payment arrangements or settlement options - include when willing to negotiate terms
4. Security Details: Information about any security or collateral held - include when the debt is secured
5. Corporate Authority: Details of corporate authority to make the demand - include when sender is a corporation
1. Schedule A - Payment History: Detailed chronological list of all payments made and missed payments
2. Schedule B - Interest Calculations: Detailed breakdown of interest calculations and charges
3. Schedule C - Copy of Original Agreement: Copy of the original contract or agreement that established the debt
4. Schedule D - Previous Correspondence: Copies of relevant previous demands or correspondence
5. Appendix 1 - Supporting Documents: Any relevant supporting documentation such as invoices, statements, or bounced checks
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