A Written Demand For Payment is a crucial document in Nigerian commercial practice, used when a creditor seeks to recover an outstanding debt from a debtor. This formal notice is typically issued after informal attempts to collect payment have been unsuccessful and before initiating legal proceedings. The document must comply with Nigerian debt recovery laws and should include specific details about the debt, including the amount owed, the basis for the debt, payment history, and a reasonable deadline for payment. It serves multiple purposes: formally documenting the demand, providing the debtor with clear payment instructions, and establishing evidence for potential court proceedings. The document is particularly important as Nigerian courts often require evidence of formal demand before entertaining debt recovery cases.
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1. Sender Details: Full legal name, address, and contact information of the creditor or their representative
2. Date: The formal date of the demand letter
3. Recipient Details: Full legal name and address of the debtor
4. Reference Line: Clear subject line identifying this as a formal demand for payment
5. Debt Details: Specific amount owed, origin of debt, and date(s) when debt was incurred
6. Payment History: Summary of any previous payments made and current outstanding balance
7. Payment Instructions: Clear instructions on how and where to make the payment
8. Payment Deadline: Specific deadline for payment (typically 7-14 days from receipt)
9. Legal Consequences: Statement of intended legal action if payment is not received
10. Closing: Formal closing, signature block, and position of sender
1. Interest Calculation: Include when claiming interest on the outstanding amount, showing calculation method and periods
2. Previous Correspondence: Reference to previous payment requests when this is not the first demand
3. Settlement Options: Include when willing to accept payment plans or settlement offers
4. Contract Reference: Include when the debt arises from a specific contract that needs to be referenced
5. Third Party Authorization: Include when the demand is being made by a third party (e.g., debt collector or lawyer) on behalf of the creditor
1. Statement of Account: Detailed breakdown of the debt, including original amount, interest, fees, and any payments received
2. Copy of Original Agreement: If applicable, copy of the contract or agreement that gave rise to the debt
3. Payment History Schedule: Detailed list of all payments made and missed payment dates
4. Interest Calculation Schedule: Detailed breakdown of interest calculations if interest is being claimed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Retail
Manufacturing
Construction
Professional Services
Healthcare
Education
Telecommunications
Information Technology
Energy and Utilities
Agriculture
Transportation and Logistics
Mining and Natural Resources
Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Debt Recovery
Risk Management
Corporate Affairs
Compliance
General Counsel
Relevant Roles
Chief Financial Officer
Finance Manager
Accounts Receivable Manager
Credit Controller
Collections Manager
Legal Counsel
Company Secretary
Business Owner
Financial Controller
Debt Recovery Specialist
Credit Risk Manager
Treasury Manager
Accounts Manager
Corporate Lawyer
Finance Director
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