Notice Of Intent To Default Template for Austria

The Notice of Intent to Default is a crucial legal document used in Austrian business and financial transactions when one party needs to formally notify another about a potential or actual default under their contractual obligations. This document must comply with Austrian Civil Code (ABGB) requirements and typically precedes any formal enforcement action. It serves multiple purposes: documenting the default, providing a final opportunity for remedy, and establishing a legal basis for subsequent enforcement actions if necessary. The notice must include specific details about the default, reference the relevant agreement provisions, specify cure periods as required by Austrian law, and outline potential consequences. It's particularly important in commercial relationships as it often serves as evidence in any subsequent legal proceedings and demonstrates compliance with procedural requirements under Austrian law.

1. Sender Details: Full legal name and address of the party issuing the notice

2. Recipient Details: Full legal name and address of the defaulting party

3. Date: Date of the notice issuance

4. Subject Line: Clear identification as a Notice of Intent to Default with reference number

5. Agreement Reference: Details of the underlying agreement, including date and parties

6. Default Description: Specific description of the default or breach, including relevant dates and amounts

7. Legal Basis: Reference to relevant provisions of the agreement and Austrian law

8. Cure Period: Specified time period for remedying the default

9. Consequences: Statement of intended actions if the default is not remedied

10. Signature Block: Authorized signature, name, and title of the sender