The Demand Statement is a crucial legal document in Nigerian commercial practice, serving as a formal prerequisite to debt recovery proceedings. This document is typically used when informal attempts to collect payment have been unsuccessful and the creditor needs to establish a formal record of their payment demand. Under Nigerian law, a properly drafted Demand Statement should clearly state the amount owed, the basis of the debt, and provide a reasonable timeframe for payment. It often serves as a final warning before legal action and must comply with various Nigerian statutes including the Recovery of Debts Act and relevant civil procedure rules. The document is particularly important in Nigerian business practice as it can later serve as evidence in court proceedings and demonstrates the creditor's attempt to resolve the matter before pursuing litigation.
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1. Sender Details: Full name, address, and contact information of the creditor or their legal representative
2. Recipient Details: Full name, address, and contact information of the debtor
3. Date: Current date of the demand statement
4. Reference Line: Clear subject line identifying the document as a formal demand notice
5. Debt Details: Specific amount owed, origin of the debt, and date it was incurred
6. Payment Demand: Clear statement of demand for payment including the total amount due
7. Payment Instructions: Bank details or payment methods accepted
8. Payment Deadline: Specific deadline for payment and consequences of non-payment
9. Closing: Formal closing, signature block, and designation of sender
1. Previous Communications: Reference to prior payment requests or relevant correspondence when there has been previous attempt to collect
2. Interest Calculation: Detailed breakdown of interest charges when applicable
3. Security Details: Information about any collateral or security held against the debt
4. Settlement Options: Alternative payment arrangements or settlement options if the creditor is willing to negotiate
5. Legal Authority: Citation of relevant legal provisions or contractual clauses when dealing with sophisticated parties or complex debts
1. Statement of Account: Detailed breakdown of the debt including principal, interest, and any other charges
2. Payment History: Record of any partial payments made and remaining balance
3. Supporting Documents: Copies of relevant contracts, invoices, or other documents evidencing the debt
4. Interest Calculation Schedule: Detailed calculation of interest charges if applicable
Relevant legal definitions
Clauses
Identification of Parties
Debt Acknowledgment
Payment Demand
Payment Terms
Interest Calculation
Default Notice
Consequences of Non-Payment
Legal Authority
Time Limitation
Method of Payment
Supporting Evidence
Prior Communications Reference
Security Enforcement
Dispute Resolution
Reservation of Rights
Debt Acknowledgment
Payment Demand
Payment Terms
Interest Calculation
Default Notice
Consequences of Non-Payment
Legal Authority
Time Limitation
Method of Payment
Supporting Evidence
Prior Communications Reference
Security Enforcement
Dispute Resolution
Reservation of Rights
Relevant Industries
Banking and Finance
Legal Services
Retail
Construction
Manufacturing
Real Estate
Telecommunications
Oil and Gas
Professional Services
Healthcare
Education
Agriculture
Trade and Commerce
Insurance
Transportation and Logistics
Relevant Teams
Legal
Finance
Credit Control
Accounts Receivable
Collections
Risk Management
Treasury
Compliance
Commercial Operations
Corporate Secretariat
Relevant Roles
Credit Manager
Financial Controller
Legal Counsel
Collections Officer
Accounts Receivable Manager
Chief Financial Officer
Risk Manager
Debt Recovery Specialist
Commercial Manager
Company Secretary
Finance Director
Credit Control Officer
Business Development Manager
Compliance Officer
Treasury Manager
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