Document background
The Late Fee Notice is a crucial document in the Philippine business environment, used when payments for goods, services, or financial obligations become overdue. It serves as a formal communication tool between creditors and debtors, typically issued after a payment deadline has passed. The notice must comply with Philippine legislation, including the Civil Code, Consumer Act, and BSP regulations, which govern how late fees can be charged and collected. This document includes essential information such as the original amount due, calculation of late fees, total amount payable, and payment instructions. The Late Fee Notice is often the first step in the formal collection process and may be followed by more severe actions if payment remains outstanding. It's designed to maintain professional relationships while ensuring legal compliance and protecting the creditor's rights to collect payment.
