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Notice Of Default Form

Notice Of Default Form Template for Philippines

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Key Requirements PROMPT example:

Notice Of Default Form

"I need a Notice of Default Form to send to a corporate borrower who has missed three consecutive monthly payments on a PHP 5 million business loan, with the last missed payment due on January 15, 2025; the notice should include an acceleration clause and reference to our collateral rights."

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Document background
The Notice of Default Form is a critical legal document used in the Philippine jurisdiction when one party needs to formally notify another of their failure to meet contractual obligations. This document is essential in various business contexts, from financial transactions to property leases, and serves as a formal prerequisite before pursuing legal remedies. The notice must clearly identify the parties, specify the nature of the default, provide a cure period if applicable, and outline the consequences of continued non-compliance. Under Philippine law, proper service of a Notice of Default Form is often required before exercising certain legal rights, such as contract termination or collateral foreclosure. The document plays a crucial role in protecting the rights of the notifying party while providing the defaulting party with formal notification and opportunity to cure the default.
Suggested Sections

1. Date and Address Block: Formal letter heading with current date and recipient's complete address

2. Subject Line: Clear identification of the document as a Notice of Default with reference numbers

3. Identification of Parties: Full legal names and roles of the creditor/obligee and debtor/obligor

4. Contract Reference: Details of the underlying agreement including date, type, and key terms

5. Default Statement: Clear statement of the specific default(s) that have occurred

6. Default Details: Specific amounts, dates, and nature of the default

7. Demand for Remedy: Clear statement of what is required to cure the default

8. Cure Period: Specification of the time period allowed to cure the default

9. Consequences of Non-Compliance: Statement of actions that will be taken if the default is not cured

10. Reservation of Rights: Standard legal language preserving the creditor's legal rights

11. Contact Information: Details for submission of payment or communication

12. Signature Block: Formal closing with signatory's name, title, and company

Optional Sections

1. Collateral Reference: Include when the default involves secured obligations, describing the relevant collateral

2. Payment History: Include for loan defaults to document the history of missed payments

3. Acceleration Clause Notice: Include when exercising the right to accelerate the entire obligation

4. Legal Authority Citation: Include specific references to relevant laws or contract provisions when dealing with sophisticated parties

5. Previous Notices Reference: Include when previous notices or warnings have been sent

6. Cc List: Include when copies need to be sent to other parties (guarantors, legal representatives, etc.)

Suggested Schedules

1. Schedule A - Default Calculation: Detailed breakdown of amounts in default, including principal, interest, and other charges

2. Schedule B - Payment History: Chronological record of payments made and missed

3. Schedule C - Copy of Original Agreement: Relevant excerpts or complete copy of the underlying agreement

4. Schedule D - Previous Correspondence: Copies of relevant previous notices or communication regarding the default

5. Appendix 1 - Supporting Documents: Any relevant supporting documentation proving the default

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Finance

Real Estate

Construction

Manufacturing

Retail

Professional Services

Information Technology

Telecommunications

Energy

Healthcare

Education

Hospitality

Agriculture

Transportation and Logistics

Relevant Teams

Legal

Finance

Credit and Collections

Compliance

Risk Management

Account Management

Property Management

Corporate Secretariat

Business Operations

Contract Administration

Relevant Roles

Legal Counsel

Credit Manager

Collections Officer

Contract Administrator

Property Manager

Finance Director

Compliance Officer

Risk Manager

Account Manager

Business Development Manager

Corporate Secretary

Chief Financial Officer

Chief Legal Officer

Recovery Specialist

Loan Officer

Portfolio Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing obligations and contracts, including provisions on default, breach of contract, and remedies available to parties
Rules of Court of the Philippines: Procedural rules that may become relevant if legal action follows the notice of default, particularly on proper service of notices and legal documents
Truth in Lending Act (Republic Act No. 3765): Governs disclosure requirements in credit transactions and may affect the content of default notices in loan agreements
Consumer Act of the Philippines (Republic Act No. 7394): Provides consumer protection provisions that may affect the format and content of default notices, especially in consumer transactions
Real Estate Service Act of the Philippines (Republic Act No. 9646): Relevant for defaults involving real estate transactions and property-related matters
Securities Regulation Code (Republic Act No. 8799): Applicable for defaults involving secured transactions or securities as collateral
Electronic Commerce Act (Republic Act No. 8792): Relevant if the notice of default is to be served electronically or through digital means
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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