Acknowledgement of Debt
In business, there might come a time when either you owe another party money, or another owes you money, which the debtor might not immediately be able to afford.
In this instance, an Acknowledgement of Debt comes in handy. It records that the debt is owing and sets out a legally binding payment plan.
Included in this Contract
- What the principal debt owing is;
- Whether interest is payable on the debt, and if so, the rate thereof;
- How and at what rate the debt is to be paid off;
- Consequences of default.
How does it work?
When you start the questionnaire, you will be guided through each question with the helping hand of detailed explanations and additional information. Based on your answers, the Acknowledgement of Debt will be tailor-made by our system. If you log in or create an account, you can also save the progress of the questionnaire and come back later.
You will receive both a Word Doc and a PDF version of the document available for download and both copies of the template will be sent to you by email.
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Barter McKellar Law
This document is supplied by Barter McKellar Law.
Barter McKellar is a boutique law firm which offers bespoke legal solutions that make legal, personal and business sense.
We practice law because we thrive off solving legal problems (simple or complex) and providing our clients with peace of mind. No matter what your legal needs are, we are able to assist you as a trusted legal partner. We pride ourselves on giving our clients the best legal advice and legal solutions that make practical and commercial sense. We give you the tools and guidance that you need to help you and your business grow and our services and fees are tailored to suit your specific needs