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This document can be used to acknowledge any outstanding debt. It acts as a signed letter confirming a debt and promising repayment, and is provided by the debtor (i.e. the person who owes the debt), or an agent acting on behalf of the debtor, to the creditor (i.e. the person to whom the debt is owed), or an agent acting on behalf of the creditor.
For instance, if John borrowed $2,000 from Freya, Freya would be the creditor and John the debtor. In such cases Freya may wish to obtain an acknowledgment of debt from John.
This document may also have the effect that if a debt is acknowledged within any applicable limitation period in the relevant Australian state or territory, the period within which any claim for that date will be extended, should a dispute arise.
The document can be tailored to describe the nature of the debt outstanding, such as the purpose for which the debt was borrowed, and the date the debt was created, the value of the debt outstanding, and to reflect circumstances where either or both of the parties have agents.
How to use this document
The document should be signed and dated by the person in debt, or the agent acting on their behalf, and provided to the creditor, or the agent acting on the creditor's behalf. The creditor should keep the original safe, but both parties may wish to have copies so that all parties can be clear about the details of the debt.
Each state and territory of Australia has a Limitation Act which may be relevant to this matter.
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