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A Monetary Demand Letter is a letter a person sends to an individual or organization making demands for repayment of money owed. This letter can be used in almost any situation that involves the recovery of money, such as in loan repayment, advancement of goods or services rendered or any other circumstance that will require a recovery of money.
This letter is often used as a first step in attempting to recover the money a party owes before filing a legal action in court for debt recovery.
In this letter, the form filler is required to provide the information about the sender and the recipient, the amount owed, the interest payable (if applicable), the reason the sender is entitled to the sum owed, the deadline for the repayment of the debt.
How to use this document
This document should be used if a person would want a written record of payment requests. It can also be tendered as evidence in court to show that the money owed is due but unpaid.
After completing this form, the sender should sign the document and deliver it to the recipient. If the recipient is an organization, the letter should be addressed to a person who is authorized to receive and address issues of this nature. For example, a general manager, CEO of a company, etc. The sender should also keep a copy for record purposes.
There are no laws outlining the content of a Monetary Demand Letter. However, it is best practice to include as much information as possible to provide adequate information about the money owed and the reasons for the sender's entitlement to the money.
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