demand letter

Английский Язык - Английский Язык

Определение demand letter в Английский Язык Английский Язык словарь: {i} (Law) letter draw up by a lawyer declaring a legal claim making a demand for restitution; A letter demanding that the payment due on the mortgage is paid; A letter from a lawyer, on behalf of a client, that demands payment or some other action, which is in default Demand letters are not always prerequisites for a legal suit but there are exceptions such as legal action on promissory notes or if the contract requires it Basically, a demand letter sets out why the payment or action is claimed, how it should be carried out (eg payment in full), directions for the reply and a deadline for the reply Demand letters are often used in business contexts because they are a courtesy attempt to maintain some goodwill between business parties and they often prompt payment, avoiding expensive litigation A demand letter often contains the "threat" that if it is not adhered to, the next communication between the parties will be through a court of law in the form of formal legal action; A letter usually from a lawyer on behalf of a client that makes a demand for payment or some other action which is in default Under the Bankruptcy and Insolvency Act, a financial institution before it takes any action must give demand and notice of intention if it intends to enforce its security and must wait 10 days before it can enforce its security by, say, the appointment of a Receiver or Agent