The Accounts Receivable Demand Notice is a crucial business document used when formal payment collection efforts become necessary in India. It is typically issued after regular invoicing and informal payment requests have been unsuccessful. This document serves multiple purposes: it formally documents the payment demand, establishes a clear timeline for payment, and can serve as evidence in potential legal proceedings. The notice must comply with Indian legal requirements, particularly those set forth in the Indian Contract Act, 1872, and if applicable, the MSME Development Act, 2006. It's an essential tool in the accounts receivable management process, often serving as the final step before initiating legal action. The document should clearly state the outstanding amount, include relevant invoice details, specify payment terms, and outline consequences of non-payment, all while maintaining professional business communication standards.
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1. Sender Details: Complete business name, address, and contact information of the creditor
2. Date: Current date of the notice
3. Recipient Details: Complete name, designation (if applicable), and address of the debtor
4. Subject Line: Clear indication that this is a demand notice for payment of outstanding accounts receivable
5. Outstanding Amount Details: Precise statement of the total amount due, including any applicable interest or late fees
6. Payment History: Brief summary of the original transaction and payment due date
7. Demand Statement: Clear and formal demand for payment, including the payment deadline
8. Payment Instructions: Detailed information about acceptable payment methods and account details
9. Legal Consequences: Statement of potential legal actions if payment is not received by the specified deadline
10. Closing: Formal closing with signature block and contact information for payment-related communications
1. Previous Communications Reference: Include when there have been prior attempts to collect the debt, listing dates and methods of previous communications
2. Payment Plan Option: Include when the creditor is willing to consider installment payments or settlement offers
3. Interest Calculation Details: Include when charging interest on the overdue amount, especially relevant for MSME creditors under the MSME Act
4. GST Implementation: Include when the outstanding amount includes GST components that need to be specifically addressed
5. Dispute Resolution: Include when offering specific dispute resolution mechanisms or when required by underlying contracts
1. Schedule A - Invoice Details: Copies or details of all relevant unpaid invoices
2. Schedule B - Statement of Account: Detailed statement showing all transactions, payments, and current balance
3. Schedule C - Contract Reference: Relevant excerpts from the underlying contract or purchase order
4. Schedule D - Communication Log: Chronicle of previous payment requests and related communications
5. Schedule E - Interest Calculation: Detailed calculation of interest charges and late fees if applicable
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Wholesale Trade
Information Technology
Professional Services
Construction
Healthcare
Education
Logistics and Transportation
Real Estate
Financial Services
Telecommunications
Industrial Services
Consumer Goods
Energy and Utilities
Relevant Teams
Finance
Accounts
Legal
Treasury
Credit Control
Corporate Affairs
Risk Management
Commercial Operations
Account Management
Executive Leadership
Relevant Roles
Accounts Receivable Manager
Credit Controller
Financial Controller
Chief Financial Officer
Finance Manager
Accounts Manager
Credit Collection Specialist
Financial Analyst
Business Manager
Legal Counsel
Company Secretary
Treasury Manager
Finance Director
Accounts Supervisor
Credit Risk Manager
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