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The Notice of Late Payment is a fundamental business document used when a payment becomes overdue according to previously agreed terms. This document is particularly important in the Nigerian business environment, where it serves as a formal communication tool for debt recovery and maintains a clear record of payment requests. The notice should comply with Nigerian debt collection regulations and common law principles, including the Recovery of Debts Act and relevant Central Bank of Nigeria guidelines. It typically includes specific payment details, outstanding amounts, due dates, and consequences of continued non-payment. The Notice of Late Payment often serves as a prerequisite document before initiating any legal action for debt recovery, making it a crucial tool in maintaining healthy cash flow and business relationships while ensuring legal compliance.

1. Recipient Details: Full name and address of the debtor, including any reference numbers

2. Date: Current date of the notice

3. Subject Line: Clear indication that this is a Late Payment Notice with relevant invoice/account numbers

4. Outstanding Payment Details: Specific details of the original invoice, amount owed, and due date

5. Late Payment Status: Number of days payment is overdue and current total amount including any late fees

6. Payment Instructions: Clear instructions on how and when to make the payment

7. Contact Information: Details of who to contact to discuss the payment or arrange payment plans

8. Signature Block: Sender's details including name, position, and company information