The Promissory Note Demand Letter is a crucial document in Saudi Arabian commercial practice, used when a creditor needs to formally demand payment from a debtor who has previously issued a promissory note. It combines elements of both modern commercial law and Islamic finance principles, making it distinct from similar documents in other jurisdictions. The document is typically used when payment on a promissory note has not been made as agreed, serving as a formal notice before initiating legal proceedings. It must include specific references to the original promissory note, clear payment demands, and comply with both the Saudi Commercial Papers Law and Sharia principles. This document is particularly important as it often serves as evidence in subsequent legal proceedings and can affect the creditor's ability to enforce their rights through Saudi courts.
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1. Header and Date: Formal letter heading including date, reference number, and delivery method (e.g., registered mail)
2. Recipient Details: Full legal name and address of the debtor/promisor, including any reference numbers
3. Subject Line: Clear indication that this is a Demand Letter for Payment of Promissory Note
4. Original Promissory Note Details: Reference to the original promissory note including date, amount, and unique identifiers
5. Demand Statement: Clear and unequivocal demand for payment, stating the exact amount due including any permitted charges
6. Payment Instructions: Specific details of how and where payment should be made, including bank account details if applicable
7. Compliance Statement: Statement confirming compliance with Sharia principles and Saudi Commercial Papers Law
8. Timeline and Consequences: Clear payment deadline and consequences of non-payment, including legal action
9. Closing and Signature: Formal closing, name and signature of authorized representative of the creditor
1. Previous Correspondence Reference: Include when there have been previous attempts to collect the debt or relevant communications
2. Calculation Breakdown: Detailed breakdown of the amount demanded if it includes any additional permitted charges or multiple promissory notes
3. Power of Attorney Reference: Include when the demand is being made by an authorized representative or lawyer on behalf of the creditor
4. Settlement Options: Optional section offering settlement terms or payment plan options, if the creditor wishes to provide alternatives
5. Language Declaration: Include when the letter is bilingual (Arabic/English) to specify which version prevails
1. Copy of Original Promissory Note: Authenticated copy of the original promissory note
2. Payment History: Schedule showing any partial payments made and remaining balance
3. Authorization Documents: Copies of Power of Attorney or authorization documents if demand is made by a representative
4. Previous Notices: Copies of any previous demand notices or relevant correspondence
5. Commercial Registration: Copies of commercial registration documents of both parties if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Trading
Manufacturing
Real Estate
Construction
Professional Services
Retail
Import/Export
Healthcare
Technology
General Commerce
Relevant Teams
Legal Affairs
Finance
Treasury
Credit Control
Collections
Compliance
Risk Management
Corporate Secretariat
Accounts Receivable
Banking Relations
Relevant Roles
Financial Manager
Credit Controller
Legal Counsel
Compliance Officer
Treasury Manager
Accounts Receivable Manager
Collections Manager
Corporate Lawyer
Finance Director
Risk Manager
Company Secretary
Chief Financial Officer
Legal Affairs Manager
Banking Relations Manager
Credit Risk Officer
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