A Letter of Intent to Pay Debt is commonly used in the United Arab Emirates when parties need to formally document an existing debt obligation and establish clear repayment terms. This document is particularly relevant in situations where a debtor acknowledges their financial obligation and wishes to commit to a structured repayment plan. The letter, governed by UAE Federal Law No. 5 of 1985 (Civil Code) and commercial regulations, serves multiple purposes: it refreshes the statute of limitations on the debt, provides clear evidence of the debt's existence, and establishes mutually agreed repayment terms. It's frequently used in both commercial and personal contexts, offering creditors a stronger legal position for future enforcement while giving debtors a formal framework for managing their repayment obligations.
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1. Date and Place: Clear statement of the date and location where the letter is issued, critical for legal enforcement
2. Parties' Information: Full legal names, addresses, and identification details of both debtor and creditor
3. Debt Acknowledgment: Clear and unequivocal acknowledgment of the debt's existence and the debtor's obligation to pay
4. Debt Details: Specific amount owed, currency, origin of the debt, and date when it was incurred
5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
6. Declaration of Free Will: Statement confirming the letter is signed without duress or coercion, as required under UAE law
7. Signature Block: Space for debtor's signature, date, and witness attestation if required
1. Interest Terms: Include when interest is applicable and agreed upon (ensuring compliance with UAE interest rate regulations)
2. Security Provisions: Include when specific assets are being provided as security for the debt
3. Guarantor Details: Include when a third party is guaranteeing the debt
4. Default Consequences: Include specific consequences of default if agreed upon
5. Dispute Resolution: Include when parties wish to specify particular dispute resolution mechanisms
6. Governing Law Statement: Include when dealing with international parties to explicitly confirm UAE law application
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Original Debt Documentation: Copies or references to original contracts, invoices, or agreements that created the debt
3. Security Details: If applicable, details of any assets or securities provided as collateral
4. Power of Attorney: If applicable, authorization documents for representatives signing on behalf of either party
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail & Commerce
Professional Services
Healthcare
Education
Hospitality
Import/Export
Logistics
General Business
Relevant Teams
Legal
Finance
Credit Control
Accounts Receivable
Treasury
Risk Management
Compliance
Corporate Affairs
Debt Recovery
Commercial Operations
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Collections Manager
Accounts Receivable Manager
Financial Controller
Legal Counsel
Corporate Lawyer
Business Owner
Managing Director
Credit Control Officer
Risk Manager
Treasury Manager
Debt Recovery Specialist
Compliance Officer
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