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Demand For Payment On Promissory Note for Saudi Arabia

Demand For Payment On Promissory Note Template for Saudi Arabia

A formal demand letter used in Saudi Arabia to request payment on a promissory note, structured in compliance with both Saudi Commercial Papers Law and Shariah principles. The document serves as an official notification to the debtor of their payment obligation and typically precedes any legal enforcement action. It must be carefully drafted to ensure compliance with Saudi Arabian legal requirements, including the prohibition of interest (riba) under Islamic law, while maintaining its enforceability under the Saudi enforcement regime.

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What is a Demand For Payment On Promissory Note?

The Demand For Payment On Promissory Note is a crucial document in Saudi Arabian commercial practice, used when a creditor needs to formally request payment from a debtor who has issued a promissory note. This document is particularly important in the Saudi Arabian legal system, where it must comply with both modern commercial law and Islamic Shariah principles, especially regarding the prohibition of interest (riba). The demand letter typically includes specific details about the promissory note, payment requirements, and consequences of non-payment, serving as a necessary precursor to any enforcement action through Saudi courts. It's commonly used in various commercial transactions where payment has been secured by a promissory note but has not been honored according to its terms.

What sections should be included in a Demand For Payment On Promissory Note?

1. Sender Details: Full legal name, address, and contact information of the party making the demand

2. Recipient Details: Full legal name, address, and contact information of the party who issued the promissory note

3. Date: Current date of the demand letter

4. Reference Details: Specific details of the promissory note including its date, number, and original amount

5. Payment Demand: Clear statement of the amount being demanded, including the principal amount and any permitted charges under Shariah law

6. Payment Instructions: Specific instructions for making the payment, including bank account details or acceptable payment methods

7. Payment Deadline: Clear statement of the deadline for payment (must be reasonable and specific)

8. Legal Basis: Reference to relevant laws and the legal basis for the demand

9. Consequences of Non-Payment: Statement of legal actions that may be taken if payment is not received by the deadline

What sections are optional to include in a Demand For Payment On Promissory Note?

1. Previous Communications: Reference to any previous payment requests or relevant communications - include when there has been prior correspondence

2. Partial Payments: Details of any partial payments already made - include when applicable

3. Third Party Authorization: Authorization details if the demand is being made by a representative - include when demand is made by authorized representative

4. Security Details: Description of any security or collateral associated with the promissory note - include when security exists

What schedules should be included in a Demand For Payment On Promissory Note?

1. Copy of Promissory Note: Authenticated copy of the original promissory note

2. Payment History: Schedule showing payment history and calculation of outstanding amount (if applicable)

3. Authorization Documents: Power of attorney or other authorization documents if demand is made by a representative

4. Previous Correspondence: Copies of relevant previous correspondence regarding the payment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Document Type

Demand Letter

Cost

Free to use
Relevant legal definitions



















Clauses
















Relevant Industries

Banking and Financial Services

Commercial Trading

Manufacturing

Real Estate

Construction

Import/Export

Retail

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Credit Control

Treasury

Accounts Receivable

Compliance

Risk Management

Collections

Corporate Affairs

Islamic Banking

Relevant Roles

Credit Manager

Financial Controller

Chief Financial Officer

Accounts Receivable Manager

Legal Counsel

Compliance Officer

Treasury Manager

Collections Specialist

Finance Director

Risk Manager

Corporate Lawyer

Islamic Finance Specialist

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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