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Document Description
Demand Letter to Guarantors where the creditors demand the immediate payment together with further interests at the aforesaid rates.
Borrowers have, in breach of their repayment obligations, failed to make repayment of the indebtedness owing to the Bank when they fell due.
Unless payment in full in clear funds is received by the Bank prior to the said date the creditors will institute legal proceedings against the guarantors without further notice. In such circumstances, the guarantors will also be liable for all the legal costs, charges and expenses that the Bank is and will be incurring for the enforcement of its rights under the Guarantee.
How to use this Document?
A party can demand the guarantors to pay a stipulated sum and interest immediately as stated in the guarantee that was made at a certain date before.
The amount and deadline that the guarantors should pay up should be clearly stated in the letter.
The party should also state that if such agreement is not honoured by the guarantors, legal actions will be taken to recover what the party is entitled to.
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