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A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
In finance, arrears (or arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. [1] The amount of the arrears is the amount accrued from the date on which the first missed payment was due.
As a concept, lenders have been practicing debt settlement for thousands of years. [1] However, the business of debt settlement became prominent in the USA during the late 1980s and early 1990s, when bank deregulation, which loosened consumer lending practices, followed by an economic recession, placed consumers in financial hardship.
Since land purchases and duties on imports were payable only in gold or the new Demand Notes, the Demand Notes were bought by importers and land speculators for about 97 cents on the gold dollar and never lost value. 1862 greenbacks (Legal Tender Notes) at first traded for 97 cents on the dollar but gained/lost value depending on fortunes of ...
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
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