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Notice Of Late Payment Template for India

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Key Requirements PROMPT example:

Notice Of Late Payment

"I need a Notice of Late Payment for my IT services company to send to a client who has failed to pay three consecutive monthly invoices totaling Rs. 450,000, with the latest payment being due on March 15, 2025; we want to include calculation of interest as per MSMED Act."

Document background
The Notice of Late Payment is a critical business document used when payment obligations have not been met according to agreed terms. This document is particularly important in the Indian legal context, where it serves as a formal demand for payment and can be a prerequisite for legal action. The notice should be issued when payment is significantly overdue and previous informal reminders have been unsuccessful. It typically includes details of the original transaction, payment terms, outstanding amount, applicable interest under Indian law, and consequences of continued non-payment. The Notice of Late Payment must comply with Indian contract law and may reference specific legislation such as the MSMED Act 2006 (for MSME creditors) or the Interest Act 1978. This document is often required before escalating to legal proceedings and serves as evidence of formal attempt at debt recovery.
Suggested Sections

1. Sender's Details: Full legal name, address, and contact information of the entity sending the notice

2. Recipient's Details: Full legal name, address, and contact information of the defaulting party

3. Date: Current date of the notice issuance

4. Subject Line: Clear indication that this is a Notice of Late Payment with reference numbers

5. Invoice Details: Reference to specific invoice numbers, dates, and original payment terms

6. Outstanding Amount: Clear statement of the total amount due, including any applicable interest or late fees

7. Payment History: Brief summary of previous payment communications and attempts

8. Demand for Payment: Clear statement of demand for immediate payment with specific deadline

9. Payment Instructions: Detailed information on how to make the payment

10. Closing Statement: Formal closing with signature block and contact information

Optional Sections

1. Interest Calculation: Detailed breakdown of how interest has been calculated, if applicable

2. Legal References: Citations of relevant laws and contractual clauses, particularly useful when escalating the matter

3. Previous Communications Log: Detailed list of all previous attempts to collect payment, useful in case of potential legal action

4. Consequences of Non-Payment: Description of legal actions or other measures that will be taken if payment is not received

5. Payment Plan Option: Proposed payment plan terms, if the sender is willing to accept installment payments

6. Dispute Resolution: Information about how to raise disputes or concerns about the outstanding amount

Suggested Schedules

1. Invoice Copy: Copy of the original invoice(s) referenced in the notice

2. Statement of Account: Detailed statement showing all transactions, payments, and outstanding balance

3. Communication Records: Copies of previous payment reminders or relevant correspondence

4. Interest Calculation Sheet: Detailed breakdown of interest calculations if applicable

5. Original Contract: Copy of the relevant contract or agreement showing payment terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions


















Clauses












Relevant Industries

Retail

Manufacturing

Construction

Information Technology

Professional Services

Healthcare

Education

Financial Services

Real Estate

Wholesale Trade

Transportation and Logistics

Consulting

Energy and Utilities

Telecommunications

Agriculture

Relevant Teams

Finance

Accounts

Legal

Credit Control

Collections

Treasury

Compliance

Administration

Risk Management

Corporate Governance

Relevant Roles

Accounts Receivable Manager

Credit Controller

Financial Controller

Chief Financial Officer

Finance Manager

Accounts Manager

Collections Specialist

Legal Counsel

Company Secretary

Business Owner

Managing Director

Credit Manager

Finance Director

Billing Coordinator

Treasury Manager

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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