Agreement Categories
Acknowledgment of Debt South Africa
This agreement sample is for informational and educational purposes only. The agreement sample is not intended to be used for any purpose and is not a substitute for professional legal advice. You should always seek the advice of your legal services provider before entering into any agreement.
Acknowledgment of Debt
- We the undersigned, ____________________________ ("the Debtor"), of ___________________, which address we hereby choose as our domicilium citandi et executandi for purposes hereof, do hereby admit that we are indebted to and hold ourselves bound to ______________________ ("the Creditor") of _________________________, which address the creditor chooses as its domicilium citandi et executandi for purposes herof, for the due and proper payment of R ____________ only, arising from monies advanced to us by the Creditor ("the Principal Debt"); and
- Furthermore we declare that we are bound by the conditions set out herein.
1. The Principal Debt shall not bear interest until due date for repayment. In
the event that the Debtor fails to pay the full amount of the Principal
Debt on the due date for repayment, the Principal Debt outstanding shall
bear interest from the due date for repayment at the prime bank overdraft
rate as charged and calculated by the Debtor's bankers
from time to time, compounded monthly in arrear, as
certified by any manager of such bank, whose appointment and authority it
shall not be necessary to prove.
2. The Principal Debt shall be paid in full on ___________ ("the due date for
repayment") free of deduction, set-off or bank charges.
3. Should any payment due in terms of this Acknowledgement of Debt not be made
on due date the Creditor may regard the balance of the Principal Debt as
due and payable immediately, and may issue Summons therefor in any
competent Court without further notice or demand to Debtor.
4. The Debtor herby expressly renounces the benefits of the non causa debiti,
the errore calculi, the revision of accounts and no value recorded, with
the full force, meaning and effect whereof the Debtor declares itself to be
fully acquainted.
5. The Debtor hereby consents and submits to the jurisdiction of the High
Court of South Africa, Cape of Good Hope Provincial Division, in respect of
all matters arising out of and disputes in connection with or in relation
to Acknowledgement of Debt or any amendment thereof or substitution
therefor, subject to the right to sue in any competent Court granted to the
Creditor herein.
6. The Principal Debt shall become due and payable immediately if the Debtor
be placed under liquidation of judicial management of be wound up, whether
provisionally or finally and whether voluntarily of compulsorily or if the
Debtor commits any act which constitutes and act of insolvency of if the
Debtor compromises or attempts to compromise with any of its creditors or
if any judgment be granted against the Debtor, which judgment remains
unsatisfied (and no appeal against such judgement of application for its
rescission is lodged), at the expiry of 30 (thirty) days from the date of
granting thereof, or should any such appeal or application for rescission
not be duly prosecuted or fail.
7. Should the Creditor incur costs in the collection of the Principal Debt,
the Debtor shall pay such costs on the attorney-and-client scale as well as
collection costs calculated at ___ % of each and every
pament made in reduction of the Principal Debt, interest and costs.
8. The Creditor shall be entitled to cede or pledge its interests herein or to
trade therewith at its own discretion without the consent of the Debtor. It
may also in rem suam discharge or release any security partly or in full
without the consent of the Debtor or consent of any alteration, release,
relaxation, or postponement of the terms hereof and such action shall not
be binding on the Creditor in any way whatsoever unless it has indicated in
writing that such action shall be binding.
9. The Creditor may allocate any payment to capital, interest, costs or any
other item as it deems fit despite any allocation made or deemed to be made
by the Debtor.
10. Any certificate issued under the signature of the Creditor or its duly
authorized agent that purports to certify the amount due hereunder shall be
accepted as prima facie proof of such indebtedness and shall have
sufficient probative value to enable the Creditor to obtain summary
judgment or provisional sentence against the Debtor in any competent Court
for the amount stated in such certificate, and the Debtor accepts the onus
of disproving the amount so stated as not being the amount owing.
11. The Debtor shall not be entitled for any reason whatsoever to withhold or
defer any payment stipulated in this Acknowledgement of Debt.
12. The Creditor acknowledges that it shall hold no security for the due and
proper payment of all liabilities incurred in this Acknowledgement of Debt.
13. The Debtor shall be at liberty to pay any portion of the Principal Debt
before the due date thereof without derogating from any right it may have
in terms hereof.
14. Any indulgence of time which may be given to the Debtor with regards to the
performance of any obligation in terms of this Acknowledgment of Debt shall
not in any way, prejudice the Creditor, nor shall it be regarded as a
waiver by the Creditor of any of its rights in terms hereof.
15. No variation or amendment of this Acknowledgement of Debt shall be of any
force or effect unless reduced to writing and signed by both the Creditor
and the Debtor.
16. The Debtor shall pay the costs of and in connection with the negotiation
and preparation of this Acknowledgement of Debt as well as any other costs
charges necessary to give effect to this Acknowledgement of Debt.
Signed in __________ This __ day of _____, 201__
_______________________
The Creditor
_______________________
As Witness
Source: http://www.sec.gov/Archives/edgar/data/1497130/000116552710000601/ex10-1.txt