Payment Demand
/ˈpeɪmənt dɪˈmænd/
Definitions
- (n.) A formal request by a creditor or obligee made to a debtor or obligor to pay a specified sum owed under a contract or legal obligation.
The creditor issued a payment demand after the invoice due date passed.
- (n.) A legal instrument or document that calls for immediate fulfillment of payment obligations, often as a prerequisite to taking further enforcement actions.
The lender sent a payment demand before initiating foreclosure proceedings.
Forms
- payment demand
- payment demands
Related terms
See also
Commentary
A payment demand must clearly state the amount due and typically references the underlying contract or obligation; precise wording can affect subsequent enforcement or dispute resolution steps.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.