Aod

Download as pdf or txt
Download as pdf or txt
You are on page 1of 3

Page 1 of 3

ACKNOWLEDGEMENT OF DEBT

I/We, the undersigned, Name of Debtor, address of debtor


(hereinafter referred to as the Debtor/s)
do hereby acknowledge myself/ourselves to be truly indebted unto and in favour of Name of
Creditor, address of Creditor (hereinafter referred to as the Creditor), its successors in title or
assigns, in the sum of R 337 431.40 (three hundred and thirty seven thousand four hundred
and thirty one rand forty cents), (hereinafter termed as the Capital Sum), being the agreed
indebtedness due, owing and payable by the Debtor to the Creditor in respect of goods sold
and delivered and/or services rendered and/or monies lent by the Creditor to the Debtor.

1. I/We hereby specifically acknowledge and confirm:


a) That all prior agreements, whether verbal or written, that may have been concluded
between Debtor and the Creditor, have been novated by this Acknowledgement of
Debt, which together with such other securities in support hereof, which I/We may sign,
shall be the sole and exclusive documentation evidencing my/our total liability in favour
of the Creditor, provided that in the event of there being no further documentation
signed by me/us, this Acknowledgement of Debt shall be the sole and exclusive
document evidencing my/our total liability to the Creditor;
b) All defences, of whatever nature, which may have been previously available to me/us
arising out of any prior agreements concluded with the Creditor, are hereby expressly
waived and abandoned by me/us with the full force, meaning and effect whereof I/We
declare myself/ourselves to be fully acquainted;
c) I/We consent to judgment being granted against me/us in terms of Section 58 of the
Magistrate's Court Act No. 32 of 1944 in the event of us/we failing to comply with the
repayment term as outlined in this Acknowledgement of Debt. The Creditor shall be
entitled to apply for judgment without prior notice to the Debtor/s. The Debtor/s
consents to judgment herein aforementioned for the outstanding amount at the
relevant time, as well as for interest and costs.

2. I/We hereby agree and undertake to make payment of the Capital Sum, together with
interest thereon, as set out hereunder:
th
a) R 2 000.00 (two thousand rand) on the 30 of September 201_.
b) The balance thereafter outstanding, at the rate of R 2 000.00 (two thousand rand) or
more per month, commencing on 31 October 2012, and so payable on the last day of
each succeeding month thereafter, until the full amount of the Capital Sum and interest
as set out herein shall have been paid in full by me/us to the Creditor;
c) I/We acknowledge that the Capital Sum shall bear interest at the rate of 2% % (two per
centum) per month, as calculated from 15 July 201_ to the date of final payment;
d) All payments made in terms of this Acknowledgement of Debt may be appropriated by
the Creditor firstly in reduction of interest, then collection costs and thereafter in
reduction of the Capital Sum due, owing and payable to the Creditor from time to time;

……………….
Page 2 of 3

3. I/We consent to the jurisdiction of the Magistrate's Court in terms of Section 45 of


Act No. 32 of 1944, as amended, for all purposes in terms of this Acknowledgement
of Debt, but confirm that this shall not preclude the Creditor from instituting
proceedings against me/us out of any other court having competent jurisdiction;

4. I/We confirm that no act of relaxation, indulgence or grace on the part of the Creditor
shall in any way be deemed to be a waiver by the Creditor on any of its rights in terms
of this Acknowledgement of Debt, or a novation hereof;

5. I/We hereby renounce the benefits of the legal exceptions "non numeratae
pecuniae", "errore calculi", "non causa debiti" and "revision of accounts" with the full
force, meaning and effect whereof I/We declare myself/ourselves to be fully
acquainted with;

6. I/We agree that all payments will be made to:

Debtor Bank Account Details

7. I/We hereby choose domicilium citandi et executandi for all purposes in terms of this
Acknowledgement of Debt at:

Creditor Address

8. I/We agree and undertake to make payment of all collection and legal fees and
disbursements incurred by the Creditor to its collection agency or attorneys in regard to
the commencement of legal proceedings against me/us, including the costs of drawing
up this Acknowledgement of Debt, Personal Suretyships, Notarial General Bonds and
Cession of Book Debts, together with any consultations incurred in connection
therewith.

9. I/We do further acknowledge that the Certificate of Account signed by the Credit
Manager of the Creditor reflecting the existence of the Capital Sum and any accrued
interest due to the Creditor at any time shall be sufficient proof of the contents thereof
for the purposes of enabling the Creditor to obtain provisional sentence, or summary
judgment against me/us in any court having competent jurisdiction, and I/We further
confirm that this Acknowledgement of Debt shall be treated as a liquid document for
such purposes.

……………….
Page 2 of 3

Dated at ......................................................... this .................. day of ................. 201_


1. _____________________________________
_____________________________________ (Signature of Creditor)

_____________________________________ (Full name of Creditor)


CREDITOR

1. _____________________________________ (Signature of Debtor)

2. _____________________________________ (Full name(s) of Debtor/s)


DEBTOR

As Witnesses:

1. _____________________________________

2. _____________________________________

Please initial all pages except this one.

You might also like