Sample Agreement
September 11, 2017
ACKNOWLEDGEMENT OF DEBT
September 14, 2017
  1. ACKNOWLEDGEMENT

 

I, the undersigned, ………………………………….. ID: ………………………………

 

 

           residing at  ………………………………………………………………………………………………………….

 

           in my personal capacity acknowledge that I am truly and lawfully indebted to and   in favour of

 

…………………………………….Attorneys        (“the Creditor”)

 

and their successors and/or assigns in the amount of  R ……………. (“the capital amount’) arising from the balance outstanding in respect of professional services rendered by the Creditor to me,

 

  1. INTEREST

 

  • I shall pay interest at the rate of 2% per month compounded monthly in arrears.

 

  1. REPAYMENT

3.1         At inception of this loan the amounts payable are:

a)    Outstanding Capital: R ……………….

 

          3.2      I shall repay the capital amount due in terms of this instrument in monthly   instalments of R………………….each, the first instalment of R…………..           to be paid on or before the1st of ……………………20.. and each respective instalment to be made on or before the 1st day of each month thereafter.

 

3.3       All payments due shall be made in cash free of bank charges deduction or set-off to the Creditor by deposit into the Creditor’s bank account with details:

 

…………………………………Attorneys Trust Account

……………………………………………..

Account Number:    ……………………………..

Branch Code:          ……………………………..                

Swift Code:            ………………………………

3.4         The instalments will be appropriated firstly towards any collection commission and/or legal costs envisaged, then interest and thereafter in reduction of the capital amount.

3.4.1        I shall be liable to continue paying the debt until all the collection commission and / or legal costs envisaged, interest and capital are paid in full.

 

  1. DEFAULT

 

5.1     Should I fail to make any payment on the due date of any amount owing in terms of this instrument, then I shall immediately be liable to repay the full capital outstanding plus all interest accrued on such amount outstanding at the rate of 2% per month compounded monthly in arrears.

 

5.2       In the event of me:

 

5.2.1     failing to make payment of any amount by due date; or

 

5.2.2      becoming the subject of sequestration, winding up or dissolution proceedings; or

 

5.2.3      effecting or offering a general compromise or deed of arrangement with creditors or with any class of creditors, or making any assignment for the benefit of creditors; or

 

5.2.4      suffering a judgment to be granted or entered against me in or by any Court of Law, and unreasonably failing to cause such judgment to be satisfied within a period of 10 (ten) days from the date of such judgment;

 

then the full amount of the capital amount outstanding, together with the interest payable thereon at 2% per month compounded monthly in arrears, collection commission and/or legal costs will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

  1. BREACH; JURISDICTION; CONFIRMATION OF BALANCE

 

6.1      Without limiting the generality of the provisions contained in clauses above, should I breach any terms of this instrument and should the Creditor become entitled to enforce any of the provisions of this instrument, then without prejudice to any other rights which the Creditor may have and in addition to the Creditor’s common law rights, the full amount of the capital amount outstanding, together with the interest payable thereon, will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

7.2     A certificate signed by the Creditor or his personal accountant confirming the amount due and payable shall be sufficient prima facie evidence for the purposes of obtaining summary judgment or provisional sentence against me for the amount claimed in the Magistrate’s Court.

 

7.3       In the event that any breach is committed and it is necessary to take legal action in respect of the recovery of this money, then I consent to the jurisdiction of the Magistrate’s Court irrespective of whether the amount claimed is greater than the legislated jurisdiction of the Magistrate’s Court.  I acknowledge that I am liable to pay any legal costs incurred in respect of any legal action taken against me for the recovery of any money outstanding in terms of this agreement on an attorney and client scale.

 

  1. WAIVER

 

No extension of time or indulgence by either party to the other will be deemed in any way to affect, prejudice or derogate from the rights of such party in any respect under this instrument, nor shall it in any way be regarded as a waiver of any rights hereunder, nor a novation of this instrument.

 

  1. NON VARIATION

 

No variation of this instrument will affect the terms hereof unless such variation is reduced to writing and signed by or on behalf of the parties.

 

  1. COSTS

 

 I agree to pay collection commission and, on an attorney and own client scale, all legal fees incurred by the Creditor in respect of any claim or proceeding arising out of or being in connection with this instrument, as well as all collection commission and tracing costs.

 

THUS DONE AND SIGNED AT _____________________ ON THE _____ DAY OF __________________ 20..

 

AS WITNESSES:

 

  1. ___________________________

 

2          ___________________________

________________________

 

………………………………….

 

THUS DONE AND SIGNED AT _____________________ ON THE _____ DAY OF __________________ 20..

 

 

 

AS WITNESSES:

 

  1. ___________________________

 

  1. ___________________________

_____________________________

 

……………………….. in his capacity     as duly authorised representative of the Creditor.

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