The letter of formal notice is the first tool we can use in the event of dispute or breach of contract.
Every day, people have disputes or suffer breach of contract and most of the times it is not possible to solve the matter amicably.
In such cases, a letter of formal notice would entitle the creditor to a sum of money or goods and services. An official notice is necessary in order to fulfil a specific agreement that elapsed between the parties.
Moreover, the act of formal notice is always capable of interrupting the course of the limitation period.
It is crucial that the letter of formal notice is well written, without any lack of fundamental information and with the exact requests.
For the above reasons, the aforementioned letter must contain:
- A detailed description of relevant facts and your demands. It is also useful to specify when the event exactly happened, the provisions of contract relating to the fulfilment required and the failure to comply with of the counterparty;
- the establishment of a deadline within which the counterparty has to fulfil the demands. The letter – in addition – has to contain the warning that in case the party fails to comply with the demands by the time of deadline, legal action will be considered.
As a consequence of the letter of formal notice, the lender could get the satisfaction of its demands by means of:
- the fulfilment – either part of it – as a result of an amicable settlement reached privately without any subsequent legal action;
- mediation, that is an effective way of resolving disputes without the need to go to court. It involves an independent third party – a mediator – who helps both sides reach an agreement. Frequently mediation is mandatory, which means that it is a condition for a regular start of a civil proceeding.
In any case, it is necessary to be assisted by a lawyer in the matters where mediation is obligatory;
- If parties are unable to reach an agreement, they can still go to court. In fact, through the use of acts of civil procedure – such as a writ of summons or a cease and desist order – the lender can claim what is due.
Please do not hesitate to contact Kenton & Miles for any information, or send an email to email@example.com.
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