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This is a stand alone suretyship granted by a company that stands good for the debts of another party. It includes the important confirmations in terms of the Companies Act, 2008.
This is a stand alone suretyship by an individual who stands good for the debts of another party.
If you grant settlement discounts for timeous payments, the terms and conditions applicable to the settlement discount should be clearly spelled out. For example, partial payments do not qualify for the settlement discount and only full payments qualify.
If your debtor has defaulted, you will need to send a formal demand (or appoint an attorney to do so). It is recommended – generally – that the demand is framed in terms of section 129 of the National Credit Act, 2008. Please also remember that if you intend to institute action if payment isn’t received the letter should also be sent by registered post.