Pasted text (7)(8)

{{company_name}}

{{company_address}}

Tel: {{phone}} | Email: {{email}}

Website: {{website}}

DEBT ACKNOWLEDGMENT AGREEMENT

This Debt Acknowledgment Agreement (hereinafter referred to as "Agreement") is made and entered into on this the {{day}} day of {{month}}, {{year}}

BETWEEN:

{{company_name}} (Registration Number: {{company_registration_number}}), a company duly incorporated in accordance with the laws of South Africa, with its principal place of business at {{company_address}} (hereinafter referred to as "the Creditor");

AND

{{employee_name}} (Identification Number: {{employee_id_number}}), an adult employee residing at {{employee_address}} (hereinafter referred to as "the Debtor").

1. ACKNOWLEDGMENT OF DEBT

The Debtor hereby acknowledges and confirms that they are indebted to the Creditor in the sum of {{amount_in_words}} ({{amount_in_figures}}) (hereinafter referred to as "the Debt").

The Debt arose from {{description_of_debt_origin}}.

2. REPAYMENT TERMS

The Debtor agrees to repay the Debt to the Creditor in accordance with the following terms:

2.1. The Debt shall be repaid in {{number_of_instalments}} equal monthly instalments of {{instalment_amount}} ({{instalment_amount_in_figures}}).

2.2. The first instalment shall be due on or before {{first_instalment_date}}, and subsequent instalments shall be due on the {{day_of_month}} day of each succeeding month until the Debt is fully repaid.

2.3. Payments shall be made via {{payment_method}} to {{bank_account_details}}.

2.4. In the event of late payment, interest shall accrue on the overdue amount at a rate of {{interest_rate}}% per annum, calculated daily from the due date until the date of actual payment.

3. ACCELERATION CLAUSE

Should the Debtor fail to make any payment on the due date thereof, and remain in default for a period of {{grace_period_days}} days after written notice from the Creditor, the entire outstanding balance of the Debt shall become immediately due and payable.

4. DEDUCTION FROM SALARY (OPTIONAL)

The Debtor hereby irrevocably authorises the Creditor to deduct the monthly instalments from the Debtor's salary or wages, should the Debtor fail to make payment by the due date. This deduction shall be limited to {{maximum_deduction_percentage}}% of the Debtor's nett salary in any given month, in compliance with applicable labour laws.

5. INDULGENCE

No indulgence, leniency or extension of time which the Creditor may grant or allow to the Debtor shall constitute a waiver of any of the Creditor's rights under this Agreement, nor shall it prejudice the Creditor in any manner whatsoever.

6. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof and supersedes all prior agreements, representations and understandings of the parties, whether written or oral.

7. GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of {{country}}.

The parties hereby consent to the jurisdiction of the {{relevant_court_or_tribunal}} for any disputes arising from this Agreement.

8. ACKNOWLEDGMENT OF RECEIPT

The Debtor acknowledges receipt of a copy of this Agreement.

Signed at {{place_of_signing}} on this the {{day}} day of {{month}}, {{year}}.

___________________________

For: {{company_name}}

Duly Authorised Representative

Name: {{creditor_representative_name}}

Position: {{creditor_representative_position}}

___________________________

{{employee_name}} (the Debtor)