Acknowledgement of Debt – by an Employee
This Acknowledgement of Debt may be considered for use where a debt is owed by an employee to the employer. An Acknowledgement of Debt can be used to acknowledge and confirm that a debt is due, and to specify that the debt is payable in a number of instalments.
ACKNOWLEDGEMENT OF DEBT
By an Employee
Summary This Acknowledgement of Debt may be considered for use where a debt is owed by an employee to the employer. An Acknowledgement of Debt can be used to acknowledge and confirm that a debt is due, and to specify that the debt is payable in a number of instalments.
Why do I need an Acknowledgement of Debt? If you have employees that owe the company money, this Acknowledgement of Debt may be used to specify the amount owed and the agreed payment terms. An Acknowledgement of Debt confirms that the employee owes the employer a debt, and sets out an undertaking by the Employee to pay the debt in regular instalments at agreed intervals. The Acknowledgement of Debt also provides for an authority for the employer to deduct the agreed instalments from the employee’s salary.
What does the Acknowledgement of Debt say? The Acknowledgement sets out: The Employee’s details; The amount of the debt; The repayment details; Authorisation to deduct from salary; Default and costs.
What does the Acknowledgement of Debt look like? The agreement can be printed onto three pages.
What do you need to do to use the Acknowledgement of Debt?
- Read the document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Employee to sign.
Also known as: Payment Undertaking; AOD; Employee Payment Undertaking; Employee AOD; Staff Payment Undertaking; Staff AOD; Staff Acknowledgement of DebtIf this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.
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