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A demand letter for payment is a notice to a debtor requesting payment for an amount owed, with a specified payment deadline. It serves as a final warning before potential legal action. This video tutorial discusses the key aspects of payment demand letters and provides access to a free official template. The importance of sending a demand letter includes notifying the debtor of the last attempt to collect the owed money, alerting them to possible legal consequences, and documenting the payment request in writing, which can be useful in court if disputes arise. Additionally, it may offer a reduced settlement as an incentive for quicker payment.