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A demand letter for payment is a formal notice requesting a debtor to pay an owed amount by a specific date. It serves as a final warning, indicating potential legal action if the payment is not made. This tutorial reviews the importance of such letters, highlighting their role in alerting debtors, providing a written record of the payment demand, specifying the amount owed and due date, and serving as documentation for legal disputes. Additionally, it discusses how a demand letter can be used to propose a reduced settlement as an incentive for payment. The video will also provide information on where to obtain a free and official template for crafting a demand letter.