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A demand letter for payment is a formal notice requesting a debtor to pay an owed amount by a specified date. Typically used as a final warning, it advises the debtor of potential legal action if payment is not made. The video tutorial reviews key aspects of payment demand letters and provides access to a free and official template. The importance of sending a demand letter includes alerting the debtor of possible legal consequences, documenting the payment request, specifying the amount owed, establishing a due date, and serving as written evidence for any future legal disputes. It can also include settlement offers as an incentive for immediate payment.
