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The Notice of Late Payment Letter is a crucial business document used when payment obligations remain unfulfilled beyond their due date. This document is particularly important in the Philippine business context, where it serves both as a formal payment reminder and a potential prerequisite for legal action. The letter must comply with Philippine commercial law requirements, including provisions from the Civil Code of the Philippines and relevant business regulations. When drafting a Notice of Late Payment Letter, businesses should include specific details about the outstanding amount, reference numbers, original due date, and clear payment instructions. The document should maintain a professional tone while clearly communicating the urgency of the situation and potential consequences of continued non-payment. It's commonly used as part of the accounts receivable process and can be an important document if legal action becomes necessary.
