Notices are the legal concept explaining an obligation or requirement that a party be aware of legal process affecting their rights, obligations or duties. There are several types of notice: public notice, actual notice, constructive notice, and implied notice. The notice for extension of time may be wished for a multiple of reasons. They are used to exhibit that delays have occurred in the delivering specific goods, money or services. This type of notice is sent to the parties before sending them the legal notice. It is a kind of personal communication between parties. A notice acts as a warning before legal notice. If the time extension requests is already mentioned and specified in a contract provision, then the notice of extension of credit period can be mentioned in the notice of extension as well
Letters of credit are indispensable for international transactions since they ensure that payment will be received. Using documentary letters of credit allows the seller to significantly reduce the risk of non-payment for delivered goods, by replacing the risk of the buyer with that of the banks. Letters of credit have become a crucial aspect of international trade, due to differing laws in each country and the difficulty of knowing each party personally. But if there isn’t a pre signed letter of credit or no period of extension clause is mentioned in the contract provision even then the debtor can send a notice to the creditor for extension of notice period. Most extensions are related to delays beyond the debtor control, and many involve change order requests. However, there are times when the contractor may not have specific resource that can cause the extension to repay/ deliver.
Time extensions must specify the following information:
1.Explaining about the specific issue causing delays
2.List of activities that might be affected by the delay
3.The exact amount of time being requested, specifying working days or calendar days
4.If available/ Required attach sketches, photographs, or other images illustrating the delay issues
5.Alternative solutions if any.
Passport photo of all parties.
PAN card of all parties.
Aadhar card of all parties.
Utility bill of Electricity or Telephone.
Valid Address Proof of all the parties.
Valid Driving Licence of all the parties.
Terms and Conditions
Terms and Conditions between the parties.
Other documents will be intimated through e-mail.
A debtor is an individual or organization that owes the money.
Creditor' refers to the party that has delivered a product, service or loan, and is owed money by one or more debtors.
A Notice is a formal written communication between the parties. Whereby through this notice, the sender notifies the addressee about his intentions with respect to any legal obligation or right between both the parties.
The credit period is the number of days that a client/ debtor is allowed to wait before paying an invoice
Extension of credit period means, extending the time period for the debtor to pay off his debts to the creditor.