In the business world, there are definite terms given to the loan and the related matters. For avoiding partnership disputes, one of the formal and useful documents is known as stat demand. A statutory request is a request sent to an account holder organization and can be a useful instrument to recoup your cash. Although, it is not prepared for the purpose of recovering debt, still it is useful and amazing for this function.
Purpose of stat demand
The document meaning is mentioned above, now some of the important benefits of this document are added here:
An individual who is asked to make the payments through this document, they have time period to pay the debts.
Stat demand give some time to both the persons, therefore middle agreement can be reached.
Companies or individuals are able to settle outside court the financial matters.
The short and strict time frames can be a real trouble, however using this document; companies are able to avoid such difficulties.
It secures the debts amount, given to another individual or company.
The document is formal document and therefore cannot be neglected by any party.
It prevents bankruptcy of companies and business.