Definition for: Demand for Payment
A "demand for payment" is typically a letter or other notice demanding payment for overdue sums. A "demand for payment" is used, for example, where a rent payment is overdue or an installment payment on a sale of goods is delinquent. The demand for payment sets forth the amount owed, any late interest accrued and a statement that legal actions may be taken if payment is not promptly made.
