Acknowledgement Of Debt By Employee
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ACKNOWLEDGEMENT OF DEBT BY EMPLOYEE
To of
(“the Company”)
I of
(“the Employee”) acknowledge that I am indebted to the Company in the sum of R______(“the Capital Sum”) being in respect of monies lent and advanced to me on ______(“Interest Date”).
I agree that the Capital Sum will bear interest at the prime rate quoted by ______Bank.
I irrevocably authorise the Company to deduct from my wages / salary every week / month an amount of R ______being the agreed repayment instalment by me in liquidation of the Capital Sum and Interest (“the Debt”), until the Debt is fully repaid.
If I should leave the Company for any reason whatsoever before the Debt is fully repaid:
(a) The balance of the Debt shall immediately become due and payable; and (b) The Company shall be entitled to apply any other amounts owing to me by the Company towards liquidation of the Debt; and (c) I shall keep the Company advised of my new address together with any details relating thereto.
SIGNED at ______on this ______day of ______year ______.
AS WITNESSES: 1. ______
2. ______EMPLOYEE