Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Contract definition

What does Contract mean? In legal practice, a contract is the enforceable agreement by which parties set out promises and allocate risk, whether made orally, in writing or by conduct. The law of contract is principally case-law driven across England & Wales, Scotland, Northern Ireland and Ireland, with statutory interventions on formalities, construction and consumer protection. In England & Wales, Northern Ireland and Ireland, formation generally requires offer, acceptance, consideration and an intention to create legal relations. In Scotland, consideration is not required; a contract is formed by agreement (consensus in idem) with the necessary intention, with writing only needed in defined cases. Key features...

Contractual demands for payment: drafting, service, timing and risk management under English law

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

A demand for payment

A payment demand is a formal notice served pursuant to the Contractual provisions that underpin the liability the issuing party intends to enforce. Such a demand is required where the contract expressly stipulates that issuing a demand is the step that crystallises a party’s duty to pay under the agreement. Situations in which this commonly arises include:

where a creditor seeks to realise and enforce its security
where there is a default under an ‘on demand’ facility
where a party intends to rely upon or call on a guarantee; and
where non-payment of a demand constitutes an event of default under the contract

The effects and implications of issuing a demand may encompass:

crystallising a cause of action that entitles a party to begin legal proceedings
starting the running of the applicable limitation period
fixing and confirming the date from which a lender’s right to repayment of the loan falls due; and
fixing the date from which a lender’s entitlement to default or enhanced interest accrues or becomes payable

Materials available in Lexis+® UK

In this Practice Note, the expressions ‘borrower’ and ‘lender’ are used to reflect the terminology adopted in the following Precedents...

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James Hannant

Guildhall Chambers

James specialises in commercial litigation with an emphasis on both corporate and personal insolvency. He is frequently instructed by officeholders, directors and creditors in relation to a number of aspects of insolvency law. These include winding-up petitions, transaction avoidance claims and misfeasance claims. He also undertakes personal bankruptcy work which has included annulment applications, transaction avoidance claims and possession and sale applications.In addition, James’ has a varied commercial practice which incorporates disputes relating to the sale and supply of goods and services, contractual claims and matters involving aspects of the law of agency and guarantee claims.James has spoken at a number of seminars and events including those run by R3....

Web page updated on 21/05/2026

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