Acknowledgement of Debt Agreement

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Document Overview

An Acknowledgement of Debt is a legally binding contract in which one party, called the Debtor formally admits owing a specific amount of money to another party, called the Creditor and agrees to repay it under agreed terms.

An Acknowledgement of Debt in Kenya is valid if it:
1. Clearly identifies both parties;
2. States the amount owed;
3. Is signed by the debtor (and ideally by the creditor too); and
4. Is made voluntarily and without duress.

Purpose of an Acknowledgement of Debt:
1. Provide Clear Evidence of the Debt
2. Set Out Repayment Terms
3. Strengthen Legal Enforceability
4. Allow Recovery Without Full Court Trial
5. Preserve Business Relationships

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Acknowledgement of Debt Agreement

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