ACKNOWLEDGEMENT OF DEBT

ENTERED INTO BETWEEN:

___________________________________________

The Creditor

Of______________________________________________________________

Creditor’s physical address and phone number

AND

__________________________________________

The Debtor’s name and ID number

of______________________________________________________________

Debtor’s physical address and phone number

1. That,_______________________________________, being the

Debtor as indicated in the Parties Clause above,
of______________________________________________________,
acknowledges that I am indebted to the creditor in the sum of
$________________________

2. I agree to pay the outstanding amount in the manner indicated in

ANNEXURE.

3. I further agree to surrender the following movable

propety/s_________________________________________________
_________________________________________________________
_______________________________________________________

valued at $_______________to the Creditor as a lien, which movable

property/s shall be surrendered on the day of signing this
Acknowledgement.

4. I shall pay the Creditor in the form/mode of payment he would have

chosen, that is to say, by giving him Cash (USD$)
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 5. In the event that I am making the payment in instalments and should I
fail to make payment on the due date, or within seven (7) days
after the due date, the Creditor shall demand the whole outstanding
amount from me together with legal costs, failing of which the
Creditor, without notice to me, shall be entitled to apply to the
relevant Magistrate’s Court for judgement against such whole
outstanding amount including legal costs. I agree to judgement in this
regard.

6. I further agree that in the event that I fail to make payment as agreed in
terms of Clause 2 of this Acknowledgement, I authorise the Creditor to
recover the outstanding amount I will be owing by either permanently
taking possession of my movable property/s referred to in Clause 3 of
this Acknowledgement or through the auctioning of the movable
property/s referred to in Clause 3 of this Acknowledgement so that the
Creditor recovers the outstanding balance, whichever shall be
agreeable between the Parties.

7. This Acknowledgement constitutes the entire agreement between me

and the creditor and there shall be no

7.1. Variation of the terms and conditions,

7.2. Novation or cancellation of this Acknowledgement unless

reduced into writing and signed by both parties, the Creditor and
Me.

8. I choose domicilium citandi et executandi at the address set out in the

Parties Clause as read with Clause I of this Acknowledgement.

THUS DONE AND SIGNED BY THE CREDITOR AT HARARE

this______day of____________________________20____
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________________________ ______________________

(Creditor) Witness

THUS DONE AND SIGNED BY THE DEBTOR AT HARARE

this________day of_____________________20_____

__________________________ _______________________

(Debtor) Witness

ANNEXURE

I agree to pay the outstanding balance as follows:

Lumpsum of $_____________on/before__________________2019OR

Instalment of $________________on or before 31 August 20______

Instalment of $________________on or before 30 September 20_____

Instalment of $________________ on or before 31 October 20______

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THUS DONE AND SIGNED BY THE CREDITOR AT HARARE
this______day of____________________________20____

________________________ ______________________

Kudzai Mudonhi (Creditor) Witness

THUS DONE AND SIGNED BY THE DEBTOR AT HARARE

this________day of_____________________20_____

__________________________ _______________________

(Debtor) Witness