Schuldigerkenning
Acknowledgment of debt
An acknowledgment of debt is a declaration whereby a party acknowledges owing a debt or bearing liability to another. Such an acknowledgment may serve as evidence in civil proceedings.
An acknowledgment of debt is a unilateral declaration, made in writing or orally, by which a natural person or legal entity acknowledges owing a specific debt to another party. This may concern a sum of money, compensation for damages or any other obligation. The acknowledgment need not be executed by notarial deed, provided it is clear and unambiguous.
The principal significance of an acknowledgment of debt lies in the law of evidence. Once made, it relieves the creditor of the burden of proof, as the debtor has itself confirmed the basis of the claim. This may avoid or shorten legal proceedings and enhances legal certainty between the parties.
In practice, acknowledgments of debt are frequently used in out-of-court settlements, debt collection proceedings or following an accident. Legal counsel will verify that the acknowledgment has been given voluntarily and without duress or misrepresentation, as its validity may otherwise be challenged.
“The defendant signed an acknowledgment of debt, thereby rendering the plaintiff's claim in the debt collection proceedings virtually uncontested.”
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