Standard Acknowledgement of Debt
An acknowledgement of debt (AOD) is when a debtor acknowledges his/her debt obligations.
The debtor admits that he/she owes a sum of money to the creditor and undertakes to repay the amount on terms agreed upon between the parties involved.
An AOD would be of great value should the debtor default and a summons is required.
An AOD is like signing surety for an account.
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