It is necessary to guarantee that the transactions in the payment agreements are fulfilled as agreed, that is why there are tools such as the payment commitment. This is an agreement between the parties in which a series of obligations and commitments are ensured, also establishing their conditions. Due to its characteristics, the payment commitment is one of the most useful and used tools to guarantee payment agreements in Spain.
A commitment to pay is a legal agreement in which one party agrees to pay a certain amount to the other party on a specific date. It can also be established that the payment is made in various terms and dates, if so agreed in the commitment. The payment commitment is formalized by means of a written or verbal contract, although it is true that it is recommended that it be a written contract and also reviewed by professionals. The payment commitment reflects the conditions and terms of the agreement between the parties, an agreement that both parties agree to comply with.
There are multiple situations in which a payment commitment can be useful: as long as a payment agreement is established that involves future transactions, the parties should formalize a payment commitment for their peace of mind. There are common situations in which it is common to use payment commitments, it should be taken into account in similar cases and have legal advice to ensure that the conditions of the commitment guarantee compliance with the agreement.
The payment commitment serves to provide protection in the event of default, thus providing peace of mind and financial security to all parties, not just the borrower. The agreement sets out the conditions, eliminating the risk of possible misunderstandings. In addition, this same document can be used in a judicial process as evidence, being a legal evidence of great value. In short, the payment commitment facilitates the recovery of debts, protecting the interests of the parties involved. The creditor is the main interested party in making sure that this commitment complies with the law in order to guarantee his security in the agreement and the protection of his own interests.
It is essential that the wording of the payment commitment is correct, being decisive when resolving any future situation derived from the agreement. There are a series of key elements that must always be reviewed and included in the payment commitment, thus guaranteeing its validity.
In case of non-compliance with the payment commitment, if the debtor does not comply with its obligations, the creditor has several legal options. It is advisable to try to reach an out-of-court agreement with the debtor, thus solving the situation and avoiding legal action. However, if this option fails, it is possible to initiate legal proceedings to demand compliance with the payment commitment. The creditor can also request the execution of the guarantees of the payment commitment if it includes them, such as assets and properties of the debtor. That is why it is essential to have expert advice when making a payment commitment, to guarantee that, in a situation of default by the debtor, the creditor can satisfy the debt.
