In the business world, verbal promises and commitments have no place. Whatever both parties in an agreement are committed to doing, they bring it into writing. Similarly, if you are making a promise to pay someone by a specific date, never let it go unnoticed. Rather, bring it into writing by writing a promissory note.
What is a promissory note?
A promissory note is a written document in which one party promises the other party that it will clear the payment by a specific date. This note has a lot of significance since it can be challenged in court also.
When to write a commitment letter for tuition fees with installments?
When you have not paid the tuition fee for a while and now you are sure that you are about to ruin your credibility, you must commit to clearing it as soon as possible. The promissory note always assures the other party that you are intended to pay but there are a few things that are causing trouble to you causing you to delay the payment.
Sometimes, late or no payment can cause you to pay the price. For instance, the school might drop out your child on not paying the fee for many months. In order to get away with this situation, always make a promise and try to fulfill it.
Who writes the commitment note?
Usually, the parents of the child write this statement to the tutor or school’s administration to affirm the tuition fee payment any sooner. Since the due amount is too big due to the inclusion of the late fee penalty and taxes, parents cannot pay the lump sum, and therefore, they promise to clear the payment in installments. It is important to remember that you can only promise to pay the tuition fee in installments if the school offers this facility to parents. In some cases, the student who finances his education himself can also write the statement of commitment of fee payment in installments.
How to write?
Writing the best note of commitment requires following guidelines given below:
- Give the introduction of the child:
When you write to the school as a parent of the child, don’t forget to mention the name, grade, section, and other details of the child.
- Discuss why you have not been paying:
The school’s administration should be informed as to why you are not able to pay the fee. Sometimes, the reason for not being able to pay the tuition fee is so genuine that the recipient understands your situation and shows flexibility. Therefore, giving the reason is always recommended.
- Write a statement that shows your commitment:
Commit to the reader to pay the fee by a specific date. Mention that date also. Also, inform him that you are going to pay the fee in installment. Then, mention that your commitment should be dealt with like any other legal statement.
Sample promissory note
To: mention the name of the tutor or the principal of the institute
I am Mr. Johnson, father of ABC studying in grade 8; section B in your school. I am writing this letter to let you know that I am unable to pay the tuition fee of my child for October, November, and December. I am going through a financial crisis. I have not received my salary for the last three months and I expect to receive it in January.
I am so regretful to cause you inconvenience but, I expect you to understand my situation. I assure you that I will pay all the outstanding dues of my child’s education by the 18th of March, 20XX. I will make three partial payments to clear the pending money. The money will be transferred to the official bank account of the school.
The amount that will be paid in small installments will be 500$. I will be paying this amount by the 10th of every month. This note should be interpreted according to the rules of the state. Thank you so much for your cooperation
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