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This agreement sets out the details of a loan made between a borrower and a lender. This legal document holds the borrower to be liable for repaying the debt owed within a specific time.
Date should be placed on top of the document and it should serve as the document’s effective date.
Next important element on the agreement is the lender’s name along with addresses of both parties.
This is the total amount the borrower will pay back to the lender plus interest. Once you have finalized the note and both parties have agreed with it, the parties can now affix their signatures with the date on the note. Copy the note and provide a copy to both parties. Keep this promissory note on file until the full payment of the debt.
For instance, you may agree that the first payment would occur 30 dates from the loan date and on regular intervals after that. The parties can also draw their own schedule that suits their situation which may also involve the payment of a lump sum.
There should be an unconditional and clear promise to repay a specific amount to a specific person. The maker must duly draw and sign it. It must have an official stamp. It must specify the names of the payor and payee. The payment amount must be in the legal currency of the country.
The elements include, but not limited to – all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer’s signature.
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