Basic Promissory Note for Companies no Interest
This Basic Promissory Note is the simplest way of acknowledging a debt. It is a legally binding contract, and consists of a written, dated and signed unconditional promise by one company (the ‘promisor’) to pay a definite sum of money to another person or company (the ‘payee’) on demand or at a specified future date. The promissory note is only signed by the Promisor, and not by the Payee (or lender).
As a general principle, for promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. Thus it is not necessary to execute a promissory note as a deed.
This Basic Promissory Note is unsecured and the debt does not carry any interest.
This Promissory Note is in a basic form and is best suited for loans of smaller amounts. It is designed for use by a company. If you need a promissory note with different or more comprehensive provisions, please consult the related document links below right.
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