Promissory Note for Companies with Interest and Instalments
This Interest & Instalments Promissory Note is a simple 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.
The debt recorded by this Promissory Note is unsecured.
This Promissory Note is designed to be used by businesses, and is drafted specifically for repayment of a specified sum of money in instalments, with interest. Two repayment options are provided. The first option allows you to specify the dates on which a defined sum will be paid. The second allows for a specified number of instalments (weekly or monthly) of a specified sum on a specified day of each week or month.
Optional phrases and / or paragraphs are enclosed in square brackets.
If you require a Promissory Note with more basic provisions, or drafted to be used by an individual, please see the related document links below right.
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