Template Promissory Note

Promissory Note (Joint & Several)

CO.PN.05
This Promissory Note (Joint and Several) 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 two individuals or companies (the ‘promisors’) 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 Promisors, 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 should be used when there is more than one party involved in the repayment of the principal amount to the payee. To this end the document states that the liability of each promisor is joint and several, i.e. each promisor is individually liable to repay the amount should the other become unable to pay.

If this legal effect is not desired, please refer to the range of different Promissory Notes available for download - document links can be found below right.

Optional phrases and / or paragraphs are enclosed in square brackets.

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