Promissory Note
Simple written promise to pay a specified sum with interest by a certain date - the IOU with legal teeth
The fundamental debt instrument - simpler than a loan agreement.
Key Sections
- Principal amount in both numbers and words
- Interest rate (or “without interest” for family loans)
- Payment terms (lump sum on date, installments, on demand)
- Payee (person or entity being paid)
- Maker (person or entity promising to pay)
- Maturity date or demand provision
- Prepayment rights
- Late charge for overdue payments
- Default and acceleration clause
- Waiver of presentment and demand
- Governing law
Simpler than a full loan agreement but legally enforceable. Ideal for personal loans, down payment agreements, and inter-company transfers. Secured version available with collateral attachment.
Customize terms, add signatures, and notarization block in PDFb2.
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