Here is a Sample Promissory Note Template that can assist anyone going after a banking transactions for some sort of loan or mortgages. This is good to have it already in your hands before signing the actual Promissory Note in courts. This Promissory Note Template includes all the material (fields to fill, sample terms & conditions) to give you exactly the same information that you are looking for. Officially to state its definition,
A promissory note is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. (For more information, please visit wikipedia)
You may want to know about promissory note and may have not a clear purpose of this document in your mind. If it is so, don’t feel hesitation to ask your lawyer or any business consultant to let you know about it as most of people have not sufficient information about business and legal documents. Although, being a businessman or a part of business world, having clear idea about this agreement can serve you a lot in future. Different templates are also available on web providing a complete agreement. You can visit Promissory Note Template to review it in detail.
Idea behind sharing this article with you is to share basic purpose and role of this agreement. Promissory note can be considered a promise to pay and is widely used document in business world. If it is said that to some extent, success of business world is dependent on this agreement will never go wrong. Promissory note is a written contract between the payer and lender. This agreement includes specific terms and conditions on which a certain amount has to be paid from one party to another at the defined demand of payee. Promissory notes are most commonly used as debt evidences.
Promissory note can be of two types:
Secured promissory note considers maker’s sufficiency to repay along with taking into regard a possession of certain value to make the note safe. Security in demand can be things like home, car or plot. If maker fails to follow and pay the mentioned terms and conditions in document, will lose this property.
In an unsecured promissory note, no liabilities on payment course are included. In this document, loan amount is determined by maker’s aptitude to repay.
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