A promissory note is a written document through which the promisor promises to repay a loan or a debt to the promisee. This note states the important factors such as the time boundation and the payment details.
Sample Promissory Note:
The promissory note is made between Mr. John Yen hereafter referred to as PROMISOR and Mr. Ted Law hereafter referred to as PROMISEE.
Agreement is made on 18’Th October, 2010 at 34 wills lane, California-rt567
Address: 45, ridge road, West California
Address: 3, 5’Th floor, west Greg square, California
Mode of payment: cash
The promiser agrees to repay the loan with the following details:
Serial no.: 456T
On the effective date of 23rd November, the promisor agrees to repay a loan of $500 together with the interest rate 8% per annum to the promise on basis of the following conditions:
- The amount must be paid on the mentioned date.
- In case of late payment by 10 days from the effective date of repayment, the promisor shall pay an additional amount of $100.
- All payments must be made in cash/credit card whichever is mentioned in the contract as per convenience of the promisor.
- All payments must be made at the location: 34 will lane, California.
- This contract is governed by the state of the law and any breach in abiding by the terms shall seek relief under bankruptcy codes and orders.
- All the terms and provisions in this note shall remain in full effect even in the case of the note being deemed unenforceable.
It is therefore agreed and signed as follows:
John Yen Ted Law