The Promissory Note Family Loan Template is specifically designed for use in the United Arab Emirates where family members need to formalize financial arrangements in a legally compliant manner. This document is particularly useful when family members wish to structure personal loans with clear terms and conditions while maintaining compliance with both UAE civil law and Islamic finance principles. The template includes essential elements required by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) for promissory notes, while also accommodating family-specific considerations under UAE Personal Status Law. It serves as a crucial tool for protecting both lender and borrower interests within family financial transactions, providing clear documentation of loan terms, repayment schedules, and any applicable profit arrangements.
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1. Place and Date: Essential elements required by UAE law for promissory notes, stating where and when the note is executed
2. Unconditional Promise to Pay: Clear statement of promise to pay a specific sum, which is a fundamental requirement for promissory notes
3. Parties' Information: Full legal names, Emirates ID numbers, and addresses of both the maker (borrower) and payee (lender)
4. Family Relationship Declaration: Statement of the family relationship between the parties
5. Principal Amount: The exact amount being borrowed, stated in both numbers and words
6. Payment Terms: Specific details about when and how the payment will be made, including due date or installment schedule
7. Place of Payment: Where the payment should be made or received
8. Signature Block: Space for the maker's signature, with attestation requirements
1. Interest/Profit Rate: Used when parties agree to include profit rate (ensuring compliance with Islamic finance principles)
2. Security Provisions: Include when the loan is secured by any assets or collateral
3. Acceleration Clause: Optional clause stating conditions under which the entire amount becomes immediately due
4. Witness Section: Additional witnesses' details and signatures for extra verification
5. Default Provisions: Specific consequences and procedures in case of default
6. Jurisdiction Clause: Specific emirate jurisdiction if parties want to specify where disputes will be resolved
1. Payment Schedule: If installment payments are agreed, detailed breakdown of payment dates and amounts
2. Security Details: If applicable, detailed description of any security or collateral provided
3. Family Relationship Proof: Copies of relevant documentation proving family relationship
4. Identity Documents: Copies of Emirates ID cards and other identification documents of parties
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