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Promissory Note Without Interest

Promissory Note Without Interest Generator for United Arab Emirates

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Key Requirements PROMPT example:

Promissory Note Without Interest

"I need a Promissory Note Without Interest for a business transaction in Dubai, UAE, where my company will pay AED 500,000 to ABC Trading LLC in three equal installments between January and March 2025, with the note to be secured against our company's inventory."

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Document background
The Promissory Note Without Interest is a crucial financial instrument in the UAE business landscape, designed to facilitate commercial transactions while maintaining compliance with both UAE federal laws and Islamic finance principles. This document type is commonly used in situations requiring a formal promise of payment, such as business transactions, property purchases, or debt restructuring, where the maker commits to paying a specific sum to the payee without any interest component. The document's structure and content are governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and must include specific elements to be legally enforceable. The Promissory Note Without Interest is particularly valuable in the UAE market as it provides a Sharia-compliant alternative to interest-bearing promissory notes, making it suitable for both conventional and Islamic business transactions.
Suggested Sections

1. Date and Place of Execution: The date and location where the promissory note is issued, which is crucial for determining applicable jurisdiction and enforcement

2. Promise to Pay: An unconditional promise to pay a specific sum, clearly stating this is without interest

3. Payment Details: The exact amount in numbers and words, currency, and date or time of payment

4. Maker's Information: Full legal name, address, and identification details of the person/entity making the promise to pay

5. Payee's Information: Full legal name, address, and identification details of the person/entity to whom payment is to be made

6. Place of Payment: Specific location where the payment is to be made

7. Signature Block: Space for maker's signature, with clear identification of the signing party

Optional Sections

1. Witness Details: Section for witness information and signatures, recommended for additional verification but not legally required

2. Payment Instructions: Specific bank account or payment method details, used when payment method needs to be pre-specified

3. Transfer Rights: Specific conditions regarding the transfer or assignment of the note, if transferability is to be restricted

4. Governing Law Declaration: Explicit statement of UAE law application, recommended for international transactions

5. Joint Maker Details: Information and signature blocks for additional makers, used when multiple parties are jointly promising payment

Suggested Schedules

1. Payment Schedule: If payment is to be made in installments, details of payment dates and amounts

2. Security Details: If the note is secured, details of the security or collateral provided

3. Corporate Authorization: For corporate makers, evidence of authority to issue the promissory note

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
















Clauses


















Relevant Industries

Banking and Financial Services

Real Estate and Construction

Trading and Commerce

Manufacturing

Professional Services

Healthcare

Education

Retail

Import/Export

Islamic Finance

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Credit Control

Islamic Banking

Corporate Governance

Accounts Receivable

Commercial Operations

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Corporate Lawyer

Treasury Manager

Credit Manager

Financial Controller

Compliance Officer

Islamic Finance Specialist

Risk Manager

Commercial Director

Accounts Receivable Manager

Business Development Manager

Contract Administrator

Company Secretary

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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