The Employee Loan Promissory Note is a crucial document used in Indonesian business contexts where employers extend financial assistance to employees through formal loan arrangements. This document, governed by Indonesian law, particularly Labor Law No. 13 of 2003 and relevant financial regulations, serves to protect both parties' interests by clearly documenting the loan terms, repayment obligations, and salary deduction authorizations. It is commonly used for employee financial assistance programs, emergency loans, or other structured employee lending arrangements. The document ensures compliance with local employment and financial regulations while providing a clear framework for loan administration and repayment tracking.
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1. Parties: Identification of the employer (lender) and employee (borrower) with complete legal names and addresses
2. Background: Brief context of the employment relationship and purpose of the loan
3. Definitions: Key terms used in the document including 'Loan Amount', 'Interest Rate', 'Payment Period', etc.
4. Loan Details: Specific amount of the loan, currency, and date of disbursement
5. Interest Rate: Agreed interest rate (if any) and calculation method
6. Repayment Terms: Payment schedule, installment amounts, and method of payment
7. Payroll Deduction Authorization: Employee's authorization for automatic deduction from salary
8. Early Repayment: Terms and conditions for early loan repayment
9. Default Provisions: Consequences of missing payments or termination of employment
10. Representations and Warranties: Employee's confirmation of understanding and ability to repay
11. Governing Law: Specification of Indonesian law as governing law
12. Execution: Signature blocks and date of execution
1. Security: Required when the loan is secured against specific assets or guarantees
2. Insurance: Include when loan repayment insurance is required or provided
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Dispute Resolution: Additional dispute resolution mechanisms beyond standard legal proceedings
5. Assignment: Include if transfer of rights needs to be specifically prohibited or regulated
6. Force Majeure: Include when specific circumstances for payment suspension need to be addressed
7. Electronic Execution: Include when document may be executed electronically
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Loan Calculation: Detailed calculation of interest and total repayment amount
3. Employee Information Form: Additional employee details and employment information
4. Salary Deduction Authorization Form: Formal authorization for payroll deductions
5. Loan Disbursement Details: Bank account or payment details for loan disbursement
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Technology
Retail
Healthcare
Education
Construction
Mining
Agriculture
Professional Services
Telecommunications
Transportation & Logistics
Energy & Utilities
Hospitality & Tourism
Relevant Teams
Human Resources
Finance
Legal
Compliance
Payroll
Treasury
Employee Relations
Benefits Administration
Risk Management
Internal Audit
Relevant Roles
Human Resources Director
HR Manager
Finance Director
Financial Controller
Payroll Manager
Legal Counsel
Compliance Officer
Employee Relations Manager
Benefits Administrator
HR Operations Manager
Chief Financial Officer
Treasury Manager
Accounts Manager
HR Business Partner
Compensation and Benefits Manager
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