A Promissory Note with Interest is a vital financial instrument in Indonesian business transactions, commonly used for both commercial and personal lending arrangements. This document type is particularly relevant when parties need to formalize a loan agreement with clear repayment terms and interest obligations. The note must comply with Indonesian Civil Code requirements and financial regulations, making it essential to include specific elements such as the principal amount in Rupiah, applicable interest rates, and payment terms. It serves as a legally enforceable document that provides security to the lender while clearly defining the borrower's obligations. The document's significance in Indonesian business practice is enhanced by its recognition in the legal system and its utility in both secured and unsecured lending transactions.
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1. Promise to Pay: Clear statement of the borrower's unconditional promise to pay the principal amount
2. Principal Amount: The amount being borrowed, stated both in numbers and words in Indonesian Rupiah
3. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
4. Payment Terms: Details of when and how payments will be made, including maturity date and payment schedule
5. Place of Payment: Specific location or method where payments must be made
6. Default Provisions: Consequences of late payment or default, including any default interest rate
7. Waiver of Presentment: Statement waiving formal presentment requirements
1. Security/Collateral: Details of any assets securing the note - include when the note is secured
2. Prepayment Terms: Conditions for early repayment - include when early repayment is allowed
3. Late Payment Penalties: Specific penalties for late payments - include when additional penalties beyond default interest are required
4. Acceleration Clause: Conditions under which full payment becomes immediately due - include for higher-risk loans
5. Assignment Rights: Terms for transferring the note to another party - include when the note may need to be transferred
6. Governing Law and Jurisdiction: Specific mention of Indonesian law and jurisdiction - include when parties are in different jurisdictions or for larger amounts
1. Payment Schedule: Detailed schedule of payment dates and amounts, if installment payments are involved
2. Collateral Description: Detailed description of any security/collateral, if applicable
3. Interest Calculation Examples: Examples showing how interest will be calculated, particularly useful for complex interest structures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Trading and Distribution
Construction
Agriculture
Small and Medium Enterprises
Technology
Retail
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Compliance
Risk Management
Corporate Secretariat
Business Development
Accounting
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Account Manager
Business Development Manager
Corporate Secretary
Loan Officer
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