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Standard Promissory Note

Standard Promissory Note Template for Ireland

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Key Requirements PROMPT example:

Standard Promissory Note

"I need a Standard Promissory Note for a €50,000 business loan from my company to a supplier, with monthly installment payments over 24 months starting March 2025, including a 5% annual interest rate and the option for early repayment without penalty."

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Document background
A Standard Promissory Note is commonly used in Irish business and personal transactions as a formal acknowledgment of debt and promise of payment. This document, governed by Irish law, particularly the Bills of Exchange Act 1882, creates a legally binding obligation where one party (the maker) promises to pay a specific sum of money to another party (the payee) at a determined time or on demand. Standard Promissory Notes are frequently utilized in various contexts, including business loans, personal loans, real estate transactions, and commercial agreements. They provide a clear record of debt obligations and payment terms, making them valuable tools for both commercial and private financial arrangements. The document's enforceability and specific requirements under Irish law make it a reliable instrument for documenting financial commitments.
Suggested Sections

1. Date and Place of Execution: Specifies the date and location where the promissory note is executed, which is crucial for determining jurisdiction and commencement of obligations

2. Parties: Identifies the maker (promisor) and the payee (promisee) with their full legal names and addresses

3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, which must be clearly stated and definite

4. Payment Terms: Specifies the principal amount, interest rate (if any), payment date(s), and method of payment

5. Place of Payment: Designates where the payment must be made or where the note is payable

6. Signature Block: Space for the maker's signature, which is essential for the validity of the note

Optional Sections

1. Security Interest: Include when the note is secured by collateral or other assets

2. Default Provisions: Specifies what constitutes default and its consequences, recommended for higher-value notes

3. Prepayment Terms: Include if early payment is allowed and any associated conditions or penalties

4. Late Payment Provisions: Specifies late payment fees and consequences, recommended for commercial notes

5. Transfer Rights: Include if the note is intended to be negotiable or if transfer rights are restricted

6. Governing Law: While Irish law is implied, this section may be included for clarity, especially in cross-border transactions

Suggested Schedules

1. Payment Schedule: Detailed schedule of installment payments, if applicable, showing dates and amounts

2. Collateral Description: Detailed description of any assets securing the note, if applicable

3. Interest Calculation Methods: Detailed explanation of interest calculation methods if complex interest arrangements apply

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

Financial Services

Real Estate

Commercial Lending

Private Lending

Small Business

Corporate Finance

Investment

Construction

Manufacturing

Professional Services

Agriculture

Retail

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Corporate Governance

Commercial Banking

Investment

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Financial Controller

Treasury Manager

Credit Manager

Accounts Receivable Manager

Legal Counsel

Corporate Lawyer

Business Development Manager

Investment Manager

Loan Officer

Commercial Banking Officer

Risk Manager

Company Secretary

Financial Analyst

Contract Administrator

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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