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Standard Promissory Note

Standard Promissory Note Template for New Zealand

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Key Requirements PROMPT example:

Standard Promissory Note

"I need a Standard Promissory Note for a business loan of NZD 250,000 with 5.5% annual interest, secured against company assets, to be repaid in quarterly installments starting March 2025."

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Document background
A Standard Promissory Note serves as a fundamental financial instrument in New Zealand's business and lending landscape. This document is typically used when one party (the maker) wishes to formally document their promise to pay a sum of money to another party (the payee), whether in a business or personal context. The Standard Promissory Note includes critical information such as the principal amount, interest rate, payment schedule, and consequences of default, all structured to comply with New Zealand legislation, particularly the Contract and Commercial Law Act 2017 and related financial regulations. This document is commonly used in various scenarios, including business loans, personal lending, real estate transactions, and commercial agreements, providing a legally enforceable record of debt obligations and payment terms.
Suggested Sections

1. Date: The date of execution of the promissory note

2. Parties: Clear identification of the Maker (promissor) and the Payee (promissee) with full legal names and addresses

3. Promise to Pay: Unconditional promise to pay a specific sum of money, clearly stating the principal amount in both numbers and words

4. Payment Terms: Detailed terms including interest rate, payment schedule, maturity date, and method of payment

5. Place of Payment: Specific location or method where payment must be made

6. Default Provisions: Consequences of default, including any acceleration clauses and default interest rates

7. Governing Law: Specification that the note is governed by New Zealand law

8. Signature Block: Space for signature of the Maker and date, with witness provisions if required

Optional Sections

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

2. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions

3. Late Payment Penalties: Include when specific penalties for late payment are to be imposed

4. Transfer Rights: Include when specifying whether the note is transferable or assignable

5. Co-Maker Provisions: Include when there are multiple makers of the note

6. Guarantor Provisions: Include when a third party is guaranteeing the payment

7. Notice Provisions: Include when specific requirements for notices between parties are needed

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts, particularly for installment payments

2. Security Details: Description of any collateral or security interests when the note is secured

3. Interest Calculation Method: Detailed explanation of interest calculation method if complex or variable rates 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 and Financial Services

Real Estate

Commercial Lending

Private Lending

Small Business

Corporate Finance

Agriculture

Construction

Manufacturing

Professional Services

Retail

Relevant Teams

Legal

Finance

Treasury

Credit and Collections

Risk Management

Compliance

Commercial Operations

Business Development

Corporate Banking

Loan Administration

Relevant Roles

Financial Manager

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Credit Manager

Loan Officer

Business Development Manager

Account Manager

Treasury Manager

Risk Manager

Compliance Officer

Contract Administrator

Finance Director

Commercial Manager

Banking Officer

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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