The 30 Day Promissory Note is a vital financial instrument in Philippine business and personal transactions, providing a formal, short-term debt obligation framework. This document type is particularly useful for managing cash flow gaps, facilitating quick business transactions, or addressing immediate financial needs. It must comply with the Philippine Negotiable Instruments Law (Act No. 2031) and, where applicable, the Truth in Lending Act. The note typically includes essential elements such as the principal amount, payment terms, interest rate (if any), and parties' information. It can be used in various contexts, from simple personal loans to complex business transactions, and may be secured or unsecured depending on the arrangement between parties. The 30-day term makes it particularly suitable for short-term financing needs while maintaining legal enforceability.
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1. Date and Place of Execution: The specific date and location where the promissory note is executed
2. Parties' Information: Complete names and addresses of the maker (debtor) and payee (creditor)
3. Promise to Pay: Clear and unconditional promise to pay, stating the principal amount in both words and figures
4. Payment Terms: Specific due date (30 days from execution), place of payment, and method of payment
5. Interest Rate: Statement of interest rate (if any) and calculation method
6. Signatures: Signature lines for the maker and witness(es)
1. Security/Collateral: Details of any security or collateral provided for the loan, used when the note is secured
2. Late Payment Penalties: Penalties or additional charges for late payment, included when parties agree to such terms
3. Prepayment Clause: Terms for early payment, included when early payment is allowed
4. Attorney's Fees: Provision for payment of attorney's fees in case of legal action, included when agreed upon
5. Acceleration Clause: Conditions under which the entire amount becomes immediately due, included for additional security
1. Truth in Lending Disclosure Statement: Mandatory disclosure of finance charges and loan terms as required by the Truth in Lending Act
2. Collateral Documentation: Description and proof of collateral if the note is secured
3. Payment Schedule: If installment payments are allowed within the 30-day period
4. Authorization Letter: If payment is to be made through automatic debit or similar arrangement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small and Medium Enterprises
Real Estate
Retail
Manufacturing
Agriculture
Construction
Professional Services
Import/Export
General Commerce
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Compliance
Risk Management
Corporate Secretariat
Collections
Business Development
Relevant Roles
Financial Controller
Credit Manager
Treasury Manager
Accounts Receivable Manager
Chief Financial Officer
Finance Director
Credit Analyst
Legal Counsel
Compliance Officer
Risk Manager
Business Development Manager
Small Business Owner
Corporate Secretary
Account Executive
Collections Manager
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