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90 Day Promissory Note for Philippines

90 Day Promissory Note Template for Philippines

A standardized promissory note template designed for use in the Philippines, compliant with the Negotiable Instruments Law (Act No. 2031) and relevant Central Bank regulations. This document establishes a legally binding promise to pay a specified sum within a 90-day term, including clear terms for interest, payment conditions, and enforcement mechanisms. The document incorporates all essential elements required under Philippine law to create a valid negotiable instrument, while providing flexibility for various commercial and financial transactions.

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What is a 90 Day Promissory Note?

The 90 Day Promissory Note is a crucial financial instrument commonly used in Philippine business transactions for short-term financing needs. This document is particularly valuable for businesses seeking working capital, bridge financing, or managing accounts payable. The template is structured to comply with the requirements of the Philippine Negotiable Instruments Law (Act No. 2031) and relevant Central Bank regulations, ensuring its enforceability in Philippine courts. It includes essential elements such as the unconditional promise to pay, specific sum, payment timeline, interest rates, and maker's signature. The 90-day term makes it particularly suitable for business cycles requiring quick turnaround of funds, such as inventory financing or account receivable bridging.

What sections should be included in a 90 Day Promissory Note?

1. Date and Place of Execution: The specific date and location where the promissory note is executed, which is crucial for determining maturity date and jurisdiction

2. Promise to Pay: An unconditional promise to pay a specific sum of money, including the principal amount written in both words and figures

3. Payment Terms: Details of the 90-day maturity period, payment date, and method of payment

4. Interest Rate: Clearly stated interest rate and calculation method in compliance with Philippine banking regulations

5. Maker's Details: Complete name and address of the person/entity making the promise to pay

6. Payee's Details: Complete name and address of the person/entity to whom or to whose order the payment will be made

7. Signature Block: Space for maker's signature and other required formalities

What sections are optional to include in a 90 Day Promissory Note?

1. Collateral: Details of any security or collateral provided for the note, used when the note is secured by specific assets

2. Co-Maker/Guarantor: Information and signature blocks for any co-makers or guarantors, included when there are additional parties guaranteeing the payment

3. Acceleration Clause: Conditions under which the full amount becomes immediately due and payable, included when early payment provisions are desired

4. Attorney's Fees: Provision for payment of attorney's fees in case of legal action for collection, included when enforcement costs need to be addressed

5. Venue Stipulation: Specific agreement on where legal proceedings may be brought, used when parties want to specify a particular jurisdiction

6. Notice Requirements: Specific procedures for giving notices, included when formal communication procedures are needed

What schedules should be included in a 90 Day Promissory Note?

1. Payment Schedule: If the note involves multiple payments or installments within the 90-day period, details the payment dates and amounts

2. Collateral Description: Detailed description of any collateral securing the note, including serial numbers, locations, or other identifying information

3. Authorized Signatories: For corporate makers, a list of authorized signatories and their positions, with corresponding board resolutions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses


















Relevant Industries

Banking and Financial Services

Commercial Lending

Small and Medium Enterprises

Real Estate

Manufacturing

Retail

Agriculture

Construction

Import/Export

Professional Services

Relevant Teams

Finance

Legal

Treasury

Credit and Collections

Compliance

Risk Management

Corporate Secretariat

Business Development

Accounting

Relevant Roles

Chief Financial Officer

Finance Manager

Treasury Manager

Credit Officer

Financial Controller

Business Owner

Accounts Receivable Manager

Credit Risk Manager

Legal Counsel

Compliance Officer

Banking Officer

Commercial Lending Officer

Corporate Secretary

Financial Analyst

Business Development Manager

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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