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A Commercial Promissory Note is a crucial financial instrument in Philippine business transactions, used when one party promises to pay another a specific sum of money at a future date or on demand. This document is commonly used in business financing, supplier credit arrangements, and commercial lending. The note must comply with the Negotiable Instruments Law (Act No. 2031) of the Philippines and include essential elements such as the promise to pay, specified amount, payment terms, and maker's signature. It's particularly useful in situations where businesses need documented evidence of debt, require structured payment arrangements, or seek to formalize financial obligations. The document can be either secured or unsecured and may be used in conjunction with other commercial agreements. Its negotiable nature allows it to be transferred to other parties, making it a flexible instrument in commercial transactions.

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

2. Payee Details: Complete identification of the payee, including full legal name and address

3. Payment Terms: Specific payment date or determinable future time, including whether payment is on demand or at a fixed date

4. Interest Rate: Clear statement of the applicable interest rate and calculation method

5. Place of Payment: Specification of where the payment should be made

6. Date and Place of Issuance: Date when and place where the note is issued

7. Maker's Details: Complete identification and signature of the maker/promisor