The Demand Note Payable is a versatile financial instrument commonly used in the Philippines for both business and personal lending arrangements. It serves as a formal documentation of debt where the borrower agrees to pay the lender a specified sum upon demand, rather than at a predetermined date. This type of document is particularly useful in situations requiring flexible repayment terms while maintaining legal enforceability. Under Philippine law, specifically the Negotiable Instruments Law and Civil Code, a Demand Note Payable must contain certain essential elements to be valid, including an unconditional promise to pay, a specified sum, and the signatures of involved parties. The document is widely used in various contexts, from business financing to personal loans, and can include additional provisions for security, guarantees, or specific payment arrangements.
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1. Date and Place of Execution: Specific date and location where the note is executed, essential for establishing when the obligation begins
2. Parties: Clear identification of the maker (debtor) and payee (creditor), including full legal names and addresses
3. Promise to Pay: Unconditional promise to pay a specific sum of money on demand
4. Principal Amount: The exact amount of money owed, stated both in numbers and words to avoid ambiguity
5. Interest Rate: Specification of the applicable interest rate and calculation method
6. Payment Terms: Statement that payment is to be made on demand, and the acceptable methods of payment
7. Place of Payment: Specific location or manner in which payment should be made when demanded
8. Signature Block: Space for the maker's signature, with full name and date
1. Collateral: Used when the note is secured by specific assets or property
2. Co-Maker or Guarantor: Include when there is a third party guaranteeing the payment of the note
3. Default Provisions: Detailed consequences of default, included when specific default terms are desired
4. Acceleration Clause: Used when automatic acceleration of the debt is desired upon specific triggering events
5. Attorney's Fees: Provision for recovery of attorney's fees in case of collection proceedings
6. Waiver Provisions: Specific rights or defenses that the maker waives, included when additional protection for the payee is desired
1. Payment Schedule: Optional schedule showing any predetermined payment arrangements, if applicable
2. Collateral Description: Detailed description of any assets securing the note, if applicable
3. Guarantor Information: Details of guarantors and their obligations, if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Small and Medium Enterprises
Commercial Lending
Private Lending
Investment
Construction
Manufacturing
Retail
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Accounting
Corporate Secretariat
Business Development
Investment
Compliance
Relevant Roles
Chief Financial Officer
Finance Manager
Treasurer
Credit Manager
Financial Controller
Loan Officer
Business Development Manager
Investment Manager
Accounts Receivable Manager
Corporate Lawyer
Legal Counsel
Risk Manager
Collections Manager
Financial Analyst
Business Owner
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