The Employee Promissory Note is a essential document used in Philippine business operations when employers provide financial assistance, salary advances, or loans to their employees. This document type is specifically designed to comply with Philippine labor laws, including DOLE regulations and the Truth in Lending Act, while protecting both employer and employee interests. The Employee Promissory Note typically includes detailed loan terms, repayment schedules, salary deduction authorizations, and default provisions. It is particularly important in situations where companies offer employee loan programs, emergency financial assistance, or salary advances. The document ensures transparency in financial transactions between employers and employees, provides clear documentation for accounting and auditing purposes, and establishes legally enforceable obligations under Philippine law.
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1. Parties: Identification of the Employee (Promisor) and the Employer (Promisee), including complete legal names and addresses
2. Background: Context of the promissory note, including the employment relationship and the circumstances leading to the loan or advance
3. Definitions: Key terms used in the document, including 'Principal Amount', 'Interest Rate', 'Payment Schedule', and other relevant terms
4. Loan Amount and Terms: Clear statement of the principal amount borrowed, interest rate (if any), and the total amount to be repaid
5. Payment Schedule: Detailed breakdown of repayment terms, including payment amounts, frequency, and method of payment (e.g., salary deduction)
6. Default Provisions: Consequences of missing payments or termination of employment before full repayment
7. Employee Acknowledgment: Employee's confirmation of understanding the terms and voluntary agreement to the salary deduction
8. Governing Law: Specification that the note is governed by Philippine law and subject to relevant labor regulations
9. Execution: Signature blocks for both parties, including date and witness provisions
1. Collateral: Include when specific assets or securities are pledged as collateral for the loan
2. Acceleration Clause: Include when immediate full payment may be required under certain circumstances
3. Prepayment Terms: Include when early repayment options are available to the employee
4. Co-Maker Provision: Include when a co-maker or guarantor is required for the loan
5. Insurance Requirement: Include when loan insurance is required to cover outstanding balance in case of employee death or disability
6. Dispute Resolution: Include when specific arbitration or mediation procedures are preferred over court proceedings
1. Schedule A - Amortization Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Salary Deduction Authorization: Formal authorization form for payroll deductions in compliance with DOLE regulations
3. Appendix 1 - Loan Computation: Detailed calculation of loan amount, interest, and total repayment amount as required by Truth in Lending Act
4. Appendix 2 - Employee Information Sheet: Additional employee details including employment tenure, salary information, and existing obligations
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Business Process Outsourcing
Financial Services
Technology
Healthcare
Education
Construction
Hospitality
Transportation and Logistics
Agriculture
Mining
Real Estate
Professional Services
Entertainment
Relevant Teams
Human Resources
Finance
Legal
Compliance
Payroll
Employee Relations
Risk Management
Operations
Corporate Secretariat
Internal Audit
Relevant Roles
HR Manager
HR Director
Payroll Manager
Finance Manager
Legal Counsel
Compliance Officer
Employee Relations Manager
Benefits Administrator
Chief Financial Officer
HR Business Partner
Accounting Manager
Treasury Manager
Corporate Secretary
Risk Manager
Operations Manager
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