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A Joint Promissory Note is a crucial financial instrument used when multiple parties agree to be jointly responsible for a debt obligation. Under Philippine law, this document must comply with the Negotiable Instruments Law (Act No. 2031) and the Civil Code of the Philippines. It's commonly used in various scenarios including business partnerships, family loans, or when additional guarantors are required for a loan. The document typically includes the principal amount, interest rate, payment terms, and a clear statement of joint and several liability. A Joint Promissory Note is particularly useful when a lender requires additional security through multiple obligors, each of whom becomes fully responsible for the entire debt. This type of promissory note is frequently used in both commercial and personal lending contexts in the Philippines, offering lenders additional security while providing borrowers with increased access to financing through shared liability.

1. Heading and Date: Title of the document as 'Joint Promissory Note' and the date of execution

2. Parties: Full legal names and addresses of all joint promisors (borrowers) and the payee (lender)

3. Promise to Pay: Unconditional promise to pay, stating the principal amount in both figures and words

4. Joint and Several Liability: Clear statement establishing that all promisors are jointly and severally liable for the debt

5. Payment Terms: Interest rate, payment schedule, maturity date, and method of payment

6. Place of Payment: Specific location or manner where payment should be made

7. Signatures: Signature blocks for all joint promisors and witnesses