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A Partial Claim Promissory Note is commonly used in the Philippines when a debtor and creditor agree to separate a larger obligation into smaller, more manageable portions. This document type is particularly useful in debt restructuring, settlement agreements, or when parties wish to isolate and transfer specific portions of a larger debt. The note must comply with Philippine law, particularly the Negotiable Instruments Law (Act No. 2031), and includes crucial details such as the amount, payment terms, interest rates, and relationship to the original obligation. It serves as a legally binding commitment to pay a specific portion of the debt while maintaining clear references to the original obligation. This instrument is frequently used in commercial transactions, particularly in situations involving debt reorganization, partial settlements, or when creating separately transferable debt instruments.

1. Date and Place of Execution: Specific date and location where the promissory note is executed

2. Parties: Identification of the maker (promisor) and payee (promisee) with complete names and addresses

3. Promise to Pay: Unconditional promise to pay a specific sum, clearly stating this is a partial claim of a larger obligation

4. Original Obligation Reference: Details of the original obligation from which this partial claim derives

5. Payment Terms: Specific amount, currency, interest rate, payment schedule, and method of payment

6. Default Provisions: Consequences of default and acceleration clauses

7. Signatures: Execution block for all parties