The Promise Note, also known as a Promissory Note, is a fundamental financial instrument widely used in the Philippines for documenting monetary obligations. It serves as a formal acknowledgment of debt and a promise to repay under specific terms. This document is particularly useful in business transactions, loans, and commercial dealings where there is a need to formalize payment obligations. Governed by the Philippine Negotiable Instruments Law (Act No. 2031) and relevant provisions of the Civil Code, a Promise Note must contain certain essential elements to be legally valid and enforceable. These include the date of execution, the amount of debt, payment terms, interest rate (if any), and the identities of the maker and payee. The document can be either negotiable or non-negotiable, depending on its intended use and the specific language included.
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1. Date: The specific date when the promissory note is executed
2. Principal Amount: The exact amount of money being promised to be paid, stated both in numbers and words
3. Parties: Clear identification of the maker (promisor) and the payee (promisee) with their complete legal names and addresses
4. Promise to Pay: An unconditional promise to pay the principal amount
5. Payment Terms: Specific details about when and how the payment will be made, including the due date
6. Interest Rate: The agreed-upon interest rate, if any, stated clearly with computation method
7. Place of Payment: The specific location where payment should be made
8. Signature: Space for the maker's signature and date of signing
1. Collateral: Details of any security or collateral provided for the note, used when the note is secured
2. Late Payment Penalties: Specifications of penalties or additional charges for late payment, included when parties agree on specific consequences for default
3. Prepayment Terms: Conditions for early payment of the note, included when early payment is allowed
4. Co-Makers: Information about co-makers or guarantors, used when there are additional parties guaranteeing the payment
5. Installment Payment Schedule: Detailed breakdown of installment payments, included when the payment is not a single lump sum
6. Default Provisions: Specific conditions constituting default and its consequences, used in more complex transactions
7. Assignment Clause: Terms regarding the transferability of the note, included when the note is intended to be negotiable
1. Payment Schedule: Detailed schedule of installment payments including dates and amounts, if applicable
2. Collateral Description: Detailed description of any collateral securing the note, including serial numbers, locations, or other identifying information
3. Interest Calculation Table: Table showing the breakdown of interest calculations, especially useful for variable interest rates or complex payment structures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Retail
Manufacturing
Construction
Agriculture
Small and Medium Enterprises
Professional Services
Education
Healthcare
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Business Operations
Accounting
Relevant Roles
Finance Manager
Credit Officer
Legal Counsel
Business Development Manager
Account Executive
Chief Financial Officer
Treasury Manager
Loan Officer
Collections Manager
Risk Manager
Corporate Secretary
Compliance Officer
Financial Controller
Credit Analyst
Business Owner
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