��������Ƶ

The Promissory Note For Remaining Balance is a crucial financial instrument in Philippine business and personal transactions where an outstanding balance needs to be formally documented and paid over time. This document is typically used when the full payment of a purchase, service, or loan cannot be made immediately, and parties agree to settle the remaining amount according to specific terms. It must comply with Philippine legislation, particularly the Negotiable Instruments Law (Act No. 2031) and the Civil Code, and should include essential elements such as the parties' information, amount owed, payment terms, and any applicable interest rates. The document serves as legal evidence of the debt and can be used for enforcement in case of default. It's particularly common in real estate transactions, vehicle purchases, business equipment acquisitions, or any situation where installment payments are arranged for a remaining balance.

1. Date and Place of Execution: The specific date and location where the promissory note is executed, which is crucial for establishing when the obligation begins

2. Maker's Information: Complete name and address of the person making the promise to pay (maker/debtor)

3. Payee's Information: Complete name and address of the person to whom the payment is to be made (payee/creditor)

4. Original Transaction Reference: Reference to the original transaction or agreement that resulted in the remaining balance

5. Amount and Terms: Clear statement of the remaining balance amount in both figures and words, including the currency

6. Payment Schedule: Detailed payment terms including installment amounts, due dates, and payment method

7. Interest Rate: Statement of any applicable interest rate on the remaining balance

8. Default Provisions: Consequences of missed payments or default

9. Signature Block: Space for signatures of the maker and witness(es)