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The Promissory Note For Unpaid Balance is a crucial document in Philippine commercial and personal financial transactions where a debt remains outstanding and needs formal documentation. This instrument is commonly used when parties agree to convert an immediate payment obligation into an installment arrangement, or when documenting remaining balances from larger transactions. The document must comply with Philippine legal requirements, particularly the Negotiable Instruments Law and Civil Code provisions regarding form and content. It typically includes specific details about the unpaid amount, payment terms, interest rates, and consequences of default. This type of promissory note is particularly important in protecting creditors' rights while providing debtors with clear payment obligations and terms.

1. Header and Date: Identifies the document as a Promissory Note and specifies the date of execution

2. Principal Amount: States the total unpaid balance amount in both numbers and words to avoid ambiguity

3. Parties: Identifies the maker (debtor) and payee (creditor) with their complete legal names and addresses

4. Promise to Pay: Contains the unconditional promise to pay the specified amount, which is essential for the note's validity under the NIL

5. Payment Terms: Specifies how and when payments will be made, including installment amounts and due dates

6. Interest Rate: States the applicable interest rate on the unpaid balance, ensuring compliance with Philippine usury laws

7. Default Provisions: Outlines what constitutes default and its consequences, including acceleration of the debt

8. Signature Block: Space for signatures of the maker and witness(es), with proper notarization provisions