The Promissory Note To Pay Remaining Balance is commonly used in the Philippines when there is an outstanding amount due from a previous transaction or agreement. This document is particularly useful in situations where the original payment terms need to be restructured or formally documented, or when a remaining balance needs to be acknowledged and paid over time. It complies with Philippine legal requirements, including the Negotiable Instruments Law and Civil Code provisions, making it enforceable in Philippine courts. The document typically includes the remaining balance amount, payment terms, interest rates if applicable, and consequences of default. It provides security for creditors while giving debtors a clear understanding of their payment obligations. This type of promissory note is widely used in both business and personal transactions, from commercial purchases to property sales with installment payments.
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1. Heading and Date: Title of the document as 'Promissory Note' and the date of execution
2. Promise to Pay: Clear statement of the promise to pay, including the principal amount (remaining balance), payee's name, and basic payment terms
3. Original Transaction Reference: Reference to the original transaction or agreement that led to this remaining balance
4. Payment Terms: Detailed payment schedule, including due dates, installment amounts (if applicable), and payment method
5. Interest Rate: Specification of any applicable interest rate and how it is calculated
6. Default Provisions: Consequences of late payment or default, including any penalties or additional charges
7. Maker's Details: Complete name and address of the person making the promise to pay
8. Execution: Signature blocks for the maker and witness(es)
1. Collateral: Description of any security or collateral provided for the debt, used when the note is secured
2. Co-Maker/Guarantor: Details and signature blocks for any co-makers or guarantors, included when there are additional parties guaranteeing the payment
3. Prepayment Clause: Terms for early payment of the note, included when early payment is allowed
4. Attorney's Fees: Provision for payment of attorney's fees in case of collection through legal action, included when desired by the payee
5. Notarial Acknowledgment: Section for notarization, included when parties want additional authenticity or when required by local practice
1. Payment Schedule: Detailed breakdown of payment dates and amounts, if payments are to be made in installments
2. Computation of Remaining Balance: Detailed calculation showing how the remaining balance was determined from the original amount
3. Original Transaction Documents: Copies of relevant documents from the original transaction showing the initial amount and payments made
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Retail
Construction
Manufacturing
Automotive
General Commerce
Education
Healthcare
Professional Services
Agricultural
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Credit and Collections
Treasury
Risk Management
Compliance
Sales Administration
Accounts Receivable
Contract Administration
Relevant Roles
Finance Manager
Credit Officer
Collections Manager
Accounts Receivable Specialist
Legal Counsel
Business Owner
Contract Administrator
Risk Manager
Treasury Manager
Financial Controller
Credit Risk Analyst
Compliance Officer
Chief Financial Officer
Sales Manager
Property Manager
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A Philippine-law governed promissory note establishing terms for partial payment of tuition fees between educational institutions and students/guardians.
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A Philippine legal instrument that documents a debt obligation while acknowledging and accounting for temporarily missing formal documentation, governed by Philippine commercial and civil law.
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A Philippine-law governed financial instrument containing an unconditional promise to pay a specified sum of money at a determined future date or on demand.
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A Philippine law-governed financial instrument establishing a senior-ranking promise to pay a specified sum with defined terms and conditions.
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A Philippine law-governed financial instrument combining a promise to pay with collateral security provisions, creating a secured debt obligation.
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A Philippine law-governed financial document establishing a promise to pay a specified sum through scheduled installment payments, with defined terms and conditions.
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A Philippine-law governed promissory note limiting the lender's recovery rights exclusively to specified collateral, with no recourse to the borrower's other assets.
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Full Recourse Promissory Note
A Philippine-law governed promissory note providing lenders with full recourse to the borrower's assets for debt recovery.
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A legally binding document under Philippine law that formalizes and documents monetary loans between family members, establishing repayment terms and conditions.
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Unsecured Promissory Note Installment Payments
A Philippine-law governed promissory note documenting an unsecured loan repayable in installments, including payment terms and interest calculations compliant with local regulations.
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A Philippine law-governed promissory note documenting a loan from a shareholder to their corporation, establishing loan terms and conditions.
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