The Simple Promise To Pay Agreement is a fundamental legal instrument used in the Philippines when one party (the debtor) needs to formally acknowledge and commit to repaying a debt to another party (the creditor). This document is particularly useful in situations involving personal loans, business debts, or settlement of outstanding payments. It provides a clear record of the debt obligation and helps prevent future disputes by explicitly stating the terms of repayment. The agreement must comply with Philippine civil law requirements for contracts and financial obligations, including provisions from the Civil Code of the Philippines and relevant Central Bank regulations. It can be used for both individual and corporate transactions, offering flexibility while maintaining legal enforceability. The document typically includes payment terms, interest provisions if applicable, and default remedies, making it an essential tool for debt management and collection.
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1. Parties: Identifies and provides complete details of the Creditor and Debtor, including full legal names, addresses, and contact information
2. Background: Brief context of the debt obligation, including the original transaction or reason for the debt
3. Definitions: Defines key terms used in the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Clear statement of the debt amount and the Debtor's unconditional promise to pay
5. Payment Terms: Specifies the total amount, payment schedule, method of payment, and any applicable interest rates
6. Default and Remedies: Outlines what constitutes default and the Creditor's rights and remedies in case of default
7. Representations and Warranties: Basic declarations by the Debtor regarding their ability to pay and the validity of the debt
8. Governing Law: Specifies that the agreement is governed by Philippine law
9. Execution: Signature blocks for all parties and witnesses
1. Security/Collateral: Include when the promise to pay is secured by specific assets or collateral
2. Guarantor Provisions: Include when a third party is guaranteeing the debt obligation
3. Interest Rate Provisions: Detailed section about interest calculations when applicable beyond simple interest
4. Prepayment Terms: Include when early payment options are available, specifying any penalties or benefits
5. Assignment: Include when either party needs the right to assign the agreement to another party
6. Attorney's Fees: Include when legal costs recovery needs to be specifically addressed
7. Notarial Acknowledgment: Include when the agreement needs to be notarized for additional legal weight
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Collateral Details: Description and documentation of any assets provided as security
3. Interest Calculation Table: If complex interest arrangements apply, provides detailed calculation methodology and examples
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Retail
Manufacturing
Small Business
Professional Services
Construction
Agriculture
Education
Healthcare
Relevant Teams
Finance
Legal
Credit Control
Treasury
Accounts Receivable
Risk Management
Collections
Corporate Services
Business Operations
Relevant Roles
Credit Manager
Financial Controller
Accounts Receivable Manager
Collections Officer
Finance Director
Legal Counsel
Credit Risk Officer
Treasury Manager
Chief Financial Officer
Debt Recovery Specialist
Business Owner
Loan Officer
Contract Administrator
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Promissory Note For Housing Loan
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A Philippine law-compliant financial document establishing terms for paying a remaining balance, including payment schedule and obligations of all parties.
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Straight Note Loan
A Philippine law-governed loan agreement for a single-payment loan with interest due at maturity.
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A Philippine law-governed financial instrument creating a secured debt obligation payable on demand, combining features of a promissory note with security interests in specific assets.
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Promissory Note To Follow Documents
A Philippine law-governed financial instrument committing payment against future delivery of trade documents, commonly used in international trade finance.
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Promissory Note For Honorable Dismissal
A Philippine legal document establishing a student's promise to pay outstanding obligations to secure an honorable dismissal certificate from an educational institution.
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Promissory Note For Examination Payment
A Philippine law-compliant promissory note specifically designed for guaranteeing payment of examination fees to educational institutions or examination providers.
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Loan Note
A Philippine law-governed document establishing the terms and conditions of a loan agreement, including principal, interest, and repayment terms.
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Unsecured Promissory Note
A Philippine law-governed financial instrument documenting an unsecured promise to pay a specified sum of money, creating a legally binding obligation between maker and payee.
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Standard Promissory Note
A legally binding written promise to pay a specified sum of money under Philippine law, governed by the Negotiable Instruments Law and Civil Code.
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Secured Promissory Note
A Philippine law-governed financial instrument combining a promise to pay with security interests in collateral, establishing loan terms and creditor protection through asset backing.
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Promissory Note For Tuition Fee With Partial Payment
A Philippine-law governed promissory note establishing terms for partial payment of tuition fees between educational institutions and students/guardians.
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Promissory Note For Lacking Documents
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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Promissory Note For Delayed Payment
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Government Promissory Note
A Philippine government debt instrument representing an unconditional promise to pay a specified sum with interest, governed by Philippine law.
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Convertible Promissory Note
A Philippine law-governed debt instrument that can convert into company equity shares under specified conditions, combining elements of both debt and potential future equity investment.
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Time Promissory Note
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Straight Promissory Note
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Senior Promissory Note
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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Promissory Note With Collateral
A Philippine law-governed financial instrument combining a promise to pay with collateral security provisions, creating a secured debt obligation.
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Promissory Note Letter
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Promissory Note Installment Payments
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Non Recourse Promissory Note
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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Promissory Note For Family Loan
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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Promissory Note Shareholder Loan To Corporation
A Philippine law-governed promissory note documenting a loan from a shareholder to their corporation, establishing loan terms and conditions.
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Partial Claim Promissory Note
A Philippine law-governed financial instrument documenting a promise to pay a specific portion of a larger debt obligation, with defined payment terms and conditions.
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