The Standard Promissory Note Unsecured is a fundamental financial instrument widely used in the Philippines for documenting loan agreements where no collateral is required. This document type is particularly useful in situations where there is sufficient trust between parties or when the borrower's creditworthiness alone is deemed adequate security for the loan. The promissory note must comply with the Negotiable Instruments Law of the Philippines and related banking regulations, making it a legally enforceable document. It typically includes detailed information about the loan amount, interest rates, payment terms, and consequences of default. This type of unsecured note is commonly used in business transactions, personal loans, and corporate lending scenarios where formal documentation of debt obligations is required but collateral-based security is either unnecessary or impractical.
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1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for determining maturity date and jurisdiction
2. Parties: Identifies the maker (promisor/debtor) and the payee (promisee/creditor) with their complete legal names and addresses
3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, which is a fundamental requirement under the Negotiable Instruments Law
4. Principal Amount: States the exact amount of the loan in both figures and words to avoid any ambiguity
5. Interest Rate: Specifies the agreed-upon interest rate and how it is calculated (e.g., per annum, simple or compound)
6. Payment Terms: Details the payment schedule, including due date(s) and whether payments are to be made in installments or as a lump sum
7. Mode and Place of Payment: Specifies how and where payments should be made
8. Default and Remedies: Outlines what constitutes default and the consequences thereof, including acceleration clause
9. Signature Block: Space for the maker's signature, which is required for the note's validity
1. Co-Maker/Guarantor: Include when there is a co-maker or guarantor who will also be liable for the debt
2. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or benefits
3. Attorney's Fees: Include when parties agree that defaulting party will pay attorney's fees in case of enforcement
4. Waiver of Presentment: Include when formal presentment requirements are being waived
5. Collection Fees: Include when additional collection costs will be charged to the maker in case of default
6. Amendment Clause: Include when parties want to specify how modifications to the note can be made
7. Governing Law: Include when there might be jurisdictional questions or when parties are from different locations
1. Payment Schedule: Detailed breakdown of payment dates and amounts, particularly important for installment payments
2. Interest Calculation Method: Detailed explanation of how interest is calculated, especially if using complex interest structures
3. Contact Details: Complete contact information for all parties, including alternative addresses and authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Retail and Commercial Lending
Real Estate
Small and Medium Enterprises
Manufacturing
Professional Services
Agriculture
Construction
Education
Healthcare
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Banking Operations
Loan Processing
Business Development
Relevant Roles
Credit Officer
Loan Officer
Financial Manager
Treasury Manager
Legal Counsel
Corporate Secretary
Account Manager
Risk Officer
Collections Manager
Finance Director
Chief Financial Officer
Compliance Officer
Business Development Manager
Banking Operations Manager
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