The Undertaking Promissory Note is a fundamental financial instrument in Philippine commercial and civil law, primarily used when one party commits to paying a specific sum of money to another party. This document type is governed by the Negotiable Instruments Law (Act No. 2031) and must comply with the requirements of the New Civil Code of the Philippines. The Undertaking Promissory Note serves as evidence of debt and includes specific details about the payment obligation, such as the principal amount, interest rate, payment schedule, and maturity date. It is commonly used in various contexts, from simple personal loans to complex commercial transactions, and can be either secured or unsecured. The document's importance lies in its negotiability and enforceability under Philippine law, making it a crucial tool for financial transactions and debt documentation.
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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. Promise to Pay: An unconditional promise to pay a specific sum of money, which is the core requirement of a promissory note
3. Parties: Clear identification of the maker (promisor) and the payee, including full legal names and addresses
4. Principal Amount: The specific sum promised to be paid, stated both in numbers and words to avoid ambiguity
5. Payment Terms: Details of how and when payment will be made, including installment schedule if applicable
6. Interest Rate: Clearly stated interest rate and computation method, complying with Philippine usury laws
7. Maturity Date: The definite time when the note becomes due and payable
8. Signature Block: Space for the maker's signature, which is essential for the note's validity
1. Security Provisions: Include when the note is secured by collateral or specific assets
2. Acceleration Clause: Optional provision allowing the entire amount to become due upon default of any installment
3. Attorney's Fees: Provision for legal costs in case of enforcement, typically included in commercial notes
4. Co-Maker Details: Include when there is a co-maker or guarantor for the note
5. Default Interest Rate: Additional interest rate applicable in case of default
6. Waiver Provisions: Specific rights or defenses the maker waives, included in more formal commercial notes
7. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions
1. Payment Schedule: Detailed breakdown of installment payments if not a single payment note
2. Collateral Description: Detailed description of any security or collateral when the note is secured
3. Interest Computation Table: Table showing how interest is computed, especially useful for complex interest structures
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