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Construction Promissory Note
"I need a Construction Promissory Note for a commercial tower project in Doha, Qatar, where my company (Al Safa Developments LLC) will promise to pay QAR 15 million to Qatar Construction Solutions, with quarterly installments starting March 2025 and including provisions for project milestone-linked payments."
1. Note Details: Essential information including date, place of issuance, and note number
2. Parties: Identification of the maker (promisor/debtor) and payee (promisee/creditor) with full legal names and addresses
3. Promise to Pay: Unconditional promise to pay a specific sum, including the amount in both numbers and words
4. Payment Terms: Specified date or dates of payment, including whether it's payable on demand or at a fixed future date
5. Construction Project Reference: Reference to the specific construction project or services for which the note is issued
6. Place of Payment: Specified location where the payment must be made
7. Governing Law: Statement that the note is governed by Qatar law and compliant with Sharia principles
8. Signature Block: Space for maker's signature, date, and any required witness signatures
1. Security Provisions: Include when the note is secured by specific construction assets or guarantees
2. Default Provisions: Include when specific consequences of default need to be outlined
3. Transfer Rights: Include when the note needs to be transferable or negotiable
4. Force Majeure: Include when specific construction-related events might affect payment obligations
5. Acceleration Clause: Include when early payment can be demanded under specific circumstances
6. Interest Provisions: Include when Sharia-compliant profit sharing or late payment charges apply
1. Schedule A - Construction Project Details: Detailed description of the construction project, including location and scope
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments if multiple payments are involved
3. Schedule C - Security Details: Details of any security or collateral provided (if applicable)
4. Appendix 1 - Required Authorizations: Copies of any required corporate or regulatory authorizations
5. Appendix 2 - Project Milestones: Construction milestones linked to payment obligations
6. Appendix 3 - Related Agreements: Reference to underlying construction contracts or agreements
Authors
Construction
Real Estate Development
Infrastructure
Commercial Property
Residential Development
Industrial Construction
Engineering
Project Finance
Building Materials
Construction Management
Property Development
Legal
Finance
Construction
Project Management
Treasury
Risk Management
Commercial
Contract Administration
Corporate Secretariat
Project Development
Real Estate
Construction Project Manager
Chief Financial Officer
Financial Controller
Construction Director
Legal Counsel
Contract Administrator
Project Developer
Development Manager
Construction Manager
Real Estate Director
Finance Manager
Treasury Manager
Commercial Director
Risk Manager
Company Secretary
General Counsel
Project Finance Manager
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