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PROMISSORY NOTE - INDIVIDUAL (WITH INTEREST AND INSTALMENTS)

A Promissory Note is a legally binding contract between two or more parties whereby one party agrees to repay to the other party a specific sum of money (called “Principal”). The individual who promises to pay is called the “Maker”, and the person to whom payment is promised is called the “Payee” or “Holder”.

 

A Promissory Note usually includes a specified amount of interest on the unpaid principal amount, and the specified time of payment may be written as: a) on demand, b) on a specific date, c) in instalments with or without the interest included in each instalment, d) in instalments with a final larger amount (balloon payment).

 

This Promissory Note - Individual (With Interest and Instalments) is a written, dated and signed two-party instrument containing an unconditional promise by the Maker to pay a definite sum of money to the Holder. It contains provisions dealing with the date the note will be repaid in full, frequency of payments, and the interest rate charged. Also the Note sets out the name and address of the bank where the Promissory Note is payable.

 

In addition, this Promissory Note - Individual (With Interest and Instalments) provides penalties for late payments. In the event of default, if there is a legal action to collect the Maker is responsible for legal fees and costs, in addition the Holder has the right to accelerate the payment of the full principal sum and accrued interest payable, also there is a provision for a higher rate of interest to be charged.

 

The Promissory Note is usually held by the party to whom the money is owed, the Holder. When the amount due on the note, including interest and penalties (if any) is paid, the note must be cancelled and surrendered to the Maker.

 

A Promissory Note to be valid must only be signed and does not require an acknowledgement before a notary public.

 

A Promissory Note is different than an Acknowledgment of Debt (“IOU” note). An Acknowledgment of Debt is simply a document acknowledging a debt owed, instead a Promissory Note is a legally binding undertaking to pay the amount stated in the note.

 

This Promissory Note - Individual (With Interest and Instalments) shall be used where the Maker is an individual, and it contains provisions for the payment of interest and the frequency of instalments.

 

If you require a Promissory Note without provisions for interest and instalments please see: Promissory Note - Individual (No Interest).

 

We offer versions suitable for use by an individual or a company. If you require a Promissory Note where the Maker is a company please see: Promissory Note - Company (With Interest and Instalments).

 

This Promissory Note - Individual (With Interest and Instalments) is in Microsoft Word format, written in plain English easy to use and edit.

 

 

 

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