Promissory Note Templates
What is the Promissory Note Template?
The promissory note template is a legal document which is of extreme importance. It is basically an agreement between the debtor and money lender. It can be considered as a financial instrument which guarantees that the debtor would pay the certain amount mentioned on the promissory note to the lender with a specific duration of time.
This unconditional promise between both parties is the effective and professional way to be used when someone borrows money from the bank, company or any other party. The money borrower has to sign the document after reading each and every detail of it and it would be considered that he entirely agrees upon the written clauses and details on it.
What does a Promissory Note Template contain?
The promissory note template is indeed a detailed document comprising of various aspects. It contains the details such as the lender name, borrower name and the deadline for paying the amount. If there exists the promise or deal of interest along the payment then it is also written over there. In case of any specific terms and conditions, it is mandatory to be mentioned it as it is a legal document and could be claimed only if all clauses are in written form.
We design the promissory note template in the most professional way that could marvelously help you out and make your legal documentation quite easy and convenient. In order to get it, you just need to click on the download button. Get it downloaded and use it by editing the way you want.
What is the consequence of not using the promissory note?
The moneylender uses the promissory note as it is necessary for the repute of bank or company and ensures the safety of whatever both parties have decided or discussed before borrowing the money such as interest rate, loan amount, repayment date etc. It is like a bond which if not signed then can lead to serious consequences such as you lose the right or have no evidence of claiming your money back if the borrower denies to pay it back.