June 21, 2018November 27, 2019 admin promissory note template, promissory note template california, promissory note template texas, promissory note template word

Promissory Note Template

The Safe Way For Two Institutions To Loan Money Using The Promissory Note Template

The promissory note template contains an agreement that binds both parties so that there is certainty in the process of loan money. It is intended that both are not disadvantaged.

The drafting of the promissory note template can provide several general benefits, such as providing a guarantee of calm for those involved in the loan agreement process. In addition, the existence of it can also be one way to prevent and anticipate the things that are not desirable.

With that note can also be a way to legalize the contract so that if things happen that are beyond, expectations can be more easily resolved legally related. Through the promissory note template, each party will also more clearly understand the rights and obligations that are well detailed related to the loan relationship.

An Important Component Of A Promissory Note Template

The promissory note is categorized as formal letters. Therefore, this letter must contain information about the type of letter as the title at the top, date, number, and attachment. Meanwhile, the contents of the promissory note template contain information about the party making the agreed statement and agreement. More complete, the following components must be listed in the debt agreement.

1. Personal data of both parties

First-party and second-party data as lender and recipient of the loan. Personal data includes information on name, place of birth, address, and occupation.

2. The amount and purpose of the loan stated on the promissory note template

A statement regarding the amount and purpose of the loan as well as the time of receipt of the loan by the debtor.

3. Mechanism and return period

Information regarding the mechanism of debt repayment and repayment period in accordance with the agreement of both parties. Also, include a grace period if needed.

4. Loan guarantee

Inclusion of collateral information in the form of borrower’s assets, such as a house, car, and others, will be submitted if the borrower fails or does not pay the loan.

5. Loan compensation

The amount of compensation received by the lender is based on the agreement of both parties at the promissory note template.

6. Dispute resolution

The mechanism of solving the problem if there is a dispute or differences in interpretation between the two parties.

Making a promissory note template can be done easily and without cost. At most, you only need to spend money on two stamps. So, there is no reason not to use a promissory note, especially for large loans. What do you think?