Printable Examples of Simple Promissory Note
If you are looking for simple promissory note, you must have something related to delayed payment. This is exactly why the note is needed. The note is required to make, or force, someone to make payment. Even though the note is not 100% formal, it is needed to show the due date for the payment to be cleared. Here is more information about the note. Just in case you need one, there are several of them to download down below.
The Key Elements in Simple Promissory Note
There are several key elements that you have to write down whenever you make simple promissory note. In order to make the note legal and understandable, read this information and make sure you include these key elements of the note. Without these elements, the note won’t be easily understood and won’t have the point at all.
- The Names of Maker and Payee
The names of both parties must be clearly stated on the note. The first one is the name of the maker. This is the one party that issues the note. It means that this is the one who actually own the money and ask for it back. The next one is the name of the payee, or the one that should pay for the money back.
- The Sum of Money to Pay
The main point of giving simple promissory note to someone is to notice them that they have quite a lot of money to pay back. Usually, the amount of money is large and that is why they need to be clearly stated on the note. The money sum should be written in numbers and in words to make sure both parties understand and remember the amount of money to pay back.
- The Due Date to Pay
Of course, you need to state the due date of the payment very clearly on the note. The note should be able to tell the payee that there is a due date for the payment to be cleared. Even though the conditions and other stuff are not technically written there, the payee has to know the consequences of not paying the money on time.
Examples of Simple Promissory Note
- Personal Promissory Note
This is the personal type of note. It binds the two parties without law involvement. It is just between two friends or two people who know personally. The note is less formal and actually very casual. It is just like the note on the fridge reminding you to buy some stuff. The format of this kind of note will be shown here.
- Rental Promissory Note
Rental is prone to unpaid transaction. That is why simple promissory note is often given to those who have not paid their rental. The most common one is the rental for apartment or rental for vehicles. If this is the one that you need, the example of the note format is available here. It is helpful to create a legal note reminding that someone has not paid for their rental.
- Commercial Promissory Note
If the payment involves companies and other bigger parties, then the note must be made more formal and it is called the commercial one. The length of the note is longer and it has more things written to it, including the history of the payment and so on. Find out more about it here.
Those are some of the examples you need about simple promissory note. You need to write them down whenever someone is giving you a hard time on payment. Just make sure that you know which note to download from all the options up there and you will get the payment done not long after that. It all starts by giving the payee the note.
simple promissory note
simple promissory note
simple promissory note
simple promissory note
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