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What Is An International Promissory Note?
The word promissory note is common in daily life. This is a document that talks about provisions of financial and debt instruments. This is a document that states the promises to pay a certain amount of money within a specified date. This document is widely used in international trade as a secure payment document. This is why you will often hear about the international promissory note.
If you are new to this matter, you can download the international promissory note sample for free and learn how this document should be made.
Basics Thing You Need To Know About Promissory Note
Whether it is an international promissory note or the regular promissory note, when you are planning to write it, make sure you will include the following sections so there will be no room for an argument.
- Understand the promissory note’s components. First thing first, when it comes to a legal document, there are fixed components that should be included. This includes the promises, the parties included and the signature. Without these elements, the promissory notes cannot be enforceable in front of the law. If you look a the international promissory note template on our website, you can understand why these elements are included.
- In writing down the elements, understand that you are only allowed to include parties with legal business entities. They should be capable of entering the agreement. You have to include the addresses and also the general information about the parties.
- Meanwhile, the promises should explain clearly the terms agreed. The premise should contain a specific date when the amount of money will be paid. Besides, you are not allowed to make an alternative payment because this will be difficult to enforce in the future.
- Sum certain should be stated clearly. It should not be confusing. Define the payment in numeric value and word terms. State also the schedule of the payment with the interest and principal.
- The last is the signature. The signature is prominent to make the agreement legal. Both parties should sign the document which indicates this is legal and both of them agree with the terms and conditions stated. Once the document is signed, each party should follow the provisions.
How To Execute The Promissory Note?
The promissory note should be notarized and signed by the witnesses. Usually, it contains at least two witnesses. Why should we do this? This is purposed to give an extra layer of the legality. Besides, when the document is signed by the legal authority, the document will become legally binding.
How To Enforce The Promissory Note?
Once the party doesn’t follow the provisions, another party is allowed to bring this case to the court. Therefore, it is always suggested to keep the good records and if you are being accused, you should prove it.