Promissory Note-Work For Equity
Explaining to you about Promissory note
Promissory note is a form of legal instrument of finance, where a party makes a commitment in written form to make the payment to the other party. It can be either in the form of fixed time in the nature or be as the demand of the other party. All these will be determined under a specific term of conditions. Whenever this promissory note is easily saleable and does not have any condition it is also said to be as negotiable instrument.
It is also called to be as note payable in accountancy. A bank note is mostly to be seen as a promissory note. And this kind of note is payable to the bearer on his/ her demand. These are as said before the instruments of finance so it acts as the authorities that are to be taken in a short term financing of many companies. Here the provider is not paid openly by the buyer; rather it is paid in a due course of time that has been decided upon by the buyer and the seller.
It is important as it is the mode of payment to the lender, upon demand, to be paid or honored by the order or bearer. A promissory note is a written undertaking to make payment at a future date or at the occurrence of a future pre-determined event, subject to the terms and conditions of payment. It also prescribes a pre determined rate of interest and the manner of payment. It is also transferable by endorsement and delivery.
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