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.
Sample Template Preview
FOR VALUE RECEIVED, _______________________________________________________________________ of ADDRESS: _______________________________________, CITY: _____________________, STATE: ____ ZIP: ___________, promise(s) to pay to the order of ________________________________________________ the principal sum of and /100 DOLLARS ($ ), in legal tender of the United States, with interest from the _____ day of _____________, 20____, to be paid at the rate of _____% per year or any part thereof. Should this Note be paid in full within thirty days from the above date or at any time during a thirty day period, interest shall be charged at a daily rate of $______ per day.
Principal and interest shall be payable at the offices of:
or at such other place as the holder hereof may designate in writing.
Should any installment not be paid when due, or should the Maker or Makers hereof fail to comply with any of the terms of this agreement, or if Holder deems itself insecure or if Maker defaults under these terms, the entire unpaid principal sum evidenced by this Note, with all agreed interest, shall, at the option of the Holder, and without notice to the undersigned, become due and may be collected forthwith, time being of the essence of this Agreement. It is further agreed that failure of the Holder to exercise this right of accelerating the maturity of the debt, or indulgence granted from time to time, shall in no event be considered as a waiver of such right of acceleration or estop the Holder from exercising such right.
Installments, or payment if single payment Note, not paid within 5 days of due date shall incur a late fee of 15% of the installment or payment, but not less than $10.00. After a period of 30 days this Note shall be considered to be in default and all interest hereon shall thereafter accrue at the rate of _____% per year, or any part thereof, until paid in full. The Holder shall be entitled to all costs of collection should this Note, or any part of the indebtedness evidenced hereby, be accelerated and not paid. Should this note be collected at law or by an attorney at law, an Attorney/Collection Fee of 15% of the balance due, but not less than $100.00, plus any costs and administration fees, shall be added.
And each of the undersigned, whether principal, surety, guarantor, endorser, or other party, severally waives and renounces demand, protest, notice of demand, protest and non-payment.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed in person this ______ day of _______________________, 20_____.
Social Security #: _________________
Social Security #: _________________
PAYMENT SHALL BE IN ACCORDANCE WITH INDEPENDENT CONTRACTOR SERVICES AGREEMENT OF EVEN DATE EXECUTED BY MAKER.
© 2003 Trust Associates, 4426B Hugh Howell Road, Suite 200, Tucker GA 30084 Phone: 770-498-7403 Fax: 770-498-2792 (Rev. 12/03) – Form WFE-9214 – S
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