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The Payable On Demand Promissory Note is a crucial financial instrument in UAE business and commercial transactions, governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law). This document is commonly used when parties need a legally binding commitment for immediate payment upon request, such as in loan agreements, business transactions, or security arrangements. It serves as both evidence of debt and a payment guarantee, containing essential elements like the unconditional promise to pay, specified amount, and parties' details. The immediate payment obligation upon demand makes it particularly valuable for creditors seeking payment security. The document must strictly comply with UAE legal requirements to ensure enforceability, including specific formatting and content requirements as outlined in the Commercial Transactions Law.

1. Title: Clear identification as 'Payable On Demand Promissory Note'

2. Place and Date of Execution: Location and date where the promissory note is issued

3. Promise to Pay: Unconditional promise to pay a specified sum

4. Payment Amount: The sum payable written in both numbers and words

5. Beneficiary Details: Full name and details of the person to whom or to whose order the payment is to be made

6. Issuer Details: Full name, address, and details of the person issuing the promissory note

7. Payment Terms: Specification that the note is payable on demand

8. Governing Law: Statement that the note is governed by UAE law