The Promissory Note For Balance Payment is a crucial financial instrument widely used in UAE business transactions where partial payments have been made and a balance remains outstanding. This document type is specifically governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and is commonly utilized in commercial transactions, property purchases, or business deals where parties agree to deferred payment terms. The note serves as both a formal acknowledgment of debt and a legally binding promise to pay the remaining balance, providing the payee with a secure, enforceable instrument that can be presented for payment or used in legal proceedings if necessary. It must contain specific elements required by UAE law to be valid and enforceable, including clear payment terms, parties' identification, and explicit promise to pay.
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1. Title and Date: Clear identification as a Promissory Note and date of execution
2. Unconditional Promise to Pay: Express undertaking to pay a specified sum of money
3. Payment Amount: The principal amount in both numbers and words
4. Payee Details: Full name and details of the person/entity to whom payment is to be made
5. Payment Date/Schedule: Specific date or schedule when the payment is due
6. Place of Payment: Specified location where the payment is to be made
7. Maker's Details: Full name, address, and contact information of the person/entity making the promise
8. Maker's Signature: Legal signature of the maker with date
9. Governing Law: Statement confirming UAE law as the governing law
1. Interest Rate: Details of any applicable interest rate (if agreed upon and compliant with UAE law)
2. Security Provisions: Details of any collateral or security provided for the payment
3. Witness Details: Information and signatures of witnesses, if required for additional verification
4. Default Provisions: Consequences and procedures in case of default
5. Assignment Clause: Terms regarding the transferability of the note
6. Joint and Several Liability: Used when there are multiple makers of the note
7. Acceleration Clause: Conditions under which the full amount becomes immediately due
1. Payment Schedule: Detailed breakdown of installment amounts and due dates if payment is to be made in multiple installments
2. Security Details: Detailed description of any collateral or security provided
3. Corporate Authorization: If the maker is a company, documents proving the authority of the signatory
4. Related Agreements: Reference to any underlying agreements or contracts related to the debt
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