Document background
The Individual Promissory Note under Belgian law serves as a fundamental financial instrument in various business and personal transactions. It is commonly used when one party needs to formalize a promise to pay another party a specific sum of money, whether for business loans, personal loans, or commercial transactions. The document must comply with Belgian legal requirements, particularly the Law of July 1, 1964, and the Belgian Civil and Commercial Codes. An Individual Promissory Note typically includes specific details such as the principal amount, payment terms, interest rates (if applicable), and the identities of both the maker and payee. This document type is particularly valuable in Belgian business operations as it provides a clear, legally enforceable record of debt and can be used as a negotiable instrument, allowing for transfer to third parties if needed.
