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The Simple Promissory Note No Interest is commonly used in Belgium when parties need to formalize a debt obligation without including interest charges. This document type is particularly useful for documenting loans between family members, friends, or business associates, or in situations where charging interest might be inappropriate or unnecessary. The note must comply with Belgian legal requirements, including the Bills of Exchange and Promissory Notes Law and the Civil Code. It includes essential elements such as the parties' details, the principal amount, payment terms, and due date. While simpler than a full loan agreement, a Simple Promissory Note No Interest still creates a legally enforceable obligation and can be used as evidence in legal proceedings if necessary. It's particularly valuable in situations where parties want to maintain clear documentation of financial obligations while keeping the arrangement straightforward and interest-free.

1. Date and Place of Execution: The date and location where the promissory note is signed, which is crucial for legal validity

2. Parties Identification: Full legal names and addresses of the maker (promisor) and the payee (promisee)

3. Promise to Pay: Unconditional promise to pay a specific sum of money, clearly stating the principal amount in both numbers and words

4. Payment Terms: The due date or maturity date of the payment, whether it's on demand or on a specific date

5. Place of Payment: The location where the payment must be made

6. Governing Law Statement: Statement that the note is governed by Belgian law