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Promissory Contract Template for Denmark

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Key Requirements PROMPT example:

Promissory Contract

I need a Promissory Contract for a secured business loan of 500,000 DKK between my company as borrower and Danish Bank Ltd as lender, with the loan secured against our commercial property and repayable in full by March 1, 2025.

What is a Promissory Contract?

The Promissory Contract serves as a fundamental legal instrument in Danish financial transactions, providing a formal framework for documenting monetary obligations between parties. This document is essential when one party commits to paying a specific sum of money to another party, whether in a business context or private arrangement. It must comply with Danish legal requirements, particularly the Danish Contracts Act and Debt Instruments Act, and includes crucial elements such as payment terms, interest calculations (governed by the Danish Interest Act), and enforcement provisions. The document is commonly used in various scenarios including business loans, private lending arrangements, and structured payment agreements, offering legal protection to both the promisee and promisor while ensuring clarity and enforceability under Danish jurisdiction.

What sections should be included in a Promissory Contract?

1. Parties: Identification of the promisor (debtor) and promisee (creditor) with full legal names, addresses, and registration numbers if applicable

2. Background: Brief context of the debt obligation, including the relationship between parties and purpose of the loan if relevant

3. Definitions: Key terms used throughout the document, including payment-related terminology and technical terms

4. Promise to Pay: Clear statement of the principal amount, currency, and unconditional promise to pay

5. Payment Terms: Detailed payment schedule, including due dates, installment amounts, and payment methods

6. Interest: Interest rate, calculation method, and payment frequency in compliance with Danish Interest Act

7. Default and Remedies: Consequences of default, including default interest, acceleration rights, and enforcement procedures

8. Notices: Methods and addresses for formal communications between parties

9. Governing Law and Jurisdiction: Explicit statement of Danish law governance and jurisdiction for disputes

What sections are optional to include in a Promissory Contract?

1. Security: Include when the promise is secured by collateral or guarantees

2. Early Repayment: Include when early repayment options are permitted, specifying any penalties or procedures

3. Assignment: Include when transfer rights need to be specifically addressed or restricted

4. Force Majeure: Include for longer-term promissory notes where external events might affect payment ability

5. Costs and Expenses: Include when specific provisions about legal costs, stamp duties, or other expenses need to be addressed

What schedules should be included in a Promissory Contract?

1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown

2. Security Details: Description of any collateral or security interests, including registration details

3. Guarantee Agreement: If applicable, terms of any guarantee or third-party security

4. Calculation Methods: Detailed explanation of interest calculations and other financial computations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses

























Relevant Industries

Financial Services

Banking

Real Estate

Private Lending

Commercial Lending

Small Business

Construction

Agriculture

Manufacturing

Retail

Relevant Teams

Legal

Finance

Treasury

Credit Management

Compliance

Risk Management

Corporate Affairs

Debt Collection

Account Management

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Contract Manager

Credit Manager

Treasury Manager

Loan Officer

Financial Controller

Compliance Officer

Risk Manager

Corporate Lawyer

Debt Collection Manager

Account Manager

Business Development Manager

Industries




Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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