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Simple Promissory Note No Interest Template for Denmark

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Key Requirements PROMPT example:

Simple Promissory Note No Interest

I need a Simple Promissory Note No Interest under Danish law for a loan of 50,000 DKK from my company to an employee, to be repaid in monthly installments starting March 2025, with acceleration clause in case of employment termination.

What is a Simple Promissory Note No Interest?

The Simple Promissory Note No Interest is a fundamental legal instrument used in Denmark to document interest-free monetary obligations between parties. This document type is particularly useful for formalizing loans between family members, friends, or business associates where charging interest is not desired or appropriate. The note must comply with Danish legal requirements, including the Danish Promissory Notes Act and the Danish Contracts Act, to be enforceable. It typically includes the loan amount, payment terms, parties' details, and explicit confirmation that no interest will be charged. The document serves as evidence of debt and can be used for legal enforcement if necessary. While simpler than commercial loan agreements, a Simple Promissory Note No Interest still provides legal protection for both the lender and borrower under Danish law.

What sections should be included in a Simple Promissory Note No Interest?

1. Date and Parties: Identifies the date of the note and the parties: the Maker (debtor/promissor) and the Payee (creditor/promissee), including their full legal names and addresses

2. Amount: Clearly states the principal amount of the loan in both numbers and words to avoid any ambiguity

3. Promise to Pay: Contains the unconditional promise to repay the specified amount

4. Payment Terms: Specifies when and how the payment(s) will be made, including the maturity date and payment method

5. No Interest Provision: Explicit statement that no interest will be charged on the principal amount

6. Default Terms: Specifies what constitutes a default and the consequences of default

7. Governing Law: States that the note is governed by Danish law

8. Signatures: Space for dated signatures of the parties and witnesses if required

What sections are optional to include in a Simple Promissory Note No Interest?

1. Security: Include when the note is secured by collateral or personal guarantee

2. Prepayment Provisions: Include when early payment options are to be specifically allowed or restricted

3. Assignment: Include when transfer rights of the note need to be specified

4. Acceleration Clause: Include when immediate payment of the entire amount can be demanded under certain circumstances

5. Notice Provisions: Include when specific forms of notice between parties need to be defined

6. Severability: Include when parties want to ensure that if one provision is invalid, the rest remains enforceable

What schedules should be included in a Simple Promissory Note No Interest?

1. Payment Schedule: If payments are to be made in installments, details the payment dates and amounts

2. Collateral Description: If the note is secured, provides detailed description of the collateral

3. Guarantor Information: If there are guarantors, contains their details and extent of guarantee

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

Banking and Financial Services

Real Estate

Small Business

Private Lending

Professional Services

Retail

Manufacturing

Construction

Family Business

Agriculture

Non-Profit Organizations

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Credit Administration

Corporate Secretariat

Accounting

Business Administration

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Corporate Lawyer

Accounting Manager

Credit Manager

Business Owner

Financial Controller

Treasury Manager

Compliance Officer

Risk Manager

Company Secretary

Private Banker

Loan Officer

Legal Administrator

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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