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90 Day Promissory Note for the United Kingdom

90 Day Promissory Note Template for England and Wales

A 90 Day Promissory Note is a legally binding financial instrument under English and Welsh law where one party (the maker) makes a written, unconditional promise to pay a specific sum of money to another party (the payee) within 90 days. The document is governed by the Bills of Exchange Act 1882 and creates a clear obligation for payment, including specific terms, conditions, and consequences of default.

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90 Day Promissory Note

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What is a 90 Day Promissory Note?

A 90 Day Promissory Note serves as a formal financial instrument commonly used in business transactions where short-term financing is required. This document, governed by English and Welsh law, provides a structured approach to short-term lending, typically used for working capital, bridge financing, or trade operations. The note includes essential elements such as the principal amount, payment terms, interest (if applicable), and parties' details. It creates a legally enforceable obligation under the Bills of Exchange Act 1882, offering security to the payee while providing the maker with documented terms for repayment.

What sections should be included in a 90 Day Promissory Note?

1. Date: Date of issuance of the promissory note

2. Promise to Pay: Unconditional promise to pay a specific sum

3. Principal Amount: The amount being borrowed/promised

4. Payment Terms: When and how payment will be made (90-day term)

5. Maker Details: Full legal name and address of the person making the promise

6. Payee Details: Full legal name and address of the person to whom payment is promised

What sections are optional to include in a 90 Day Promissory Note?

1. Interest Rate: Terms of interest if the note bears interest

2. Security: Details of any collateral or security for secured promissory notes

3. Prepayment Terms: Conditions for early payment if allowed

4. Default Provisions: Consequences of non-payment when specific default terms are required

What schedules should be included in a 90 Day Promissory Note?

1. Payment Schedule: Detailed schedule if payments are to be made in installments

2. Security Details: Description of any security or collateral (if secured)

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

Jurisdiction

England and Wales

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions












Clauses












Industries

Bills of Exchange Act 1882: Primary legislation governing negotiable instruments in the UK, defining promissory notes, their requirements, and setting out rights and obligations of parties

Law of Property (Miscellaneous Provisions) Act 1989: Relevant legislation for any security interests if the promissory note is secured

Consumer Credit Act 1974: Applicable if the promissory note involves a consumer rather than business-to-business transaction; affects enforceability and required disclosures

Limitation Act 1980: Governs time limits for bringing legal actions and relevant enforcement periods for the promissory note

Unfair Contract Terms Act 1977: Applicable when dealing with consumers or standard form contracts; affects enforceability of certain terms

Financial Services and Markets Act 2000: Relevant if the note might be considered a regulated financial instrument

Common Law - Doctrine of Consideration: Fundamental common law principle requiring exchange of value for contract validity

Common Law - Contract Formation: Basic principles governing how valid contracts are formed and enforced

Common Law - Contractual Capacity: Legal principles determining who has the legal capacity to enter into binding contracts

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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