The Employment Promissory Note is commonly used in Hong Kong employment relationships where an employee needs to formalize a financial obligation to their employer. This typically occurs in situations involving repayment of training costs, relocation expenses, sign-on bonuses, or other employment-related financial commitments. The document must comply with Hong Kong's Employment Ordinance, Bills of Exchange Ordinance, and other relevant legislation. The Employment Promissory Note creates a legally enforceable debt obligation while maintaining the employment relationship context, often including provisions for repayment through salary deductions or other agreed methods. It's essential for protecting the employer's financial interests while ensuring fair treatment of the employee under Hong Kong employment law.
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1. Parties: Identification of the maker (employee) and payee (employer), including full legal names, addresses, and identification numbers
2. Background: Context of the promissory note, including reference to the employment relationship and circumstances leading to the creation of the debt
3. Definitions: Key terms used in the document, including 'Principal Sum', 'Interest Rate', 'Payment Date', and other relevant terms
4. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount and currency
5. Payment Terms: Details of how and when payments will be made, including installment arrangements if applicable
6. Interest: Specification of interest rate (if any), calculation method, and payment frequency
7. Security: Details of any security or collateral provided against the note
8. Events of Default: Circumstances that constitute default and consequences thereof
9. Employment Link: Relationship between the note and ongoing employment, including impact of employment termination
10. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Acceleration Clause: Optional clause allowing the entire amount to become due upon certain trigger events - include when employer wants additional protection
2. Wage Deduction Authorization: Authorization for employer to deduct payments from wages - include when payment will be made through payroll deductions
3. Guarantor Provisions: Terms relating to any guarantor of the note - include when a third-party guarantee is required
4. Pre-payment Terms: Conditions for early repayment - include when early repayment options are desired
5. Collection Costs: Responsibility for costs of collection in case of default - include when employer wants to ensure recovery of enforcement costs
1. Payment Schedule: Detailed schedule of payment dates, amounts, and allocation between principal and interest
2. Calculation of Interest: Detailed methodology for calculating interest, including examples if compound interest is involved
3. Wage Deduction Details: Specific details of how wage deductions will be calculated and implemented, if applicable
4. Security Details: Detailed description of any security or collateral provided, including valuation and maintenance requirements
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Professional Services
Technology
Manufacturing
Retail
Healthcare
Education
Construction
Hospitality
Telecommunications
Legal Services
Real Estate
Relevant Teams
Human Resources
Legal
Finance
Payroll
Compliance
Risk Management
Treasury
Corporate Secretarial
Relevant Roles
HR Director
HR Manager
Compensation and Benefits Manager
Legal Counsel
Employment Lawyer
Finance Director
Financial Controller
Payroll Manager
HR Business Partner
Recruitment Manager
Treasury Manager
Risk Manager
Compliance Officer
Company Secretary
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