A Demand Promissory Note is a crucial financial instrument used in Indonesian business and commercial transactions when one party needs to formalize a promise to pay another party a specific sum of money upon demand. This document, governed by Indonesian law, particularly the Commercial Code (KUHD) and Civil Code (KUHPer), serves as evidence of debt and can be used in various contexts such as business loans, commercial credit arrangements, or personal lending. The Demand Promissory Note must include specific elements to be valid under Indonesian law, including the unconditional promise to pay, the specified amount, the parties' details, and proper execution formalities. It differs from term promissory notes as payment can be demanded at any time by the payee, providing flexibility and immediate enforceability when needed.
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1. Promise to Pay Statement: Clear and unconditional promise to pay a specific sum of money on demand
2. Parties: Full legal names and addresses of the maker (promisor) and the payee
3. Amount: The principal sum promised to be paid, stated both in numbers and words
4. Interest Rate: Specification of any applicable interest rate and calculation method
5. Date and Place of Execution: The date when and place where the note is executed
6. Payment Terms: Statement that the note is payable on demand
7. Signature Block: Space for maker's signature, with full name and title if signing on behalf of an entity
1. Security Provisions: Include when the note is secured by collateral or guarantees
2. Default Provisions: Include when specific consequences of default need to be outlined
3. Governing Law and Jurisdiction: Include when there might be cross-border elements or specific jurisdiction requirements
4. Witness Section: Include when additional verification of execution is desired
5. Corporate Authorization: Include when the maker is a corporation and needs to demonstrate authority to issue the note
1. Payment Schedule: If there are any structured payment terms despite being a demand note
2. Collateral Description: Detailed description of any security or collateral if the note is secured
3. Corporate Resolution: Copy of corporate resolution authorizing the issuance of the note, if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Trading and Commerce
Construction
Agriculture
Mining
Retail
Technology
Professional Services
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Commercial Operations
Accounts Receivable
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Secretary
Credit Manager
Financial Controller
Accounts Receivable Manager
Risk Manager
Compliance Officer
Business Development Manager
Commercial Director
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