The Promissory Agreement serves as a fundamental legal instrument in Indonesian business and financial transactions, governed by the Indonesian Civil Code (KUHPer) and related financial regulations. It is commonly used when one party needs to formalize a promise to pay a specific sum to another, whether in business lending, commercial transactions, or personal loans. The document captures essential details including payment terms, interest rates, and enforcement mechanisms, while ensuring compliance with Indonesian banking regulations and monetary laws. This type of agreement is particularly important in Indonesia's civil law system, where written documentation of debt obligations is crucial for legal enforcement and protection of both parties' interests.
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1. Parties: Identification of the Promisor (debtor) and Promisee (creditor), including complete legal names, addresses, and any registration numbers for entities
2. Background: Context of the debt obligation, including any relevant history or circumstances leading to the promise of payment
3. Definitions: Key terms used throughout the agreement, ensuring clarity and consistent interpretation
4. Promise to Pay: Clear statement of the principal amount, currency, and absolute promise to pay
5. Payment Terms: Detailed payment schedule, interest rate, method of payment, and due dates
6. Events of Default: Circumstances constituting default and consequences thereof
7. Representations and Warranties: Promisor's declarations regarding their capacity and authority to enter into the agreement
8. Notices: Process and addresses for formal communications between parties
9. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and relevant court jurisdiction
10. Execution: Signature blocks and execution requirements under Indonesian law
1. Security: Details of any collateral or security provided against the promise to pay - include when the debt is secured
2. Guarantor Provisions: Terms relating to any third-party guarantors - include when there are guarantors
3. Prepayment Terms: Conditions and procedures for early payment - include when prepayment is allowed
4. Tax Provisions: Allocation of tax responsibilities - include when tax implications are significant
5. Assignment: Rights and restrictions regarding transfer of the promissory agreement - include when assignment rights are relevant
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include in longer-term payment obligations
7. Acceleration Clause: Conditions under which the entire amount becomes immediately due - include when needed for additional security
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations
2. Security Details: Specific description of any collateral or security assets
3. Calculation of Interest: Methodology and examples of interest calculations
4. Form of Notice: Template for required notices under the agreement
5. Required Corporate Authorizations: Copies of relevant corporate approvals and authorizations
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