The Promissory Note For Lending Money To Friend is commonly used in Malaysia when individuals wish to formalize a personal loan arrangement with a friend while maintaining legal protection for both parties. This document is essential when lending significant sums of money to ensure clear terms and legal recourse if needed. It must comply with Malaysian legislation, particularly the Bills of Exchange Act 1949 and Contracts Act 1950, and should be properly stamped under the Stamp Act 1949 to be admissible in court. The document typically includes the loan amount, repayment terms, any interest charges, and the identities of both parties, providing a clear record of the debt obligation while maintaining the informal nature of a friendly loan.
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1. Identification of Parties: Full legal names and identification details of the maker (borrower) and payee (lender)
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount written in both words and figures
3. Payment Terms: Details of when and how the payment will be made, including due date(s) and payment method
4. Interest Rate: Specification of any interest rate agreed upon (if applicable)
5. Date and Place of Execution: The date when and location where the note is signed
6. Signature: Space for signatures of the maker and witness(es)
1. Late Payment Terms: Include when parties want to specify penalties or consequences for late payments
2. Early Repayment Clause: Include when the borrower wants the option to repay before the due date
3. Security/Collateral: Include when specific assets are being offered as security for the loan
4. Default Provisions: Include when parties want to clearly specify what constitutes default and its consequences
5. Force Majeure: Include when parties want to account for unforeseen circumstances affecting repayment ability
1. Payment Schedule: If the loan is to be repaid in installments, details of payment dates and amounts
2. Collateral Details: If security is provided, detailed description of the collateral including any relevant registration numbers or identifying features
3. Witness Attestation: Formal attestation by witnesses including their identification details
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