The Demand Note Payable is a vital financial instrument in Nigerian business and lending practices, commonly used when parties need a flexible yet legally enforceable payment obligation. This document type is particularly relevant when the creditor requires the ability to demand payment at any time, unlike term loans with fixed payment schedules. Under Nigerian law, a Demand Note Payable must comply with the Bills of Exchange Act and Stamp Duties Act, making it a formal instrument that can be used as evidence in legal proceedings. It's frequently utilized in business financing, personal loans, and commercial transactions where immediate payment capability is desired. The document typically includes the amount owed, interest terms if applicable, and must be properly executed to be legally enforceable in Nigerian courts.
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1. Date and Place of Execution: Clearly states when and where the demand note was executed, which is crucial for enforcement and limitation periods
2. Parties' Details: Full legal names and addresses of the maker (debtor) and payee (creditor)
3. Promise to Pay: Unconditional promise to pay a specific sum of money on demand
4. Amount: The principal sum in both figures and words to avoid any ambiguity
5. Interest Rate: Specification of any applicable interest rate and calculation method
6. Payment Terms: Statement that the amount is payable on demand
7. Mode of Payment: Specified method of payment and where payment should be made
8. Maker's Signature: Space for the maker's signature and witness attestation
1. Security/Collateral: Details of any security or collateral provided for the note - include when the note is secured by specific assets
2. Joint and Several Liability: Include when there are multiple makers who are jointly and severally liable
3. Default Provisions: Specific consequences of default - include when parties want to specify additional remedies beyond standard legal provisions
4. Prepayment Terms: Terms for early payment - include when prepayment is allowed and any associated conditions
5. Governing Law: Specific mention of Nigerian law - include when dealing with parties from different jurisdictions
6. Stamp Duty Declaration: Declaration of stamp duty payment - include when required by the transaction value
1. Schedule of Collateral: Detailed description of any assets provided as security for the note
2. Payment Schedule: If installment payments are agreed upon, despite being payable on demand
3. Witness Attestation Form: Format for witness details and signatures
4. Corporate Authorization: If maker is a company, attach board resolution or other authorization
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Agriculture
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Small and Medium Enterprises
Telecommunications
Healthcare
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Relevant Teams
Legal
Finance
Treasury
Credit Management
Risk Management
Compliance
Corporate Secretariat
Commercial Operations
Accounts Receivable
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Financial Controller
Treasury Manager
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