The Payable On Demand Promissory Note is commonly used in Nigerian business and personal transactions where one party wishes to formalize a debt obligation that can be called upon at any time. This document type is particularly useful in situations requiring immediate access to funds upon request, such as business loans, personal lending, or security for commercial transactions. Under Nigerian law, these notes must comply with the Bills of Exchange Act and be properly stamped according to the Stamp Duties Act. The document serves as strong evidence of debt and can be used in legal proceedings, making it a valuable tool for creditors. Common uses include short-term financing, bridge loans, and informal lending arrangements where parties want legal protection without complex loan agreements.
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1. Date and Place of Execution: Clear statement of when and where the note is executed, essential for determining applicable limitation periods and jurisdiction
2. Maker Information: Full legal name and address of the person/entity promising to pay (maker)
3. Payee Information: Full legal name and address of the person/entity to whom payment is promised (payee)
4. Promise to Pay: Unconditional promise to pay with clearly stated principal amount in both numbers and words
5. Payment Terms: Specification that the note is payable on demand
6. Interest Provision: Statement of any applicable interest rate and calculation method
7. Signature Block: Space for maker's signature, witness signatures if required
1. Security Interest: Include when the note is secured by collateral or other assets
2. Default Provisions: Include when specific consequences of default need to be outlined
3. Prepayment Terms: Include when early payment options are allowed and their conditions
4. Guarantor Information: Include when a third party is guaranteeing the payment
5. Transfer Rights: Include when specific restrictions or provisions regarding transfer/assignment need to be stated
6. Governing Law: Include when the note might be used across different Nigerian states or internationally
1. Schedule A - Collateral Description: Detailed description of any assets securing the note, if applicable
2. Schedule B - Payment Schedule: If there are any specific payment arrangements or installment plans, despite being payable on demand
3. Schedule C - Guarantor Details: Full details of guarantor(s) and terms of guarantee, if applicable
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Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Trading and Commerce
Construction
Agriculture
Oil and Gas
Small and Medium Enterprises
Professional Services
Healthcare
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Accounts Receivable
Business Development
Investment
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Accounts Receivable Manager
Corporate Finance Director
Investment Manager
Business Development Manager
Company Secretary
Contract Administrator
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