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The Short Promissory Note is a crucial financial instrument in Nigerian business and personal transactions, commonly used when one party wishes to formalize a promise to pay a specific sum of money to another. This document type is governed by Nigerian law, particularly the Bills of Exchange Act Cap B8 LFN 2004, and must be properly stamped under the Stamp Duties Act to be legally enforceable. The Short Promissory Note is particularly useful in situations requiring documented proof of debt, such as business loans, personal loans, or installment purchase agreements. It includes essential elements such as the payment amount, payment terms, parties' details, and any applicable interest rates. The document's straightforward nature makes it an efficient tool for both commercial and personal financial arrangements while providing legal protection for both the maker and payee.

1. Date: Current date when the promissory note is executed

2. Promise to Pay Statement: Clear, unconditional promise to pay a specific sum of money

3. Parties: Full legal names and addresses of the maker (promisor) and payee

4. Amount: The sum promised, written in both words and figures

5. Payment Terms: When payment is due (specific date or on demand)

6. Place of Payment: Where the payment should be made

7. Signature Block: Space for maker's signature and witness attestation