The Promissory Note For Delayed Payment is commonly used in Philippine business and personal transactions when there is an agreement to defer payment of a debt. This document is essential when parties wish to formalize credit arrangements, providing legal protection for both the creditor and debtor. It must comply with Philippine law, particularly the Negotiable Instruments Law and Civil Code provisions regarding financial instruments. The note typically includes the principal amount, interest rate (subject to Central Bank regulations), payment terms, and default provisions. It's particularly useful in situations involving business transactions, loan agreements, or installment purchases where immediate payment is not possible or desired. The document's enforceability is strengthened through proper execution, often including notarization, making it a valuable tool for credit management and debt collection in the Philippine legal system.
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1. Date and Place of Execution: The specific date and location where the promissory note is executed, which is essential for determining maturity and jurisdiction
2. Parties: Clear identification of the maker (debtor) and payee (creditor), including full legal names and addresses
3. Promise to Pay: An unconditional promise to pay a specific sum of money, stating the principal amount in both figures and words
4. Payment Terms: Detailed information about when and how the payment will be made, including the maturity date or payment schedule
5. Interest Rate: Specification of the interest rate (if any) and how it will be calculated and applied
6. Default Provisions: Consequences of default, including any acceleration clauses or additional charges
7. Signature Block: Space for the maker's signature, which is essential for the note's validity
1. Security/Collateral: Details of any assets pledged as security for the debt, used when the note is secured
2. Co-Maker/Guarantor: Information and signature blocks for any co-makers or guarantors, included when there are additional parties guaranteeing the debt
3. Prepayment Terms: Conditions and terms for early payment of the debt, included when prepayment is allowed
4. Attorney's Fees: Provisions for recovery of attorney's fees in case of enforcement, included when desired by the creditor
5. Venue Stipulation: Specific agreement on where legal proceedings may be brought, included for clarity in enforcement
6. Notice Requirements: Procedures for giving notices between parties, included in more formal arrangements
1. Payment Schedule: Detailed breakdown of installment amounts and due dates, if payment is to be made in installments
2. Collateral Description: Detailed description of any security or collateral being provided, including serial numbers, locations, or other identifying information
3. Amortization Table: Table showing the breakdown of payments into principal and interest over time, useful for installment payments with interest
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Retail and Commercial Trade
Manufacturing
Construction
Agriculture
Professional Services
Small and Medium Enterprises
Import/Export
General Commerce
Relevant Teams
Finance
Legal
Treasury
Credit and Collections
Accounts Receivable
Risk Management
Compliance
Commercial Operations
Business Development
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Accounts Receivable Manager
Legal Counsel
Corporate Secretary
Treasury Manager
Business Development Manager
Risk Manager
Collections Officer
Financial Controller
Compliance Officer
Credit Analyst
Account Executive
Commercial Manager
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