The Demand For Payment On Demand Promissory Note is a crucial financial instrument in South African business practice, commonly used to formalize debt obligations and provide evidence of loans or payment commitments. This document type is particularly valuable in situations where parties need a straightforward but legally binding commitment for payment on demand, without complex payment schedules or conditions. Governed by South African law, particularly the Bills of Exchange Act 34 of 1964, it provides creditors with a clear legal basis for demanding payment and initiating legal proceedings if necessary. The document includes essential elements such as the amount owed, parties' details, and an unconditional promise to pay, making it a preferred tool for both business and personal lending arrangements where immediate payment can be demanded at any time.
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1. Place and Date: Location and date of execution of the promissory note
2. Amount: The principal sum promised to be paid, expressed in both numbers and words
3. Parties: Full legal names and addresses of the maker (promisor) and payee (promisee)
4. Promise to Pay: Unconditional promise to pay the specified amount on demand
5. Interest Rate: Specification of any applicable interest rate and calculation method
6. Payment Terms: Statement that payment is to be made on demand
7. Governing Law: Specification that South African law governs the promissory note
8. Signature Block: Space for maker's signature, with full name and date
1. Security Interest: Details of any collateral or security provided for the note, used when the note is secured by specific assets
2. Guarantor Provisions: Terms relating to any guarantor of the note, included when a third party guarantees the payment
3. Default Provisions: Specific consequences of default, included when parties want to specify additional default terms
4. Prepayment Terms: Terms allowing early payment, included when prepayment is specifically allowed or restricted
5. Assignment Clause: Terms regarding the transfer or assignment of the note, included when transferability needs to be specifically addressed
1. Schedule A - Security Details: Detailed description of any security or collateral provided, if applicable
2. Schedule B - Payment History: Template for recording payments made against the note
3. Appendix 1 - Guarantor Details: Full details of any guarantors and their obligations, if applicable
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