A Discount Promissory Note is commonly used in South African commercial transactions where a party needs immediate access to funds and is willing to issue a promise to pay a larger sum at a future date. The discount represents the difference between the amount received immediately and the face value of the note at maturity. This type of document is particularly useful for businesses seeking short-term financing without formal loan agreements. The document must comply with South African legislation, particularly the Bills of Exchange Act 34 of 1964 and relevant banking regulations. It includes critical information such as the parties involved, the face value, discount rate, maturity date, and payment terms. The note may also include additional features such as security provisions or third-party guarantees depending on the transaction requirements.
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1. Parties: Identification of the maker (issuer) and payee of the promissory note, including full legal names and registration/identification numbers
2. Unconditional Promise to Pay: Clear statement of the unconditional promise to pay a specific sum of money
3. Principal Amount: The face value of the promissory note before discount
4. Discount Rate and Calculation: Specification of the discount rate and how it is applied to calculate the actual amount payable
5. Payment Terms: Details of when and how payment will be made, including the maturity date
6. Place of Payment: Specific location or account where payment must be made
7. Negotiability Statement: Statement indicating whether the note is negotiable and any restrictions on transfer
8. Governing Law: Specification that South African law governs the promissory note
1. Security Provisions: Include when the note is secured by collateral or other assets
2. Guarantee: Include when there is a third-party guarantor for the note
3. Default and Acceleration: Include when there are specific events of default and acceleration rights
4. Prepayment Terms: Include when early payment is allowed and any associated conditions
5. Interest on Default: Include when additional interest will be charged on late payments
6. Tax Provisions: Include when there are specific tax implications or withholding requirements
1. Discount Calculation Schedule: Detailed breakdown of how the discount is calculated and applied
2. Payment Schedule: If payments are to be made in installments, a schedule of payment dates and amounts
3. Security Details: If applicable, details of any security or collateral provided
4. Guarantee Agreement: If applicable, the terms and conditions of any guarantee provided
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial and Industrial
Manufacturing
Real Estate and Construction
Import/Export
Wholesale and Distribution
Agriculture
Mining and Resources
Retail
Technology
Relevant Teams
Finance
Legal
Treasury
Risk Management
Commercial
Credit Control
Corporate Finance
Trade Finance
Accounts Receivable
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Legal Counsel
Commercial Director
Credit Manager
Risk Manager
Banking Relationship Manager
Finance Manager
Corporate Finance Executive
Company Secretary
Accounts Receivable Manager
Trade Finance Manager
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