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Promissory Note For Unpaid Balance Template for Philippines

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Key Requirements PROMPT example:

Promissory Note For Unpaid Balance

"I need a Promissory Note For Unpaid Balance for a PHP 500,000 business debt to be paid in 12 monthly installments starting March 2025, with a 12% annual interest rate and secured by company equipment."

What is a Promissory Note For Unpaid Balance?

The Promissory Note For Unpaid Balance is a crucial document in Philippine commercial and personal financial transactions where a debt remains outstanding and needs formal documentation. This instrument is commonly used when parties agree to convert an immediate payment obligation into an installment arrangement, or when documenting remaining balances from larger transactions. The document must comply with Philippine legal requirements, particularly the Negotiable Instruments Law and Civil Code provisions regarding form and content. It typically includes specific details about the unpaid amount, payment terms, interest rates, and consequences of default. This type of promissory note is particularly important in protecting creditors' rights while providing debtors with clear payment obligations and terms.

What sections should be included in a Promissory Note For Unpaid Balance?

1. Header and Date: Identifies the document as a Promissory Note and specifies the date of execution

2. Principal Amount: States the total unpaid balance amount in both numbers and words to avoid ambiguity

3. Parties: Identifies the maker (debtor) and payee (creditor) with their complete legal names and addresses

4. Promise to Pay: Contains the unconditional promise to pay the specified amount, which is essential for the note's validity under the NIL

5. Payment Terms: Specifies how and when payments will be made, including installment amounts and due dates

6. Interest Rate: States the applicable interest rate on the unpaid balance, ensuring compliance with Philippine usury laws

7. Default Provisions: Outlines what constitutes default and its consequences, including acceleration of the debt

8. Signature Block: Space for signatures of the maker and witness(es), with proper notarization provisions

What sections are optional to include in a Promissory Note For Unpaid Balance?

1. Security/Collateral: Include when the note is secured by specific assets or collateral

2. Co-Maker Provision: Include when there is a co-maker or guarantor for the debt

3. Attorney's Fees: Include when parties agree that the maker will pay legal fees in case of collection proceedings

4. Prepayment Terms: Include when early payment is allowed and any associated conditions or penalties

5. Place of Payment: Include when payments must be made at a specific location or through specific means

6. Post-Dated Checks: Include when post-dated checks are provided as payment mechanism

What schedules should be included in a Promissory Note For Unpaid Balance?

1. Payment Schedule: Detailed breakdown of installment payments showing due dates and amounts

2. Collateral Details: If applicable, detailed description of assets serving as security for the note

3. Amortization Table: Schedule showing breakdown of payments into principal and interest components

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions















Clauses


















Relevant Industries

Banking and Financial Services

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Risk Management

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Financial Controller

Collections Officer

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Accounts Receivable Manager

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