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Promissory Note    » Click to Continue

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Use this QuickForm "Promissory Note" to document the terms and conditions on which a Borrower will repay money owed to a Creditor.

The debt can be a specific amount of money or the Note can establish a "revolving" line of credit with a fluctuating loan balance. The Note can bear interest or it can be interest-free. The debt can be repaid under an installment plan, in a single lump sum on a certain due date, or at any time "on demand" by the Creditor.

The Note can be signed by one Borrower, or co-signed by two Borrowers (e.g., husband and wife, two business partners). The Note can be guaranteed by a third party, who will pay if Borrower defaults. It can also be secured by Collateral.

The Borrower may be borrowing cash from the Note Holder, may give the Note in payment for goods or services or as a promise to pay old invoices.

Promissory Notes can be a helpful tool in collecting old invoices from Customers. In exchange for giving Borrower a payment plan, the Creditor can use the Note to improve its legal position. If the Borrower then defaults on the Note, the Creditor will be in a better position to collect the debt quickly.

Note: if you need a Payment Plan for a Software License, System Acquisition or Hardware Purchase Agreement, in which the System Price is paid over time under a separate contract, consider the QuickForms "System Payment Plan Agreement" instead.

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