Legal Documents

What is a Promissory Note ?

A Promissory Note is a simple contract that records the terms of a loan to a company.

For a small sum of money borrowed, a Promissory Note is often used in place of a complex loan agreement.

A loan under a Promissory Note can be interest bearing or interest free.

Key points included

  • Principal amount;
  • Interest rate (if any); and
  • Dates for repayment.

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