A promissory note is a negotiable instrument whereby one party, known as the maker, payer or issuer (“the issuer”), unconditionally promises in writing to pay an agreed monetary sum to another party, known as the recipient or payee (“the payee”), either on demand or at a specified future date.
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Name of issuer and payee
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The LVDox™ Free Promissory Note is a very simple document, designed for simple situations. It includes an interest clause, and a choice as to whether the Promissory Note will be transferrable or not.
A promissory note is not a loan contract, although both relate to borrowing money. The main differences between a loan contract and promissory note are:
Both the lender and the borrower sign a loan contract, while only the issuer signs a promissory note;
The terms and conditions of a loan contract are generally more detailed than a promissory note, which means that it would generally be appropriate to complete a loan contract in circumstances where compound interest of instalment payments apply.
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