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August 16, by Sreekanth Reddy Comments A friend in need is a friend indeed. We generally approach our friends or close family members when we are in need of any financial help. We lend or borrow money based on mutual trust.
Usually these types of loans hand loans are unsecured. In most cases, the terms and conditions of a loan are undefined. If the payback repayment of loan does not happen, the relationship between the two parties gets strained. Is there any way to protect the interest of the two parties?
Is there any legal document so that you can clearly define the terms and conditions of the loan?
There are two ways of doing this: What is the difference between Promissory Note and Loan Agreement? What is a Promissory Note? Promissory note is a written promise to pay a debt. It is a financial instrument, in which one party maker or issuer promises in writing to pay a determinate sum of money to the other the lendereither at a fixed, determinable future time or on demand of the payee subject to specific terms and conditions.
Things to keep in mind while writing a Promissory Note: It is governed by Section 4 of the Negotiable Instruments Act, Promissory Note executed in one State may be presented in another State in India with the stamp bearing on the promissory note.
No additional stamp duty need to be paid It should always be in hand written. The promise to re-pay money and no other conditions should be mentioned in PN. You may also execute the PN note on a Stamp paper if revenue stamps are not available.
You can mention the cheque details in PN note. The Pro Note is valid for only 3 years from the date of execution. The repayments are generally hand written on the back side of PN document signed by both the parties. PN is generally held by the Lender Issuer.
And can be returned to the payee borrower. Witness signature is not required.
But it is advisable to get it signed by a witness a person who is not a party of the note. You may consider getting it notarized as well but it is not mandatory Sample Promissory Note Template: A Promissory Note not only acknowledges that there is a Loan but also includes a specific promise to pay.
A Loan Agreement Loan Contract acknowledges that there is a loan, specific promise to pay and also states that the lender has a right to recourse the legal right to demand compensation or payment.
If you want to have a right to recourse then go for Loan Agreement instead of a Promissory Note. A simple Loan Agreement should include the following: A Promissory Note only requires the signature of a borrower, whereas the Loan Agreement should include signatures from both parties.*If your address is in India, please review the AISPL Customer Agreement, which governs your access to and use of the Service Offerings.
*Please note that as of July 1, , customers located in Europe, the Middle East, or Africa contract with our European based AWS Contracting Party, as provided in .
Promissory Note & Loan Agreement for loans to friends,family or relatives. Sample Draft, Template,Legal Format of Promissory Note in India as per Indian Law. Agreement Letters. Agreement letters are letters written between two parties (one that renders a service and a second party, who accepts the service) to highlight the terms and conditions of the offered service.
Agreement Samples. A sample agreement is a great way to make sure that your agreement has all the information it needs, presented in a professional, polished way.
A Service Agreement is created when a service provider and a customer (or client) exchange services for compensation. It can exist in a verbal format (like when a customer visits a hair salon to get a haircut) or in a written format (like a contract a freelance writer might have with a website owner).
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