Promissory Note

Promissory Note

Pricing: $35

Delivery Timeline: Next Day

Monetary transactions between businesses need to have a proper system in order to avoid the chances of monetary fraud and miscommunication. One such system of managing monetary exchange is a promissory note. A promissory note, also known as a note payable or an IOU (I Owe You), is a legal contract in which an individual promises in writing that they will be paying a decided sum of money to the other individual within a stipulated duration of time. Such an arrangement is generally noticed in cases when one individual takes a loan from the other.

A promissory note is generally needed when the transactional money is not a huge amount. Lawyak knows the exact nature of such transactions and how these matters can be easily resolved without much hassles. Therefore, we offer the service to draft promissory notes effortlessly. 

What Will the Promissory Note Include?

Our lawyers will create a promissory note to fulfill the exact nature of the monetary transaction. The promissory note will include:

  1. The Amount: The exact amount being transacted between the payer and the payee.

  2. The Interest: If the amount is loaned on an interest basis then the exact percentage of interest that will be applicable should be mentioned.

  3. The Due Date: The due date until which the payee has time to repay the payer.

  4. The Duration: The exact date of payment and duration of the loan.

  5. The Penalty: The exact penalty in case of default.

  6. The Collateral: Collateral or deposit amount if any.

  7. Contact Details: The complete name and contact details of both the payer and the payee.

  8. Parties Involved: Specification of whether both the parties are individuals or corporations.

 

How to Enforce Promissory Note in case of a Default?

The idea of creating a promissory note is to provide legal protection and guarantee to a payer that the payee will return the money on time. However, there are times when a payee may not repay in time. Such a situation is known as a payment default. If a payee fails to repay on time even after the payer provided collaterals, then the payer can enforce the promissory note by following these steps:

  1. Collect all your documents and proof pertaining to loan and agreement along with a promissory note and keep them ready.

  2. Contact the payee and ask them to pay the money.

  3. If you do not receive a response from the payee, contact the lawyer and issue a letter of collection to the payee.

  4. Take the necessary legal actions against the payee with the help of the court.

  5. Alternately, you could also take help of a third party collector or bank to retrieve your money.

 

Why Choose Lawyak?

  1. Providing exceptional services to our clients is what we believe in.

  2. We employ our expert lawyers to draft legal documents with ultimate authority.

  3. Our firm is well-versed with the provincial laws to provide proper legal advice.

  4. Our online portal enables you to easily choose your service in a matter of few minutes without having to visit our office.

 

Get in touch with Lawyak as we believe in the power of combining technology and legal expertise to provide fast services to our clients.

©2018 by Lawyak. Website & Marketing By Rapid Boost Marketing

©2018 by Lawyak. Website & Marketing By Rapid Boost Marketing

Address: Prowse Chowne LLP

#1300 Phipps-McKinnon Bldg.

10020 – 101A Avenue Edmonton, Alberta          

Canada T5J 3G2

Phone No:     866-881-2462

Fax:                  780 439 0475

Email:             contact@lawyak.com

Office Time:  Monday to Friday: 8:30 am – 5:00 pm

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