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Demand Note for United Arab Emirates

Demand Note Template for United Arab Emirates

A Demand Note Template under UAE law is a formal financial instrument that constitutes an unconditional promise to pay a specified sum of money on demand. Governed by the UAE Commercial Transactions Law and related regulations, this document serves as a legally binding commitment from the debtor to the creditor. The template incorporates essential elements required by UAE legislation, including clear identification of parties, precise payment terms, and necessary execution formalities, while ensuring compliance with both UAE civil law principles and Sharia considerations where applicable.

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What is a Demand Note?

The Demand Note Template is a crucial document in UAE commercial and financial transactions, designed to create a legally enforceable promise of payment. This template is commonly used in various business contexts where one party needs to document a debt obligation that is payable upon the creditor's demand. The document must comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and related regulations, which govern negotiable instruments in the UAE. The template includes essential elements such as the parties' details, payment amount, and execution requirements, while considering UAE-specific legal requirements and Sharia compliance aspects. Demand Notes are particularly valuable in commercial transactions, lending arrangements, and debt restructuring scenarios, providing creditors with a straightforward mechanism for debt enforcement under UAE law.

What sections should be included in a Demand Note?

1. Date and Place of Execution: The specific date and location where the demand note is executed, which is crucial for legal validity

2. Debtor Details: Full legal name, address, and identification details of the person/entity making the promise to pay

3. Creditor Details: Full legal name and address of the person/entity to whom the payment is to be made

4. Unconditional Promise to Pay: Clear statement of unconditional promise to pay on demand, including the exact amount in both numbers and words

5. Payment Terms: Specification that payment is to be made on demand, and the currency of payment

6. Interest Rate Declaration: If applicable, clear statement of any applicable interest rate, ensuring Sharia compliance if required

7. Signature Block: Space for debtor's signature, with full name and title if signing on behalf of a company

What sections are optional to include in a Demand Note?

1. Witness Details: Section for witness details and signatures, recommended for higher-value demand notes

2. Company Details: Additional corporate information when the debtor is a company, including registration number and authorized signatory details

3. Joint and Several Liability: Required when multiple debtors are involved, specifying their joint and several liability

4. Purpose of Debt: Optional reference to the underlying transaction or reason for the demand note

5. Governing Law Declaration: While UAE law is implied, an explicit statement of governing law might be included for clarity

6. Language Declaration: Required only if the document is bilingual, specifying which language version prevails

What schedules should be included in a Demand Note?

1. Copy of Trade License: For corporate debtors, copy of valid trade license to be attached

2. Authorization Documents: For corporate debtors, board resolution or power of attorney authorizing the signatory

3. Identity Documents: Copies of relevant identity documents of the signatory and witnesses

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Genie AI

Document Type

Demand Letter

Sector

Banking

Cost

Free to use
Relevant legal definitions











Clauses











Relevant Industries

Banking and Financial Services

Real Estate

Construction

Trading and Commerce

Manufacturing

Professional Services

Retail

Hospitality

Investment and Private Equity

Small and Medium Enterprises

Import/Export

Consulting Services

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Commercial Operations

Compliance

Corporate Secretarial

Banking Operations

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Corporate Lawyer

Credit Manager

Treasury Manager

Accounts Receivable Manager

Risk Manager

Commercial Director

Business Development Manager

Company Secretary

Compliance Officer

Banking Relationship Manager

Financial Controller

Collections Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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