The Partial Claim Promissory Note is a specialized financial instrument used in Canadian business and legal contexts when parties agree to settle or restructure an existing debt through partial payment arrangements. This document becomes necessary when a debtor cannot fulfill the original debt obligation in full, but both parties agree to a modified payment arrangement for a portion of the debt. The note must comply with Canadian federal legislation, particularly the Bills of Exchange Act, and relevant provincial laws governing contracts and financial instruments. It typically includes essential elements such as the original debt reference, the agreed partial claim amount, payment terms, interest rates, and consequences of default. This type of document is particularly valuable in debt restructuring, settlement negotiations, and financial dispute resolutions, providing a legally enforceable framework for partial debt satisfaction while protecting both creditor and debtor interests.
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1. Parties: Identification of the Promissor (debtor) and Promissee (creditor), including full legal names and addresses
2. Background: Details of the original debt, circumstances leading to the partial claim, and acknowledgment of the remaining debt amount
3. Definitions: Key terms used throughout the document including 'Original Debt', 'Partial Claim Amount', 'Payment Date', etc.
4. Promise to Pay: Clear statement of the partial claim amount and unconditional promise to pay
5. Payment Terms: Specified payment amount(s), payment schedule, and method of payment
6. Interest Rate: Interest rate applicable to the partial claim amount, calculation method, and payment frequency
7. Place of Payment: Specified location or method where payments must be made
8. Prepayment Rights: Terms regarding early payment options and any associated penalties or benefits
9. Default Provisions: Events constituting default and consequences thereof
10. Remedies: Rights and remedies available to the creditor in case of default
11. Governing Law: Specification of Canadian jurisdiction governing the note
12. Execution: Signature blocks, date, and witness requirements
1. Security Interest: Include when the note is secured by collateral or other assets
2. Guarantor Provisions: Include when a third party is guaranteeing the partial claim amount
3. Assignment: Include when transfer rights need to be specified or restricted
4. Release of Original Debt: Include when the partial claim settlement includes release of remaining original debt
5. Acceleration Clause: Include when immediate payment of full amount can be demanded under specific circumstances
6. Collection Costs: Include when the promissor will be responsible for collection costs and legal fees
7. Joint and Several Liability: Include when there are multiple promissors
1. Schedule A - Payment Schedule: Detailed payment schedule showing dates and amounts of installments
2. Schedule B - Original Debt Documentation: Copy or summary of the original debt documentation
3. Schedule C - Collateral Description: Detailed description of any security or collateral (if applicable)
4. Appendix 1 - Calculation of Interest: Detailed breakdown of interest calculations and amortization schedule
5. Appendix 2 - Notice Requirements: Specific requirements and addresses for serving notices under the note
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Small Business
Debt Collection and Recovery
Relevant Teams
Legal
Finance
Credit and Collections
Treasury
Risk Management
Compliance
Accounts Receivable
Corporate Affairs
Business Operations
Debt Recovery
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Collections Manager
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Specialist
Credit Analyst
Financial Controller
Risk Manager
Treasury Manager
Compliance Officer
Business Development Manager
Account Manager
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