A Non-Negotiable Promissory Note is commonly used in Switzerland when parties need to formally document a debt obligation while ensuring it remains between the original parties involved. This document type is particularly useful in private lending arrangements, corporate financing, or other situations where the parties wish to prevent the debt from being transferred or negotiated to third parties. The note must comply with Swiss law, particularly the Swiss Code of Obligations, and typically includes the principal amount, payment terms, interest rates (if any), and clear identification of the maker and payee. The non-negotiable nature of the instrument provides additional security to both parties by ensuring the debt obligation remains within their direct control.
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1. Date and Place: The date and location where the promissory note is executed
2. Parties: Clear identification of the maker (promisor) and the payee (promisee) including full legal names, addresses, and any registration numbers for entities
3. Promise to Pay: Unconditional promise to pay a specific sum of money, clearly stating the principal amount in both numbers and words
4. Payment Terms: Specific details about when and how the payment will be made, including due date or payment schedule
5. Interest Rate: If applicable, the agreed interest rate and calculation method
6. Place of Payment: Specification of where the payment should be made
7. Governing Law: Statement that the note is governed by Swiss law
8. Signatures: Space for signatures of the maker and any witnesses if required
1. Security Provisions: Include when the note is secured by collateral or other assets
2. Default Provisions: Specific consequences and procedures in case of default, include when additional protection is desired
3. Prepayment Terms: Include when early payment options are to be allowed or restricted
4. Transfer Restrictions: Specific language emphasizing non-negotiability and any transfer restrictions, include when additional clarity is needed
5. Joint and Several Liability: Include when there are multiple makers of the note
6. Notice Provisions: Include when specific procedures for giving notices between parties are required
1. Payment Schedule: Detailed schedule of installment payments if not a single payment obligation
2. Collateral Description: Detailed description of any assets securing the note
3. Calculation Methods: Detailed explanation of interest calculations or other financial computations if complex formulas are involved
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A Swiss law-governed document containing a legally binding promise to pay a specified sum of money, structured according to Swiss Code of Obligations requirements.
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