A Joint and Several Promissory Note is commonly used in England and Wales when multiple parties need to collectively guarantee a debt or financial obligation. This document is particularly valuable in situations involving business partners, family members, or multiple borrowers who share responsibility for a loan. The 'joint and several' nature means each party is both collectively and individually responsible for the full amount, providing the payee with maximum security. The document must comply with the Bills of Exchange Act 1882 and includes crucial details such as the principal amount, payment schedule, interest rates, and default provisions.
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1. Date: Date of execution of the promissory note
2. Parties: Details of makers (promisors) and payee
3. Amount: Principal sum promised to be paid
4. Payment Terms: When and how payment must be made
5. Joint and Several Liability Statement: Express statement of joint and several liability of makers
6. Governing Law: Specification of English and Welsh law as governing law
1. Interest Provisions: Terms for interest calculation and payment, if applicable
2. Security: Details of any collateral or security, if note is secured
3. Default Provisions: Consequences of default, include when note needs additional protection
4. Prepayment Terms: Rights and conditions for early payment, if allowed
1. Payment Schedule: If installment payments are involved, detailed payment dates and amounts
2. Security Details: If secured, detailed description of security/collateral
3. Maker Information: If multiple makers, detailed information about each maker
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