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The Payable On Demand Promissory Note is a crucial financial instrument commonly used in Hong Kong's business and financial landscape. It serves as a flexible tool for documenting debt obligations where immediate payment can be demanded by the payee. This document type is governed by Hong Kong's Bills of Exchange Ordinance (Cap. 19) and is frequently used in various contexts, including business loans, commercial transactions, and personal lending arrangements. The note's on-demand nature distinguishes it from term promissory notes, making it particularly suitable for situations where the lender requires maximum flexibility in timing of repayment. The document typically includes the principal amount, parties' details, and may incorporate additional elements such as interest provisions, security arrangements, or guarantees, depending on the specific transaction requirements.

1. Promise to Pay Statement: Clear and unconditional promise to pay a specific sum of money

2. Parties Identification: Full legal names and addresses of the maker (promisor) and payee

3. Principal Amount: The specific sum promised to be paid, stated in both numbers and words

4. Payment Terms: Statement that the note is payable on demand

5. Date of Execution: Date when the promissory note is signed and executed

6. Signature Block: Space for maker's signature, witness signature if required