A Recourse Promissory Note is widely used in Indian business and financial transactions when one party needs to formalize a promise to pay another party a specific sum of money. This document type is governed by the Negotiable Instruments Act, 1881, and other relevant Indian legislation. It differs from a non-recourse promissory note as it allows the holder to pursue the maker or previous endorsers for payment if the note cannot be collected from the primary obligor. The document is commonly used in lending transactions, business financing, and commercial deals, providing a legally enforceable instrument that can be transferred to other parties. It must include specific elements to be valid under Indian law, such as an unconditional promise to pay, a definite sum, identified parties, and proper execution including appropriate stamp duty payment.
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1. Promise to Pay: Unconditional promise to pay a certain sum of money, including the principal amount in both figures and words
2. Interest Rate: Clear specification of the interest rate, whether fixed or floating, and the calculation method
3. Payment Terms: Details of payment schedule, including due date(s) and payment method
4. Maker's Details: Full name, address, and contact information of the person making the promise
5. Payee's Details: Full name, address, and contact information of the person to whom or to whose order the payment is to be made
6. Place of Payment: Specific location where the payment is to be made
7. Date and Place of Execution: Date when and place where the promissory note is executed
1. Security Details: Used when the promissory note is secured by any assets or collateral
2. Guarantor Details: Include when there is a third-party guarantor providing additional security for the payment
3. Default and Acceleration: Specific conditions that constitute default and consequences including acceleration of payment
4. Prepayment Terms: Include when early payment options are available, including any prepayment penalties
5. Assignment Clause: Used when the note needs to be transferable to other parties
6. Notice Requirements: Include when specific notice procedures need to be followed for communication between parties
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if not a single payment
2. Collateral Details: Detailed description of any assets or collateral securing the promissory note
3. Interest Calculation Method: Detailed explanation of how interest is calculated, especially if complex or variable rates are involved
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Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Trading
Small and Medium Enterprises (SME)
Retail
Construction
Import/Export
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Corporate Secretarial
Collections
Accounts
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Credit Manager
Treasury Manager
Accounts Manager
Risk Manager
Company Secretary
Financial Controller
Loan Officer
Collections Manager
Business Development Manager
Contract Administrator
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