A Promissory Note For Partial Payment is utilized when a debtor and creditor agree to settle an existing debt through structured installments rather than a single payment. This document, governed by Malaysian law, particularly the Bills of Exchange Act 1949 and Contracts Act 1950, serves as legal evidence of the debt and the agreed payment arrangement. It typically arises in situations where the full immediate payment is not feasible, and parties agree to a systematic repayment plan. The document includes essential elements such as the original debt amount, payment schedule, interest rates, and consequences of default, providing security for the creditor while offering the debtor a manageable repayment solution.
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1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for determining applicable limitation periods and jurisdiction
2. Parties' Information: Full legal names and addresses of the maker (promisor) and the payee (promisee)
3. Promise to Pay: Unconditional promise to pay a specific sum, including the total amount owed and acknowledgment of the original debt
4. Payment Terms: Details of the partial payment arrangement, including payment amounts, frequency, and due dates
5. Interest Rate: Specification of any applicable interest rate and how it is calculated
6. Place of Payment: Designated location or method where payments should be made
7. Default Provisions: Consequences of failing to make payments as scheduled
8. Signature: Maker's signature and date of signing
1. Security Provisions: Used when the note is secured by collateral or other assets
2. Acceleration Clause: Include when immediate payment of the full amount may be required upon specific triggering events
3. Prepayment Terms: Add when early payment options are allowed, including any penalties or benefits
4. Guarantor Details: Include when a third party is guaranteeing the payment
5. Assignment Rights: Use when transfer or assignment of the note needs to be addressed
6. Governing Law and Jurisdiction: While Malaysian law applies, specific jurisdiction within Malaysia may need to be specified
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Collateral Description: If secured, detailed description of assets serving as security
3. Original Debt Documentation: Reference to or copies of documents evidencing the original debt
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