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The Promissory Note For Delayed Payment is a fundamental financial instrument in Saudi Arabian commercial practice, used when parties need to formally document a debt obligation with a future payment date. This document type is particularly relevant in situations involving commercial transactions, loan agreements, or installment sales where immediate payment is not required or possible. The note must strictly comply with Saudi Arabia's Commercial Papers Regulation and Sharia law principles, which prohibit conventional interest but allow certain forms of profit margin and late payment charges. The document serves as evidence of debt and can be used for enforcement through Saudi courts, making it an essential tool for businesses and financial institutions operating in the Kingdom. It typically includes specific details about the payment obligation, parties involved, payment schedule, and any applicable security arrangements.

1. Date and Place of Issuance: Essential elements stating when and where the promissory note was issued

2. Identification of Parties: Full legal names, addresses, and identification numbers of the maker (debtor) and payee (creditor)

3. Promise to Pay: Unconditional promise to pay a specified amount, expressed both in numbers and words

4. Payment Terms: Specific date or dates when payment is due

5. Place of Payment: Specified location where payment must be made

6. Governing Law Declaration: Statement that the note is governed by Saudi Arabian law and Sharia principles

7. Signature Block: Space for maker's signature, with full name and official stamp if applicable