The Old Promissory Note is a traditional financial instrument widely used in South African business and personal transactions, providing a formal record of debt obligations. This document type is particularly relevant when parties need to document a promise to pay a specific sum of money, whether in business transactions, personal loans, or installment purchases. The Old Promissory Note format follows established conventions under South African law, particularly the Bills of Exchange Act 34 of 1964, and includes essential elements such as the amount promised, payment terms, and parties' details. It serves as both a proof of debt and a negotiable instrument, making it valuable for financial transactions where formal documentation of payment obligations is required. The document's enforceability and negotiability make it a crucial tool in South African commercial and private financial arrangements.
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1. Date: The date of execution of the promissory note
2. Place of Issue: The location where the promissory note is issued
3. Unconditional Promise: Clear statement of unconditional promise to pay a specific sum
4. Principal Amount: The amount promised to be paid, in numbers and words
5. Payee Details: Full name and details of the person to whom or to whose order the payment is to be made
6. Payment Terms: When the payment is due (on demand or at a fixed/determinable future time)
7. Maker Details: Full name and details of the person making the promise
8. Maker's Signature: Space for signature of the maker of the note
1. Interest Rate: Include when the note bears interest, specifying rate and calculation method
2. Place of Payment: Include when payment is to be made at a specific location
3. Installment Terms: Include when payment is to be made in installments rather than a single sum
4. Security Provisions: Include when the note is secured by collateral or other assets
5. Acceleration Clause: Include when early payment can be demanded upon specific events
6. Transfer Restrictions: Include when there are limitations on the transferability of the note
7. Witness Details: Include when witnesses are required for additional verification
1. Payment Schedule: If applicable, detailed schedule of installment payments including dates and amounts
2. Security Description: If applicable, detailed description of any security or collateral backing the note
3. Guarantor Information: If applicable, details of any guarantors and terms of guarantee
4. Related Agreements: If applicable, list and details of any related agreements referenced in the note
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Trade
Manufacturing
Agriculture
Mining
Construction
Professional Services
Retail
Import/Export
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Commercial Operations
Corporate Secretariat
Business Development
Collections
Relevant Roles
Financial Manager
Credit Manager
Legal Counsel
Chief Financial Officer
Accounts Receivable Manager
Treasury Manager
Risk Manager
Collections Officer
Commercial Director
Business Development Manager
Contract Administrator
Company Secretary
Finance Director
Credit Controller
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