A Demand Note Payable is a versatile financial instrument commonly used in Australian business and private lending arrangements to document debt obligations that are payable upon the creditor's demand. This type of document is particularly useful in situations where parties want to formalize a debt arrangement with flexibility in the timing of repayment. The instrument must comply with Australian federal legislation, particularly the Bills of Exchange Act 1909, and relevant state laws. It typically includes the identities of the maker (debtor) and payee (creditor), the principal amount, any applicable interest terms, and may also include security arrangements or guarantees. Demand Notes Payable are frequently used in business loans, intercompany financing, private lending arrangements, and various commercial transactions where immediate enforceability of the debt obligation is desired.
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1. Date: The date of execution of the demand note
2. Parties: Clear identification of the maker (debtor) and the payee (creditor), including full legal names and addresses
3. Promise to Pay: Unconditional promise to pay the principal amount, clearly stating that payment is due on demand
4. Principal Amount: The exact sum to be paid, expressed in both numbers and words to avoid ambiguity
5. Interest: Interest rate (if applicable) and how it is calculated
6. Payment Terms: Specification that payment is due upon demand and the acceptable methods of payment
7. Maker's Signature: Space for the maker's signature and date of signing
8. Witness Details: Space for witness signature and details
1. Security: Details of any security or collateral provided for the note - include when the note is secured
2. Default Provisions: Consequences of default and enforcement rights - include when additional default provisions are required beyond standard demand rights
3. Joint and Several Liability: Required when there are multiple makers of the note
4. Prepayment Terms: Terms allowing early payment - include when early payment options are to be specifically addressed
5. Assignment: Rights to assign or transfer the note - include when transferability needs to be specifically addressed
6. Governing Law: Specific jurisdiction governing the note - include when parties are in different jurisdictions or specific jurisdiction needs to be established
1. Payment Schedule: If there are any predetermined partial payments or payment arrangements before demand
2. Security Details: Detailed description of any security or collateral provided
3. Guarantor Details: If the note is guaranteed, details of guarantors and guarantee terms
4. Prior Demand Notes: Details of any demand notes this instrument is replacing or consolidating
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Professional Services
Retail
Agriculture
Mining
Technology
Healthcare
Education
Small Business
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Corporate Secretariat
Accounts Receivable
Commercial Operations
Executive Leadership
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Legal Counsel
Company Secretary
Risk Manager
Accounts Receivable Manager
Corporate Lawyer
Commercial Director
Business Development Manager
Managing Director
CEO
Finance Manager
Loan Officer
Collections Manager
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