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Promise To Pay Contract Template for United States

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Key Requirements PROMPT example:

Promise To Pay Contract

"I need a Promise to Pay Contract for a $50,000 business loan to be repaid over 36 months starting March 2025, with monthly payments and a 5% interest rate, secured by business equipment."

What is a Promise To Pay Contract?

A Promise to Pay Contract is commonly used when one party (the lender) extends credit or loans money to another party (the borrower). This type of contract is essential in both personal and business contexts, providing legal protection for the lender while clearly defining the borrower's obligations. The document typically includes the principal amount, interest rate, payment schedule, default provisions, and any collateral arrangements. Under U.S. law, Promise to Pay Contracts must comply with state-specific requirements and federal regulations, including usury laws and the Uniform Commercial Code. These contracts can be either secured (backed by collateral) or unsecured, and may include additional provisions such as acceleration clauses or prepayment penalties.

What sections should be included in a Promise To Pay Contract?

1. Parties: Identification and details of the lender and borrower, including full legal names and addresses

2. Principal Amount: Clear statement of the amount being borrowed, expressed in both numbers and words

3. Payment Terms: Detailed description of payment schedule, method, and frequency of payments, including the location or method of payment

4. Interest Rate: Specified interest rate, calculation method, and compounding frequency

5. Due Date: Final payment date or maturity date of the promise to pay

6. Governing Law: Specification of the state law that governs the agreement

What sections are optional to include in a Promise To Pay Contract?

1. Collateral: Description of assets securing the promise to pay, including identification and valuation details

2. Late Payment Penalties: Terms and conditions for late payment fees and additional charges

3. Prepayment Terms: Conditions and any penalties for early repayment of the debt

4. Default Provisions: Specific circumstances constituting default and consequences thereof

5. Attorney Fees: Provisions for recovery of legal costs and enforcement expenses

6. Assignment Rights: Terms regarding the right to assign or transfer the promise to pay

What schedules should be included in a Promise To Pay Contract?

1. Payment Schedule: Detailed timeline of payment amounts and due dates throughout the term of the promise to pay

2. Amortization Schedule: Detailed breakdown of how each payment is applied to principal and interest over the term of the promise to pay

3. Collateral Schedule: Detailed inventory and description of any assets securing the promise to pay, including relevant documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶ÒõÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Clauses
















Industries

Uniform Commercial Code: Primary focus on Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions) which govern the creation, enforcement and transfer of negotiable instruments and secured transactions respectively

State Contract Laws: State-specific requirements including Statute of Frauds, contractual requirements, and usury laws governing maximum allowable interest rates

Truth in Lending Act: Federal regulation requiring disclosure of key terms and costs in consumer credit transactions, including APR and finance charges

Fair Debt Collection Practices Act: Federal law governing debt collection practices and protecting debtors from abusive collection methods

Consumer Credit Protection Act: Federal law providing a comprehensive framework for consumer credit rights and protections

State Statute of Limitations: State-specific time limits for enforcing promissory notes and debt collection actions

Federal Bankruptcy Code: Federal laws affecting the enforceability of promissory notes in bankruptcy proceedings

Legal Elements - Competency: Requirement that all parties must have legal capacity to enter into a contract

Legal Elements - Consideration: The contract must be supported by valid consideration (something of value exchanged)

Legal Elements - Payment Terms: Clear and unambiguous payment terms including amount, schedule, and method of payment

Legal Elements - Interest Rates: Interest rates must comply with state usury laws and federal regulations

Legal Elements - Default Provisions: Clear terms defining what constitutes default and consequences thereof

Legal Elements - Acceleration Clause: Provisions allowing the creditor to demand full payment upon specified default conditions

Legal Elements - Collection Costs: Terms regarding the responsibility for collection costs and attorney fees in case of default

Legal Elements - Signatures: Requirements for proper execution including necessary signatures and possibly notarization

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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