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A Short Promissory Note is a fundamental financial instrument commonly used in Hong Kong business and personal transactions where one party formally promises to pay a specific sum to another. It is particularly useful for documenting straightforward lending arrangements where the full complexity of a loan agreement isn't necessary. The document must comply with the Hong Kong Bills of Exchange Ordinance (Cap. 19) and typically includes the amount to be paid, payment terms, interest (if any), and the parties' details. A Short Promissory Note can be used in various contexts, from simple personal loans to commercial transactions, and can be either secured or unsecured. Its primary advantage lies in its simplicity and enforceability under Hong Kong law, while still providing essential legal protection for the parties involved.

1. Date: The date of execution of the promissory note, which is crucial for determining maturity and limitation periods

2. Promise to Pay: Clear and unconditional promise by the maker to pay a specified sum to the payee

3. Amount: The principal sum promised to be paid, stated both in numbers and words to avoid ambiguity

4. Interest Rate: The applicable interest rate, if any, and how it is calculated

5. Payment Terms: When and how the payment is to be made, including the due date or maturity date

6. Maker's Details: Full name and address of the person making the promise (the maker)

7. Payee's Details: Full name and address of the person to whom payment is to be made (the payee)

8. Execution: Signature block for the maker and any witnesses