The Unsecured Demand Promissory Note is a fundamental debt instrument widely used in Indian financial and commercial transactions. It serves as documentary evidence of a debt obligation where the maker promises to pay a specified sum to the payee on demand, without requiring any security or collateral. This document is particularly useful in business financing, personal loans, and commercial transactions where parties prefer a simple yet legally enforceable debt instrument. Governed by the Negotiable Instruments Act, 1881, and the Indian Contract Act, 1872, it provides lenders with a clear right of action while offering flexibility in terms of demand and payment. The note's unsecured nature makes it particularly suitable for transactions based on trust or where the maker's creditworthiness is well-established.
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1. Place and Date: Specific location and date of execution of the promissory note - crucial for enforcement and limitation period calculations
2. Unconditional Promise to Pay: Clear statement of the unconditional promise to pay a specific sum of money on demand
3. Amount in Figures and Words: The principal amount stated both in numerical figures and words to avoid any ambiguity
4. Interest Rate Declaration: Statement of the applicable interest rate and calculation method
5. Maker's Details: Full name and address of the person/entity making the promise to pay
6. Payee's Details: Full name and address of the person/entity to whom or to whose order the payment is to be made
7. Execution Block: Space for signature, name, and designation of the maker, along with revenue stamp if required by local law
1. Joint Borrower Details: Include when there are multiple makers of the promissory note, specifying joint and several liability
2. Specific Payment Terms: Include when there are specific arrangements about the method or place of payment
3. Waiver of Presentment: Include when the parties agree to waive formal presentment requirements
4. Governing Law and Jurisdiction: Include when the note might be used across different states in India or when specific jurisdiction needs to be established
5. Witness Details: Include when witnesses are required based on local requirements or party preference
1. Payment Schedule: Optional schedule detailing installment amounts and dates if not a pure demand note
2. Authorized Signatory List: When the maker is a company, list of authorized signatories with their specimen signatures
3. Notice Details: When specific notice requirements are included, detailed contact information for notices
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