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Time Promissory Note for Philippines

Time Promissory Note Template for Philippines

A Time Promissory Note is a formal financial instrument used in the Philippines that contains an unconditional written promise to pay a specific sum of money at a predetermined future date. The document is governed by the Philippine Negotiable Instruments Law (Act No. 2031) and must include essential elements such as an unconditional promise to pay, a definite sum of money, a specified maturity date, and proper identification of the parties involved. It serves as a legally binding document that can be used in various commercial and personal transactions, providing a clear record of debt obligations and payment terms.

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Time Promissory Note

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What is a Time Promissory Note?

A Time Promissory Note is commonly used in Philippine business and personal transactions when there is a need to formalize a promise to pay a specific amount at a future date. This document, governed by the Negotiable Instruments Law (Act No. 2031) and related Philippine legislation, provides a legally enforceable mechanism for credit arrangements. It includes critical information such as the principal amount, interest rate, payment schedule, and complete details of both the maker and payee. The Time Promissory Note can be used in various contexts, from business loans to personal lending arrangements, and may be secured or unsecured depending on the agreement between parties. Its formal nature and legal standing make it a preferred instrument for documenting debt obligations in the Philippine jurisdiction.

What sections should be included in a Time Promissory Note?

1. Promissory Note Details: Title, date, and place of execution of the promissory note

2. Parties: Identification of the Maker (promissor) and Payee (promissee) with complete names and addresses

3. Promise to Pay: Unconditional promise to pay with specific principal amount written in both words and figures

4. Payment Terms: Maturity date, interest rate, and payment schedule including installment amounts if applicable

5. Place of Payment: Specific location or method where payment should be made

6. Default Provisions: Consequences of default, including acceleration clause and default interest rate

7. Governing Law: Specification that the note is governed by Philippine law

8. Signature Block: Space for signatures of the maker and witnesses

What sections are optional to include in a Time Promissory Note?

1. Collateral: Details of any security or collateral provided for the note - include when the note is secured

2. Guarantor Provisions: Terms relating to guarantors - include when there are third-party guarantors

3. Prepayment Terms: Conditions for early payment - include when prepayment is allowed

4. Assignment Clause: Terms for transferring or assigning the note - include when the note is intended to be negotiable

5. Attorney's Fees: Provisions for legal costs in case of enforcement - include when agreed between parties

6. Waiver Provisions: Specific rights being waived by the maker - include when additional waivers are needed

What schedules should be included in a Time Promissory Note?

1. Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved

2. Collateral Schedule: Detailed description of any collateral securing the note, including valuations if applicable

3. Interest Calculation Schedule: Breakdown of interest calculations and amortization table if complex payment structure

4. Guarantor Details: Complete information about guarantors including their obligations and contact details

Authors

Alex Denne

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

Jurisdiction

Philippines

Publisher

抖阴视频

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions





















Clauses




















Relevant Industries

Banking

Financial Services

Real Estate

Construction

Manufacturing

Retail

Small and Medium Enterprises

Agriculture

Technology

General Commerce

Relevant Teams

Finance

Legal

Compliance

Treasury

Credit and Collections

Risk Management

Corporate Secretariat

Accounting

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Manager

Accountant

Credit Manager

Treasury Manager

Financial Controller

Legal Counsel

Compliance Officer

Credit Analyst

Collections Manager

Business Development Manager

Risk Manager

Corporate Secretary

Banking Officer

Loan Officer

Industries





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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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