Private Promissory Note

Private Promissory Note for Saudi Arabia

Private Promissory Note Template for Saudi Arabia

A Private Promissory Note under Saudi Arabian law is a formal written instrument containing an unconditional promise to pay a specified sum of money to a designated party. The document must comply with both Islamic Sharia principles and the Saudi Commercial Papers Regulation, ensuring it avoids any form of prohibited interest (riba) while maintaining its enforceability. It serves as a legally binding commitment that can be used for various commercial and personal transactions, providing a clear record of debt obligations and payment terms while being enforceable through Saudi Arabia's commercial courts.

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What is a Private Promissory Note?

The Private Promissory Note is a crucial financial instrument in Saudi Arabian business and personal transactions, combining traditional Islamic financial principles with modern commercial practices. This document type is commonly used when one party wishes to provide a formal, legally binding promise to pay another party a specific sum of money at a future date. The Private Promissory Note must strictly comply with Saudi Arabia's Commercial Papers Regulation and Sharia law, making it particularly suitable for documenting loans, installment payments, or commercial debts without incorporating interest elements that would contravene Islamic principles. It serves as strong evidence of debt in Saudi courts and can be used as a security instrument in various commercial transactions.

What sections should be included in a Private Promissory Note?

1. Date and Place of Issuance: Explicit statement of the date and location where the promissory note is issued, which is crucial for enforcement and validity

2. Unconditional Promise to Pay: Clear statement of unconditional promise to pay a specific sum, which is the core requirement of a promissory note

3. Payment Amount: The exact amount to be paid, written in both numbers and words to avoid any ambiguity

4. Payment Due Date: Specific date or timeline when the payment is due, whether single payment or installments

5. Beneficiary Details: Full legal name and details of the person or entity to whom the payment is to be made

6. Issuer Details: Full legal name and details of the person or entity issuing the promissory note

7. Signature Block: Space for the issuer's signature, which must include official stamp if the issuer is a company

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

1. Installment Schedule: Include when the payment is to be made in multiple installments, specifying dates and amounts

2. Security Provisions: Optional section detailing any collateral or security provided against the promissory note

3. Guarantor Details: Include when there is a third-party guarantor for the promissory note

4. Default Provisions: Additional terms specifying consequences of default, if agreed between parties

5. Jurisdiction Clause: Specific jurisdiction selection within Saudi Arabia for dispute resolution, if desired

What schedules should be included in a Private Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts if involving multiple installments

2. Security Details: Details of any collateral or security provided, including description and value

3. Supporting Documents: List of any additional documents referenced in the promissory note, such as underlying agreements or security documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Promissory Note For Lacking Document

A Saudi Arabian legal instrument acknowledging debt obligations where original documentation is missing, combining conventional financial practice with Sharia compliance requirements.

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Download a Standard Private Promissory Note

Review your own Private Promissory Note

What is a Private Promissory Note?

What sections should be included in a Private Promissory Note?

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

What schedules should be included in a Private Promissory Note?

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