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Promissory Note For Lacking Document Template for Saudi Arabia

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Key Requirements PROMPT example:

Promissory Note For Lacking Documents

"I need a Promissory Note For Lacking Documents for a 500,000 SAR business loan where the original loan agreement was destroyed in a warehouse fire, with the note to be issued by our manufacturing company to First Saudi Bank, with payment due by March 15, 2025."

What is a Promissory Note For Lacking Document?

The Promissory Note For Lacking Documents is a specialized financial instrument used in Saudi Arabia when parties need to formally document a debt obligation but original documentation is unavailable or incomplete. This document type is particularly relevant in situations where traditional debt documentation has been lost, damaged, or was never properly executed, but both parties acknowledge the existence of the obligation. The note must comply with Saudi Arabian law, including the Commercial Paper Regulation and Sharia principles, making it a valid and enforceable instrument in Saudi courts. It typically includes detailed information about the missing documentation, the underlying obligation, payment terms, and both parties' acknowledgment of the debt. This document type serves as a crucial tool for businesses and financial institutions in Saudi Arabia to maintain legal claims and ensure debt obligations remain enforceable despite documentation challenges.

What sections should be included in a Promissory Note For Lacking Document?

1. Date and Place of Issuance: Specific date and location where the promissory note is issued, which is crucial for enforcement and jurisdiction purposes

2. Promisor Details: Full legal name, address, and identification details of the person/entity making the promise to pay

3. Promisee Details: Full legal name, address, and identification details of the person/entity to whom the payment is promised

4. Amount Declaration: Clear statement of the promised amount in both numbers and words, specified in the relevant currency

5. Payment Terms: Specific date or conditions when the payment is due, including whether it's on demand or at a fixed future date

6. Missing Documents Declaration: Clear statement identifying the missing original documents and acknowledging the debt despite their absence

7. Unconditional Promise: Unequivocal promise to pay the stated amount, without any conditions attached

8. Governing Law Statement: Explicit statement that the note is governed by Saudi Arabian law and Sharia principles

What sections are optional to include in a Promissory Note For Lacking Document?

1. Witness Section: Section for witness details and signatures, recommended when the amount is significant or when additional verification may be needed

2. Security Details: If any security or collateral is being provided against the promise, include details of such security

3. Original Document Reference: Details of the missing original documents including reference numbers and dates, if known

4. Payment Instructions: Specific bank account or payment method details, if the payment method needs to be specified

5. Default Consequences: Optional section detailing the consequences of default, if needed to be explicitly stated

What schedules should be included in a Promissory Note For Lacking Document?

1. Schedule A - Missing Documents List: Detailed list of all missing documents with any known reference numbers or dates

2. Schedule B - Payment Schedule: If payment is to be made in installments, detailed schedule of payment dates and amounts

3. Appendix 1 - Supporting Documents: Copies of any available supporting documents that help establish the underlying obligation

4. Appendix 2 - Security Documents: If security is provided, copies or details of 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 | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses




















Relevant Industries

Banking and Financial Services

Commercial Trading

Manufacturing

Real Estate

Construction

Import/Export

Retail

Professional Services

Healthcare

Education

Telecommunications

Transportation and Logistics

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Credit Control

Operations

Corporate Banking

Documentation

Collections

Accounts Receivable

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Compliance Officer

Credit Manager

Risk Manager

Treasury Manager

Accounts Receivable Manager

Corporate Banking Officer

Financial Controller

Business Development Manager

Operations Manager

Company Secretary

Documentation Officer

Collections Manager

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

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