International Promissory Note and What to Know Inside It
Do you know about the international promissory note before? Well, something that you need to know, a promissory note is kind of financial instrument that tells about the written promise by someone or one party to pay another party with the specific date.
Seeing the simple definition as above, we may see that this note is a part of the loan activity. Inside the promissory note, there are some matters to write and to understand such as the principle amount, the interest rate, the maturity date, date and place of issuance and others.
In this occasion, we will talk about some details of the promissory note. By knowing the things inside international promissory note, of course you could make it easier. Something to underlined here is this promissory note could be used in international need.
Things to Know Inside International Promissory Note
To make a good international promissory note, there are some matters that you need to include there. The things will build good document in order to create clear detail about the promissory note. Well, some matters to write inside a good promissory note are:
- Parties’ identity
To make the promissory note, the first thing to do is identifying the parties. It is very important thing that you need to do. The parties, that are the lender and the borrower, should be mentioned well in order to make clear document.
Here, about parties’ identity, it is good for you to write about the name and the address. Then, it will be better when you write the contact number of them, so the business could be tracked well and easier.
- Amount to borrow
Since the promissory note tells about the loan, the second matter to include inside this document is the amount to borrow. It is quite essential and also important. By its importance, you need to writhe the amount to borrow in detail.
It is not enough to write the amount to borrow in number and text. Here, the kind of currency that is used also should be mentioned well. For example, the amount will be borrowed in IS dollars or others.
- Description of payment
Another important thing to write in making promissory note is the description of the payment. Here, you need to make sure that the detail of payment is known well. It is very essential in order to make clear payment.
Here, the description of the payment tells about the time of the payment in detail. Then, it also tells about the way to pay the loan.
- Detail of interest rate
In banking system today, it is common applying the interest rate inside promissory note. Here, when you want to write this note, write about the interest rate too. Please make sure the detail of the interest rate inside the loan based on the agreement.
- Description of late payment
It is good for you to write about the description of late payment in making the promissory note. Well, this point is quite important because with the description of the late payment, you could make clear statement to the borrower.
This point tells about the consequences when the borrower pays the amount late. Then, it will be better when you also write about the penalties as the consequence of the late of the payment.
Well, that is all about the international promissory note. It is good when you do some researches to find sample of it.
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