The borrows agree to return the amount within a specified duration. When the lender gives money to the borrower then surely, they make a full fledge agreement there. A specified time is decided as a deadline for returning the money back. It may be returned in the form of small payments of all at once, entirely dependent on the borrower’s convenience. After that deadline, the lender has to collect the debt from the borrower and for this, he should adopt the professional way which is the use of this notice. Either the debtor refused to repay the amount or may have gone bankrupt, so he is not paying the money back. Taking the support of Notice of Default in Promissory Note is of great concern as it could help the lender as an evidence in legal proceedings. The certain period of time mentioned in this notice is the last chance for the borrower to clear out the payment. This notice contains the details such as borrower’s name, lender’s name, a certain period in which payment should be made and date of the promissory note. Try Microsoft Edge A fast and secure browser that's designed for Windows 10 No thanks Get started. Office templates & themes. Weekly Meal Planner Excel. Here is a Promissory Note Word Template that can help you to make a note when you have to obtain loan or make promise for a financial transaction to a bank. The borrower is responsible for the consequences if he neglects this notice and does not respond positively. Get the most professionally designed Notice of Default in Promissory Notice template by simply clicking on the download button. Edit it and use it when required. A promissory note is a business document that is actually an unconditional written promise signed by a person to pay some amount on some future date. This business document is negotiable. Some terms and conditions regarding payment are followed by the person signing this document. Proper format like other business documents is used to draft a promissory note. It may be a simple white paper or a colored one according to business needs. Here we present a promissory note template to give you idea about drafting this simple document. We have prepared this promissory note template in MS Word 2007. All its contents are editable. You can download and use this promissory note template as your own by using this template in the same form or make changes according to your needs. Here is a preview of this promissory note template. It is hoped that these instructions will make it easier for you to use this template. Click on the download button to get this promissory note template.
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March 2018
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