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A promise to pay letter is a legally binding agreement that indicates that a borrower will repay a sum of money lent to them by a private lender. It is important to know that altering the letter or including inaccurate information could null and void the contract.
Under the Negotiable Instruments Law 1, a negotiable promissory note is defined as an “unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed and determinable future time, a sum certain in money to order or to bearer.
May 23, 2024 · A promise-to-pay letter, often referred to as a promissory note, is a legally binding document in which one party (the payer) agrees to pay a specified sum of money to another party (the payee) within a set timeframe.
FOR VALUE RECEIVED, I promise to pay to the order of ANNA CURTIES, the sum of FIFTY THOUSAND PESOS (Php50,000.00) Philippine Currency, in TEN (10) equal monthly installments of FIVE THOUSAND PESOS (Php5,000.00) starting February 5, 2014 and every 5th day of the month thereafter until fully paid.
For value received, I hereby unconditionally promise to pay _____ the principal amount of _____ (₱_____) on or before _____. All payments shall be made at: I also promise to pay, at the aforesaid address, monthly interest of ________ Per Cent ( ________ %).
Writing a promise to pay letter is an essential skill when you find yourself unable to make a payment on time but want to assure your creditor of your commitment to settling the debt. Here’s a detailed guide, complete with tips from personal experience, real-life examples, and three unique proven templates.
— Where an instrument containing the words "I promise to pay" is signed by two or more persons, they are deemed to be jointly and severally liable thereon. An instrument which begins with "I", "We", or "Either of us" promise to pay, when signed by two or more persons, makes them solidarily liable.
