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A Promissory Note is a legally binding document that records a loan between two parties (it can be one or more businesses or private individuals). Promissory Notes create an unconditional promise to repay all debts and help protect the parties involved by providing a record of the transactions and their repayment terms. The person lending the money is known as the ‘creditor’ or ‘lender’ and the person receiving the money is known as the ‘debtor’ or ‘borrower’.
Use this Promissory Note when:
you want to create a legally enforceable contract for repayment of a sum of money (ie a debt) between yourself (ie the creditor) and the borrower
you know who owes the money (eg a private individual or a business)
the loan amount and the amount to be repaid are certain
the repayment period (ie the time the borrower has to repay the debt) has a fixed start and end date