Employee Promissory Note for United Arab Emirates

Employee Promissory Note Template for United Arab Emirates

A legally binding financial instrument used in the United Arab Emirates that documents an employee's promise to pay a specific amount of money to their employer. The document, governed by UAE Federal Laws including the Labor Law and Commercial Transactions Law, establishes the terms of repayment, including the payment schedule, default provisions, and any security arrangements. It serves as a formal acknowledgment of debt and typically relates to employment-based financial obligations such as training costs, salary advances, or company loans. The document must comply with UAE legal requirements for promissory notes while incorporating specific employment-related provisions.

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What is a Employee Promissory Note?

The Employee Promissory Note is a crucial document in UAE employment relationships where an employee incurs a financial obligation to their employer. Common scenarios include advanced training costs, salary advances, housing loans, or other employment-related financial commitments. The document combines elements of both employment and commercial law, structured according to UAE Federal Law requirements for promissory notes while incorporating specific employment-related provisions. It typically includes detailed payment terms, security arrangements, and default provisions, ensuring enforceability under UAE law. The Employee Promissory Note serves as a legally binding instrument that protects the employer's financial interests while providing clear terms for the employee's repayment obligations.

What sections should be included in a Employee Promissory Note?

1. Date and Place of Execution: Specifies when and where the promissory note is being executed, which is crucial for legal validity under UAE law

2. Parties: Identifies the employee (promisor) and the employer (promisee) with full legal names and details

3. Amount Promised: Clear statement of the monetary sum being promised, both in figures and words as required by UAE law

4. Promise to Pay: The unconditional promise to pay the specified amount

5. Payment Terms: Detailed schedule of payments, including dates, installment amounts, and payment method

6. Employment Context: Reference to the employment relationship and reason for the promissory note

7. Default Provisions: Consequences of failing to make payments as scheduled

8. Governing Law: Explicit statement that UAE law governs the promissory note

9. Signature Block: Space for employee signature, witnessed signature, and date

What sections are optional to include in a Employee Promissory Note?

1. Security Provisions: Additional security measures such as post-dated checks or guarantees, used when extra security is required

2. Early Payment Terms: Provisions for early repayment of the promised amount, included when early repayment might be anticipated

3. Interest Clause: If applicable and Sharia-compliant, terms for any permitted interest or charges

4. Currency Conversion: Required when the promise involves multiple currencies or overseas payments

5. Termination Impact: Provisions regarding the impact of employment termination on the payment schedule

What schedules should be included in a Employee Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Copy of Emirates ID: Attached copy of the employee's Emirates ID for verification

3. Employment Contract Reference: Copy or reference details of the related employment contract

4. Post-dated Checks: If applicable, list and details of any post-dated checks provided as security

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

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Promissory Note To Follow Documents

A UAE-governed financial instrument representing a promise to pay upon presentation of specified commercial documents, commonly used in trade finance transactions.

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What is a Employee Promissory Note?

What sections should be included in a Employee Promissory Note?

What sections are optional to include in a Employee Promissory Note?

What schedules should be included in a Employee Promissory Note?

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Alex Denne

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