A Full Recourse Promissory Note is commonly used in UAE business transactions as a debt instrument and security mechanism. This document is particularly valuable in commercial lending, trade finance, and business transactions where parties seek a formal acknowledgment of debt with strong enforcement rights. The 'full recourse' nature means the payee has comprehensive rights to recover the full amount from any or all of the maker's assets in case of default. Under UAE law, specifically the Commercial Transactions Law, the note must contain certain essential elements including an unconditional promise to pay, specified amount, payment date, and place of payment. The document serves as both evidence of debt and a negotiable instrument, making it a versatile tool in UAE commercial transactions. It offers stronger security than a simple IOU and can be used alongside other security documents in more complex financial arrangements.
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1. Date and Place of Execution: Specific date and location where the promissory note is executed, as required by UAE law
2. Unconditional Promise to Pay: Clear statement of the unconditional promise to pay a specific sum, including the words 'Promissory Note' in the document
3. Payment Details: Specific amount in words and numbers, currency, and date(s) of payment
4. Maker Information: Full legal name, address, and identification details of the person/entity making the promise
5. Payee Information: Full legal name and address of the person/entity to whom payment is to be made
6. Interest Rate: If applicable, clear statement of interest rate in compliance with UAE law
7. Place of Payment: Specific location where payment is to be made
8. Governing Law and Jurisdiction: Statement specifying UAE law as governing law and relevant courts' jurisdiction
9. Signature Block: Space for maker's signature, witness signatures if required, and any company stamps
1. Security Details: Include when the note is secured by specific assets or guarantees
2. Transfer Rights: Include when specific provisions regarding negotiability or transfer restrictions are needed
3. Default Provisions: Include when specific consequences of default need to be detailed beyond standard legal remedies
4. Cross-Default Provisions: Include when the note is part of a larger financing arrangement
5. Prepayment Terms: Include when early payment options are to be specified
6. Joint and Several Liability: Include when there are multiple makers of the note
1. Payment Schedule: If installment payments are involved, detailed breakdown of payment dates and amounts
2. Security Details Schedule: If applicable, detailed description of any assets or collateral securing the note
3. Guarantor Details: If applicable, list of guarantors and their detailed information
4. Calculation Schedule: If complex interest calculations are involved, detailed breakdown of calculation method
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Construction and Infrastructure
Manufacturing
Trading and Commerce
Professional Services
Healthcare
Education
Retail
Technology
Transportation and Logistics
Energy and Resources
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Commercial Operations
Corporate Secretariat
Banking Operations
Accounts Receivable
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Corporate Lawyer
Commercial Director
Risk Manager
Accounts Receivable Manager
Financial Controller
Company Secretary
Compliance Officer
Banking Relationship Manager
Contract Administrator
Business Development Manager
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