Promissory Note For Delayed Documents for United Arab Emirates

Promissory Note For Delayed Documents Template for United Arab Emirates

A Promissory Note For Delayed Documents is a formal financial instrument governed by UAE Commercial Transactions Law that serves as a legally binding promise to pay a specified sum of money while acknowledging pending documentation. This instrument is particularly relevant in trade finance scenarios where certain documents are still in process or transit. The document combines the characteristics of a standard promissory note with specific provisions addressing the delayed documentation, making it compliant with UAE federal laws and banking regulations. It provides security to the payee while allowing business transactions to proceed despite documentation delays.

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What is a Promissory Note For Delayed Documents?

The Promissory Note For Delayed Documents is a specialized financial instrument used in the United Arab Emirates when parties need to proceed with a transaction while certain critical documents are still pending or in transit. This document type is particularly valuable in international trade and commercial transactions where documentation delays are common but business continuity is essential. The instrument is governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and must meet specific legal requirements to be enforceable. It provides security to the payee while acknowledging the maker's commitment to pay upon either the receipt of documents or at a specified future date. The document typically includes details of the pending documentation, payment terms, and any conditions related to the document delivery, making it a crucial tool in trade finance and commercial operations within the UAE jurisdiction.

What sections should be included in a Promissory Note For Delayed Documents?

1. Title and Date: Clear identification as a Promissory Note with the date of execution

2. Place of Issuance: Specific location where the promissory note is issued (required under UAE law)

3. Promise to Pay Statement: Unconditional promise to pay a specific sum, including the amount in both numbers and words

4. Payment Details: Due date, currency, and method of payment

5. Maker Details: Full legal name and address of the person/entity making the promise to pay

6. Payee Details: Full legal name and address of the person/entity to whom payment is to be made

7. Document Reference: Description of the delayed documents for which this promissory note is issued

8. Signature Block: Space for maker's signature, with company stamp if applicable

What sections are optional to include in a Promissory Note For Delayed Documents?

1. Interest Clause: Optional clause specifying any applicable interest rate (if agreed between parties and compliant with UAE law)

2. Place of Payment: If payment is to be made at a specific location different from the payee's address

3. Document Delivery Terms: Specific conditions or timeline for the delivery of pending documents

4. Witness Details: Where additional verification is desired, space for witness names and signatures

5. Guarantor Details: Where a guarantee is required, details and signature of the guarantor

What schedules should be included in a Promissory Note For Delayed Documents?

1. Schedule A - Document List: Detailed list of pending documents with their descriptions and current status

2. Schedule B - Payment Schedule: If payment is to be made in installments, detailed breakdown of payment dates and amounts

3. Appendix 1 - Supporting Documents: Copies of relevant documentation evidencing the underlying transaction

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

Publisher

Genie AI

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant Industries

Banking and Financial Services

International Trade

Manufacturing

Logistics and Supply Chain

Import/Export

Wholesale and Distribution

Retail

Construction

Energy and Resources

Maritime and Shipping

Relevant Teams

Finance

Treasury

Legal

Trade Finance

Commercial Operations

Risk Management

Compliance

International Trading

Documentary Credits

Supply Chain

Relevant Roles

Trade Finance Manager

Financial Controller

Treasury Manager

Chief Financial Officer

Credit Manager

Finance Director

Documentary Credit Specialist

Commercial Operations Manager

Risk Manager

Legal Counsel

Company Secretary

Compliance Officer

Import/Export Manager

Supply Chain Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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