The Vehicle Promissory Note is a specialized financial instrument commonly used in UAE vehicle transactions to secure payment obligations. This document type combines elements of a standard promissory note with specific vehicle-related provisions, making it particularly suitable for car dealerships, financial institutions, and private sellers requiring payment security. When using a Vehicle Promissory Note, parties must ensure compliance with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Traffic Laws. The document typically includes comprehensive vehicle details, payment schedules, and enforcement mechanisms. It serves as both a payment guarantee and a security instrument, offering protection to sellers while providing clear payment terms for buyers. This document is especially relevant in the UAE's dynamic automotive market, where various financing arrangements and secured vehicle transactions are common.

1. Date and Place of Execution: Specific date and location where the promissory note is executed (required under UAE law)

2. Promissory Declaration: Unconditional promise to pay with the term 'Promissory Note' clearly stated in Arabic and English

3. Parties' Details: Complete information of the promisor (debtor) and promisee (creditor) including full legal names, Emirates ID numbers, and addresses

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, chassis number, and registration details

5. Payment Amount: The principal amount in both numbers and words, currency clearly specified

6. Payment Terms: Due date(s) for payment, whether single payment or installments, payment method

7. Late Payment Terms: Consequences of default and applicable late payment charges as per UAE law

8. Place of Payment: Specific location where payment must be made

9. Governing Law: Statement confirming UAE law governance and jurisdiction