The Demand Note Payable is a versatile financial instrument used in various business and personal transactions under Austrian law. It serves as a formal acknowledgment of debt and a promise to pay, providing a clear legal framework for debt obligations. The document is particularly useful in situations requiring flexible repayment timing, as payment becomes due immediately upon the creditor's demand. Governed by Austrian legislation, including the ABGB and UGB, the Demand Note Payable must contain specific elements to be legally enforceable, such as an unconditional promise to pay, the principal amount, and the parties' details. It can be enhanced with additional security provisions, guarantees, or specific payment terms depending on the transaction's requirements.
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1. Header Information: Date, title of document ('Demand Note Payable' / 'Zahlungsversprechen auf Anforderung'), and location
2. Parties: Full legal names and addresses of the maker (debtor) and payee (creditor)
3. Promise to Pay: Clear and unconditional promise to pay, stating the principal amount in both numbers and words
4. Payment Terms: Specification that the amount is payable on demand, including the currency and method of payment
5. Interest Rate: Statement of any applicable interest rate and how it is calculated
6. Governing Law: Explicit statement that the note is governed by Austrian law
7. Signature Block: Space for date and signatures of the maker, including any required witness attestations
1. Security Interest: Include when the note is secured by collateral or other assets
2. Default Provisions: Include when specific consequences of default need to be outlined beyond standard legal remedies
3. Payment Schedule: Include when there are specific installment or partial payment arrangements agreed upon
4. Guarantor Details: Include when a third party is guaranteeing the payment obligation
5. Transfer Rights: Include when specific provisions regarding assignability or transferability are needed
6. Notarization Statement: Include when notarization is required or desired for enhanced enforceability
1. Schedule A - Payment Schedule: If applicable, detailed breakdown of installment payments or partial payment arrangements
2. Schedule B - Collateral Description: If applicable, detailed description of any security or collateral backing the note
3. Appendix 1 - Guarantee Agreement: If applicable, the terms and conditions of any guarantee provided
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