Demand Promissory Note Template for Austria

A Demand Promissory Note 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 the payee with a strong legal position to demand payment at any time. The document is particularly useful in situations requiring a formal record of debt obligations, such as business loans, commercial transactions, or personal lending arrangements. The note must comply with Austrian legal requirements, including the Civil Code (ABGB) and specific regulations governing promissory notes. It typically includes essential details such as the sum payable, parties involved, date of issuance, and place of payment. The demand nature of the instrument means that, unlike term promissory notes, payment can be requested at any time without a fixed maturity date.

1. Place and Date of Issuance: Specifies where and when the promissory note is issued, which is essential for legal validity

2. Unconditional Promise to Pay: Clear statement of unconditional promise to pay a specific sum of money on demand

3. Sum Payable: The amount to be paid, stated both in numbers and words to avoid any ambiguity

4. Payee Details: Full name and address of the person or entity to whom or to whose order the payment is to be made

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

6. Place of Payment: Specification of where the payment is to be made

7. Signature Block: Space for the maker's signature and date