Simple Note Payable Agreement Template for Austria

The Simple Note Payable Agreement is a fundamental financial instrument used in Austrian business and personal transactions to document debt obligations. This document is particularly useful when parties need to formalize a loan or debt arrangement with clear, enforceable terms under Austrian law. It contains essential elements such as the principal amount, interest rate, payment terms, and maturity date, while complying with Austrian Civil Code (ABGB) requirements. The agreement is commonly used in both commercial and private contexts, from business loans to personal lending arrangements, and can be either secured or unsecured. Its straightforward nature makes it ideal for documenting straightforward debt obligations while ensuring legal compliance and enforceability within the Austrian jurisdiction.

1. Parties: Identification of the Payee (creditor) and Maker (debtor) with full legal names and addresses

2. Background: Brief context of the debt obligation and purpose of the note

3. Definitions: Key terms used in the agreement including 'Principal Sum', 'Interest Rate', 'Maturity Date', and 'Payment Date'

4. Promise to Pay: Clear statement of the debt obligation, including the principal amount and currency

5. Payment Terms: Details of payment schedule, interest calculation, and payment method

6. Prepayment: Terms and conditions for early payment of the note

7. Events of Default: Circumstances that constitute default and consequences thereof

8. Notices: How and where formal communications between parties should be made

9. Governing Law: Specification of Austrian law as governing law and jurisdiction

10. Signatures: Execution block with date and signatures of both parties