A Payable On Demand Promissory Note is commonly used in Australian business and personal transactions where one party wishes to formally document a debt obligation that can be called upon at any time. This instrument, governed by the Bills of Exchange Act 1909 (Cth) and state-specific legislation, serves as evidence of debt and a promise to pay. It's particularly useful in situations requiring immediate payment capability, such as business loans, personal lending, or commercial transactions. The document must contain specific elements to be legally valid, including the unconditional promise to pay, the specified sum, the parties' details, and proper execution requirements. As a negotiable instrument, it can typically be transferred to third parties, making it a flexible tool in commercial relationships.
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1. Date: The date of execution of the promissory note
2. Parties: Clear identification of the maker (promisor) and the payee (promisee) including full legal names and addresses
3. Promise to Pay: The unconditional promise to pay, specifying the exact amount in both numbers and words
4. Payment Terms: Specification that the note is payable on demand, and the method of payment
5. Interest: Whether interest is payable, and if so, the rate and calculation method
6. Place of Payment: The location where payment must be made
7. Governing Law: Specification that the note is governed by Australian law
8. Signature Block: Space for maker's signature, witness details, and date of signing
1. Security: Details of any security or collateral provided to guarantee the note - include when the note is secured
2. Default Provisions: Consequences of default and enforcement rights - include when additional default terms are required beyond standard legal remedies
3. Transfer Rights: Specific provisions regarding negotiability and transfer - include when there are special restrictions or conditions on transfer
4. Joint and Several Liability: Provisions for multiple makers - include when there is more than one maker of the note
5. Prepayment Terms: Rights and conditions for early payment - include when prepayment is specifically allowed or restricted
6. Acceleration Clause: Conditions under which the entire amount becomes immediately due - include when specific trigger events are desired
1. Payment Schedule: If applicable, a schedule showing the payment structure or installment details - though less common for on-demand notes
2. Security Details: If applicable, detailed description of any security or collateral provided
3. Guarantor Details: If applicable, details of any guarantors and their obligations
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Professional Services
Agriculture
Mining
Technology
Healthcare
Education
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Risk Management
Corporate Governance
Executive Leadership
Commercial Operations
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Treasurer
Financial Controller
Credit Manager
Accounts Receivable Manager
Legal Counsel
Commercial Lawyer
Business Development Manager
Risk Manager
Company Secretary
Managing Director
Chief Executive Officer
Lending Officer
Collections Manager
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