A Promissory Note Between Friends serves as a crucial legal instrument in Australian jurisdiction for documenting informal lending arrangements between individuals who share a personal relationship. This document type is particularly useful when friends wish to maintain both their relationship and legal clarity in financial dealings. It's designed to comply with Australian federal and state legislation, including the Bills of Exchange Act 1909 and relevant consumer protection laws. The promissory note includes essential details such as loan amount, payment terms, interest (if any), and default provisions, while using simple, accessible language appropriate for personal agreements. It's commonly used for personal loans, educational support, business startups among friends, or any situation where one friend is lending money to another and wants to ensure clear documentation and legal enforceability.
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1. Parties: Identification of the lender (promisee) and borrower (promisor) with full legal names and addresses
2. Background: Brief context of the loan arrangement between the friends
3. Definitions: Key terms used in the document defined in plain language
4. Promise to Pay: Clear statement of the principal amount and promise to repay
5. Payment Terms: Specific details about repayment schedule, installments, and due dates
6. Interest Rate: Statement of any interest charged (if applicable) and calculation method
7. Default Provisions: Consequences of missing payments and what constitutes a default
8. Signatures: Execution section with date and signatures of both parties
1. Security: Details of any collateral or security offered - include when the loan is secured by assets
2. Early Repayment: Terms for early repayment options - include when the borrower wants flexibility to repay early
3. Late Payment Fees: Any penalties for late payments - include when parties want to enforce payment discipline
4. Dispute Resolution: Process for resolving disagreements - include for larger loan amounts
5. Witness Statement: Space for witness signatures - include when additional verification is desired
6. Assignment: Terms for transferring the note - include if there's possibility of transferring rights
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule B - Security Details: Description of any assets provided as security (if applicable)
3. Appendix 1 - Proof of Funds: Documentation showing the transfer of loan amount
4. Appendix 2 - Communication Records: Any relevant communication history regarding the loan agreement
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