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Demand Promissory Note

Demand Promissory Note Template for Belgium

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Key Requirements PROMPT example:

Demand Promissory Note

"I need a Demand Promissory Note for a €500,000 business loan from our Belgian manufacturing company to a supplier, secured by equipment collateral, with a 5% interest rate and corporate guarantee provisions to be executed by March 2025."

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Document background
The Demand Promissory Note is a vital financial instrument in Belgian commercial and private transactions, structured under the Belgian legal framework and EU regulations. It serves as an immediate payment obligation document, providing the payee with a strong legal position for debt collection. The document must comply with strict formal requirements under Belgian law, including specific mandatory elements as prescribed by the Law of July 1, 1961 on Bills of Exchange and Promissory Notes. This type of promissory note is particularly useful in business financing, real estate transactions, and commercial agreements where immediate payment enforceability is desired. Its 'on demand' nature distinguishes it from term promissory notes, as it becomes payable immediately upon presentation, making it a powerful tool for creditors in the Belgian jurisdiction.
Suggested Sections

1. Note Details: The title 'DEMAND PROMISSORY NOTE' and the amount in both numbers and words

2. Promise to Pay: Unconditional promise to pay including the specified sum, currency, and 'on demand' language

3. Maker Information: Full legal name and address of the person/entity making the promise to pay (maker)

4. Payee Information: Full legal name and address of the person/entity to whom payment is to be made (payee)

5. Place of Payment: Specific location where the payment is to be made

6. Date and Place of Issue: Date when and place where the promissory note is executed

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

Optional Sections

1. Interest Rate Provision: Include when the note bears interest, specifying the rate and calculation method

2. Security Details: Include when the note is secured by collateral or guaranteed by a third party

3. Default Provisions: Include specific consequences of default when additional terms beyond standard legal provisions are required

4. Transfer Rights: Include specific provisions regarding negotiability when restrictions or special conditions apply

5. Witness Section: Include when witnesses are required for additional verification

6. Corporate Authorization: Include when the maker is a corporation, confirming authority to issue the note

Suggested Schedules

1. Security Agreement: Attached when the note is secured by specific assets or collateral

2. Guarantee Agreement: Attached when a third party guarantees the payment

3. Payment Schedule: Attached when there are specific installment or partial payment arrangements

4. Corporate Resolution: Attached when maker is a corporation, showing authorization to issue the note

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Real Estate

Commercial Trade

Manufacturing

Construction

Professional Services

Retail

Technology

Agriculture

Energy

Healthcare

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Management

Risk Management

Compliance

Corporate Secretariat

Commercial Operations

Business Development

Accounts Receivable

Accounts Payable

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Financial Controller

Legal Counsel

Corporate Lawyer

Compliance Officer

Risk Manager

Business Development Manager

Commercial Director

Account Manager

Credit Analyst

Financial Analyst

Contract Administrator

Corporate Secretary

Managing Director

Industries
Belgian Civil Code (Burgerlijk Wetboek/Code Civil): Foundation law governing contracts, obligations, and debt instruments in Belgium, particularly Articles 1101-1369 covering contract formation and validity
Belgian Commercial Code (Wetboek van Koophandel/Code de Commerce): Regulates commercial transactions and negotiable instruments, including specific provisions for promissory notes and bills of exchange
Law of July 1, 1961 on Bills of Exchange and Promissory Notes: Specific legislation implementing the Geneva Convention provisions on bills of exchange and promissory notes in Belgian law
Book VII of the Code of Economic Law: Covers payment and credit services, including regulations on financial instruments and payment obligations
Belgian Law on Late Payments in Commercial Transactions: Regulates payment terms and default interest rates in commercial transactions
EU Directive 2000/35/EC on Late Payments: European framework for combating late payment in commercial transactions, which has been implemented in Belgian law
Belgian Anti-Money Laundering Law: Regulations regarding financial transactions and necessary documentation for significant monetary obligations
Consumer Credit Act: Applicable if one party is a consumer, providing additional protection and formal requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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