The Lump Sum Promissory Note is a essential financial document used across Canada when one party (the maker) wishes to formally document their promise to pay a specified sum to another party (the payee) at a future date. This document is particularly useful in business transactions, private lending arrangements, and commercial deals where a clear record of debt obligation is required. The note must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as provincial contract laws. It typically includes the principal amount, payment date, interest terms (if any), and consequences of default. Unlike installment promissory notes, this version requires payment in a single lump sum. The document can be secured or unsecured, and may include additional provisions such as guarantees or specific performance conditions.
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1. Date and Place of Execution: Clear statement of when and where the note is executed, essential for enforcement and limitation periods
2. Parties Identification: Full legal names and addresses of the Maker (Promisor) and Payee (Promisee)
3. Promise to Pay: Unconditional promise to pay with specific amount in words and numbers
4. Payment Terms: Due date, currency, and method of payment
5. Interest Rate: Statement of interest rate (if applicable) and calculation method
6. Place of Payment: Specific location or method where payment must be made
7. Signatures: Execution block with maker's signature and witness if required
1. Security: Details of any collateral or security provided for the note - include when the note is secured
2. Prepayment Terms: Conditions and terms for early payment - include when early payment is allowed
3. Default Provisions: Consequences of default and acceleration terms - include for higher-risk transactions
4. Late Payment Penalties: Additional charges or interest for late payment - include when specific penalties apply
5. Assignment Rights: Terms for transferring or assigning the note - include when note may be negotiated
6. Co-signer Provisions: Terms applying to co-signers - include when there are multiple makers
7. Governing Law: Specific province/territory whose laws govern - include for cross-jurisdictional transactions
1. Schedule A - Payment Schedule: Detailed breakdown of payment date and amount (if installment payments are allowed as a backup)
2. Schedule B - Security Details: Detailed description of any collateral or security provided
3. Schedule C - Guarantor Information: Details of any guarantors and terms of guarantee if applicable
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Small Business
Retail
Professional Services
Agriculture
Private Lending
Commercial Real Estate
Investment
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Accounting
Corporate Services
Business Operations
Commercial Lending
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Accountant
Legal Counsel
Corporate Lawyer
Business Development Manager
Credit Manager
Financial Controller
Treasury Manager
Risk Manager
Loan Officer
Collections Manager
Business Owner
Contract Administrator
Financial Analyst
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