A Promise Note is commonly used in Swiss business and financial transactions as a formal acknowledgment of debt and commitment to repay. This instrument, regulated under the Swiss Federal Act on Bills of Exchange and Promissory Notes, serves multiple purposes including documenting loans, securing payment obligations, or facilitating trade finance. The Promise Note's key strength lies in its status as a negotiable instrument, allowing it to be transferred to third parties while maintaining its enforceability. It must contain specific elements to be valid under Swiss law, including an unconditional promise to pay, a specified sum, defined payment date, and clear identification of parties. The document is particularly valuable in commercial transactions where formal documentation of payment obligations is required, offering creditors a straightforward means of proving and potentially enforcing their claims.
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1. Promise to Pay Declaration: The unconditional promise to pay a specific sum of money (must include the word 'promissory note' in the text)
2. Amount: The specific sum to be paid, stated both in numbers and words
3. Payment Details: When and where the payment is to be made, including maturity date and place of payment
4. Payee Information: Full name and details of the person to whom or to whose order the payment is to be made
5. Issue Details: Place and date where the promissory note is issued
6. Maker Details: Full name, signature, and details of the person making the promise (the maker/issuer)
1. Interest Clause: Used when the note bears interest, specifying the interest rate and calculation method
2. Installment Terms: Include when the payment is to be made in installments rather than a single payment
3. Security Provisions: Used when the note is secured by collateral or other assets
4. Transfer Restrictions: Include if there are any limitations on the transferability of the note
5. Default Provisions: Detailed consequences of default, if more specific than standard legal provisions
6. Governing Law Statement: While Swiss law applies, this section can be included for clarity, especially in international contexts
1. Payment Schedule: If installment payments are involved, a detailed schedule of payment dates and amounts
2. Collateral Description: If the note is secured, detailed description of the security or collateral
3. Authorization Documents: If the maker is signing on behalf of a legal entity, proof of authority to sign
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Trading
Manufacturing
Construction
Professional Services
Retail
Agriculture
Import/Export
Private Lending
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Corporate Secretariat
Commercial Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Financial Controller
Legal Counsel
Corporate Lawyer
Accounts Receivable Manager
Credit Risk Officer
Commercial Director
Business Development Manager
Company Secretary
Compliance Officer
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