A Due On Demand Promissory Note is commonly used in Hong Kong business and financial transactions where one party agrees to pay a specific sum to another party upon demand. This document is particularly useful in situations involving loans, credit arrangements, or debt acknowledgments. The note must comply with the Hong Kong Bills of Exchange Ordinance (Cap. 19) and be properly stamped under the Stamp Duty Ordinance. It typically includes the principal amount, interest terms if applicable, and clear identification of both the maker and payee. The "on demand" nature means the full amount becomes payable immediately when the payee requests payment, making it a powerful but flexible financial instrument.
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1. Promise to Pay Statement: An unconditional promise to pay a specific sum of money on demand
2. Parties: Clear identification of the maker (promisor) and the payee (promisee)
3. Principal Amount: The specific sum promised to be paid, stated both in numbers and words
4. Interest Rate: The applicable interest rate, if any, and how it is calculated
5. Date of Execution: The date on which the promissory note is made
6. Place of Payment: The location where payment should be made
7. Signature Block: Space for maker's signature and witness attestation
1. Security Provisions: Details of any collateral or security provided for the note
2. Default Provisions: Consequences of default and acceleration clauses
3. Transfer Rights: Specific provisions regarding transferability or negotiability restrictions
4. Prepayment Terms: Terms allowing early payment and any associated conditions
5. Joint and Several Liability: Used when there are multiple makers of the note
6. Governing Law: Explicit statement of Hong Kong law application, used in international contexts
1. Payment Schedule: If partial payments are allowed, schedule of minimum payment amounts
2. Security Details: Description of any collateral or security being provided
3. Guarantor Information: Details of guarantors if the note is guaranteed by third parties
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