A Lump Sum Promissory Note is commonly used in Hong Kong business and personal transactions where one party agrees to pay another a specific sum of money at a future date. This document is particularly useful in situations involving substantial one-time payments, such as business loans, property transactions, or settlement agreements. The note must comply with Hong Kong's Bills of Exchange Ordinance and related legislation, which establish requirements for validity and enforceability. It typically includes the promised amount, payment date, interest terms (if any), and any security arrangements. The Lump Sum Promissory Note can be either secured or unsecured and may include additional provisions such as guarantee arrangements or specific default consequences. It serves as both a proof of debt and a means of enforcement, providing clarity and legal certainty for both the maker and payee.
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1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for determining applicable laws and enforcement periods
2. Parties: Identifies the maker (promisor) and the payee (promisee) with their full legal names and addresses
3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, stating the principal amount in both numbers and words
4. Payment Terms: Specifies the due date for the lump sum payment and the place of payment
5. Interest Rate: States the applicable interest rate (if any) and how it is calculated
6. Events of Default: Defines circumstances that constitute default and the consequences thereof
7. Governing Law: Explicitly states that Hong Kong law governs the promissory note
8. Signature Block: Space for the maker's signature, witness signatures if required, and date of signing
1. Security Provisions: Include when the promissory note is secured by collateral or other assets
2. Prepayment Terms: Include when early payment is allowed, specifying any conditions or penalties
3. Guarantee: Include when a third party guarantees the payment obligation
4. Assignment Clause: Include when the note needs to be transferable or non-transferable
5. Notice Provisions: Include when specific notice requirements for default or other communications need to be detailed
6. Joint and Several Liability: Include when there are multiple makers of the note
1. Payment Schedule: If there are any specific conditions or calculations related to the lump sum payment or interest
2. Security Details: If applicable, details of any collateral or security provided, including asset descriptions and registration requirements
3. Guarantee Agreement: If applicable, the terms and conditions of any guarantee provided
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Real Estate
Commercial Lending
Private Lending
Investment
Construction
Manufacturing
Retail
Professional Services
Small Business
Relevant Teams
Legal
Finance
Treasury
Credit Control
Compliance
Risk Management
Corporate Secretarial
Executive Management
Accounts Receivable
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Treasury Manager
Accounts Receivable Manager
Compliance Officer
Risk Manager
Company Secretary
Financial Controller
Investment Manager
Business Development Manager
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