The Simple Promise To Pay Agreement is a fundamental legal instrument used in Hong Kong's business and financial landscape when one party needs to formally acknowledge and promise to pay a debt to another. This document is commonly used in situations involving loans, outstanding payments, or debt restructuring, providing a clear and enforceable record of the obligation. The agreement typically specifies the principal amount, payment terms, due date(s), and any applicable interest, while being governed by Hong Kong law. It's simpler than a full loan agreement but maintains legal enforceability, making it suitable for straightforward debt acknowledgments. The document should comply with Hong Kong's Contract and Rights of Third Parties Ordinance and related legislation, ensuring its validity and enforceability in Hong Kong courts.
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1. Parties: Identifies and defines the creditor and debtor with their full legal names and addresses
2. Background: Brief recital of the circumstances leading to the debt and acknowledgment of the amount owed
3. Definitions: Defines key terms used in the agreement, including 'Debt Amount', 'Payment Date', and other relevant terms
4. Promise to Pay: Clear statement of the debt amount and promise to pay, including the payment date or schedule
5. Payment Terms: Specifies the method of payment, currency, and any specific payment instructions
6. Interest: States whether interest applies, and if so, the rate and calculation method
7. Representations and Warranties: Basic representations about the debtor's ability to pay and the validity of the debt
8. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
9. Execution: Signature blocks and execution details for all parties
1. Security: Include when the promise to pay is secured by any assets or guarantees
2. Early Repayment: Include when early repayment options are available, specifying any conditions or penalties
3. Default and Remedies: Include when specific consequences of default need to be outlined
4. Assignment: Include when either party needs the right to assign the agreement to others
5. Notices: Include when formal communication procedures between parties need to be specified
6. Force Majeure: Include when circumstances that might affect payment ability need to be addressed
7. Costs and Expenses: Include when there are specific provisions about who bears legal or enforcement costs
1. Payment Schedule: Details of installment payments if the debt is to be paid in multiple installments
2. Security Details: Description of any assets or collateral securing the debt, if applicable
3. Calculation of Interest: Detailed method for calculating interest, if complex calculations are involved
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Company Secretary
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