The Replacement Promissory Note is utilized when an original promissory note needs to be replaced due to various circumstances such as loss, damage, material alterations, or changes in payment terms. Under Indian law, particularly the Negotiable Instruments Act, 1881, this document serves as a fresh commitment while maintaining the core obligation of the original note. The Replacement Promissory Note must include specific references to the original note being replaced, clearly state the unconditional promise to pay, and specify whether it carries the same terms or includes any modifications. This document is commonly used in business transactions, banking relationships, and personal lending situations where the original promissory note cannot serve its intended purpose but the underlying obligation remains valid and enforceable.

1. Place and Date: The location and date of execution of the replacement promissory note

2. Promise to Pay: An unconditional promise to pay a specific sum of money, including the amount in both figures and words

3. Payee Details: Full name and details of the person or entity to whom or to whose order the payment is to be made

4. Payment Terms: Specific details about when the payment is due (on demand or at a specific future date) and any applicable interest rate

5. Original Note Reference: Details of the original promissory note being replaced, including its date and reason for replacement

6. Maker's Declaration: Declaration that this note replaces and supersedes the original note

7. Maker's Details: Full name, address, and other contact details of the person making the promise