The Payable On Demand Promissory Note is a crucial financial instrument in Malaysian commercial practice, commonly used in various business transactions and lending arrangements. This document type is particularly useful when parties need a flexible payment arrangement that can be called upon at any time by the payee. It must comply with the Bills of Exchange Act 1949 and related Malaysian legislation, including proper stamping requirements under the Stamp Act 1949. The note typically includes essential information such as the principal amount, parties' details, payment terms, and any applicable interest rates. It serves as both a proof of debt and a legally enforceable promise to pay, making it valuable in commercial lending, business transactions, and personal loan arrangements. The on-demand nature of the note provides additional security to the payee, as payment can be requested without prior notice or waiting period.
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1. Promise to Pay: Unconditional promise to pay a specific sum of money to a named payee or to their order
2. Sum and Currency: Clear statement of the principal amount in both numbers and words, including the currency
3. Interest Terms: Specification of any interest rate, calculation method, and payment frequency
4. Payment Terms: Statement that the note is payable on demand, and the method of demand and payment
5. Maker Details: Full legal name, address, and identification details of the person/entity making the promise
6. Payee Details: Full legal name, address, and identification details of the person/entity to whom payment is promised
7. Date and Place of Issue: Clear statement of when and where the promissory note is made
8. Governing Law: Specification that Malaysian law governs the promissory note
1. Security Details: Details of any collateral or security provided to guarantee the payment (include when the note is secured)
2. Default Provisions: Consequences of default and acceleration provisions (include when specific default terms are required)
3. Witness Details: Space for witness names and signatures (include when witnessing is specifically required or desired)
4. Transfer Rights: Specific provisions regarding transferability or negotiability (include when specific transfer restrictions or rights are needed)
5. Reference to Related Agreement: Reference to any master agreement or facility (include when the note is part of a larger transaction)
1. Payment Schedule: Optional schedule showing any predetermined partial payments or installments, if applicable
2. Security Description: Detailed description of any security or collateral provided, if applicable
3. Signature Requirements: Any specific signing requirements or authorizations needed for corporate makers
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Real Estate
Manufacturing
Trade and Commerce
Professional Services
Construction
Agriculture
Retail
Technology
Healthcare
Education
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretarial
Commercial Operations
Business Development
Account Management
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Financial Controller
Credit Manager
Legal Counsel
Corporate Secretary
Account Manager
Risk Manager
Compliance Officer
Banking Manager
Commercial Director
Business Development Manager
Contract Administrator
Financial Analyst
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