A Promissory Note For Tuition is commonly used in Malaysian educational contexts when students or their guardians need to formalize a commitment to pay tuition fees. This document is particularly relevant when educational institutions offer deferred payment options or payment in installments. The note must comply with Malaysian legislation, including the Bills of Exchange Act 1949 and Education Act 1996, and typically includes specific details about the payment amount, schedule, and terms. It serves as a legally enforceable instrument that protects both the educational institution's interests in receiving payment and provides clear terms for the student or guardian making the payment. The document may also include provisions for guarantors, interest charges, and default consequences.
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1. Promissory Note Details: Date, place of execution, and unique identification number of the note
2. Parties: Full legal names and addresses of the maker (student/parent) and payee (educational institution)
3. Promise to Pay: Unconditional promise to pay, stating the exact amount in numbers and words
4. Payment Terms: Due date(s), payment method, and whether installments are allowed
5. Interest Rate: If applicable, the agreed interest rate and calculation method
6. Purpose: Statement specifying that the note is for tuition payment and the relevant academic period
7. Default Provisions: Consequences of non-payment or late payment
8. Signature Block: Space for maker's signature, witness signatures, and date
1. Guarantor Details: Include when a third party guarantees the payment of the note
2. Collateral: Include when specific assets are pledged as security for the note
3. Prepayment Terms: Include when early payment options and any associated conditions need to be specified
4. Venue and Jurisdiction: Include when parties are in different jurisdictions or specific court jurisdiction needs to be specified
5. Force Majeure: Include when protection against unforeseen circumstances affecting payment ability is needed
1. Payment Schedule: Detailed breakdown of installment amounts and due dates if payment is not in a single sum
2. Tuition Details: Breakdown of tuition fees, courses, or programs covered by the promissory note
3. Collateral Description: Detailed description of any assets pledged as collateral, if applicable
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Relevant Teams
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Finance
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Registration
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Finance Manager
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Legal Counsel
Education Administrator
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Financial Aid Officer
Collections Manager
Compliance Officer
Student Services Director
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