The Short Term Unsecured Promissory Note is a vital financial instrument in Malaysian business practice, commonly used for short-term financing needs where formal loan agreements may be impractical or unnecessary. This document is particularly useful for business-to-business transactions, short-term loans, or bridge financing needs. The note's unsecured nature means it relies solely on the maker's promise to pay and creditworthiness, without any collateral backing. Under Malaysian law, particularly the Bills of Exchange Act 1949, the note must contain specific elements to be legally enforceable, including clear payment terms, parties' details, and proper execution. This instrument provides a simpler alternative to complex loan agreements while maintaining legal enforceability when properly executed and stamped according to Malaysian regulations.
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1. Date and Place of Execution: The date and location where the promissory note is executed, which is crucial for determining jurisdiction and commencement of obligations
2. Maker's Details: Full legal name and address of the person/entity promising to pay (the maker)
3. Payee's Details: Full legal name and address of the person/entity to whom payment is promised (the payee)
4. Promise to Pay: Unconditional promise to pay a specific sum of money, including the currency and amount in both figures and words
5. Payment Terms: Due date or maturity date of the note, including whether it's payable on demand or at a specific time
6. Interest Rate: The applicable interest rate (if any) and how it is calculated
7. Signature Block: Space for maker's signature and witness attestation
1. Default Provisions: Specifies consequences of non-payment or late payment, including any default interest rate - include when additional security for enforcement is desired
2. Prepayment Terms: Terms allowing early payment of the note - include when flexibility in payment timing is desired
3. Transfer Rights: Provisions regarding the transferability or negotiability of the note - include when the note may need to be transferred
4. Governing Law: Explicit statement of applicable law - include when there might be cross-border elements
5. Joint and Several Liability: Include when there are multiple makers of the note
1. Payment Schedule: If the note is to be paid in installments, details of payment dates and amounts
2. Interest Calculation Schedule: If complex interest calculations are involved, detailed breakdown of the interest computation methodology
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small and Medium Enterprises
Real Estate
Trading and Commerce
Manufacturing
Professional Services
Retail
Construction
Agriculture
Technology
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Corporate Secretarial
Accounts Receivable
Commercial Operations
Business Development
Executive Management
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Credit Controller
Financial Controller
Legal Counsel
Company Secretary
Business Development Manager
Accounts Receivable Manager
Risk Manager
Commercial Director
Credit Analyst
Corporate Lawyer
Finance Director
Managing Director
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