The Undertaking Promissory Note is a crucial financial instrument in Malaysian business and personal transactions, commonly used when there is a need to formalize a promise to pay a specific sum of money. This document is particularly relevant in situations involving deferred payments, loan agreements, or commercial transactions where credit is extended. Under Malaysian law, specifically the Bills of Exchange Act 1949 and the Contracts Act 1950, the document must contain certain essential elements to be legally valid, including an unconditional promise to pay, a specified sum, and clear identification of the parties involved. The document can be used in various contexts, from simple personal loans to complex commercial transactions, and may include additional provisions such as security arrangements or guarantees depending on the specific circumstances.
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1. Date and Place of Execution: The date and location where the promissory note is executed, essential for determining jurisdiction and commencement
2. Parties: Clear identification of the maker (promisor) and the payee (promisee), including full legal names, addresses, and any registration numbers for companies
3. Promise to Pay: The unconditional promise to pay a specific sum of money, including the exact amount in both numbers and words
4. Payment Terms: Specific details about when and how payment will be made, including due date(s) and payment method
5. Interest Rate: The applicable interest rate (if any) and how it will be calculated
6. Default Provisions: Consequences of default and acceleration clauses
7. Governing Law: Specification that Malaysian law governs the promissory note
8. Execution: Signature blocks for all parties and witnesses
1. Security Provisions: Include when the promissory note is secured by collateral or other assets
2. Guarantor Details: Required when a third party is guaranteeing the payment obligation
3. Installment Schedule: Include when payments are to be made in installments rather than a single payment
4. Prepayment Terms: Include when early payment options are available
5. Assignment Clause: Include when the note needs to be transferable
6. Notice Provisions: Include when specific notice requirements for various events need to be detailed
7. Force Majeure: Include when certain circumstances might affect the payment obligations
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if applicable
2. Security Details: Description and documentation of any collateral or security provided
3. Party Information Schedule: Detailed information about parties, including corporate structure and authorized signatories
4. Calculation Schedule: Detailed breakdown of interest calculations and payment amounts
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Trading
Real Estate
Manufacturing
Retail
Construction
Import/Export
Professional Services
Small and Medium Enterprises
Agriculture
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Corporate Secretariat
Accounts Receivable
Commercial Operations
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Secretary
Credit Manager
Financial Controller
Accounts Receivable Manager
Risk Manager
Business Development Manager
Commercial Director
Managing Director
Company Director
Financial Analyst
Compliance Officer
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