The Payable On Demand Promissory Note is a vital financial instrument commonly used in South African business and personal transactions where one party wishes to document a debt obligation that can be called upon at any time. It serves as a flexible financing tool, particularly useful in situations requiring documented proof of debt without a fixed payment schedule. The document must comply with the Bills of Exchange Act 34 of 1964 and other relevant South African legislation, making it a legally enforceable instrument. This type of promissory note differs from term notes as it creates an immediate obligation to pay when demanded, rather than at a specified future date. It's frequently used in business financing, personal loans, and commercial transactions where the parties prefer the flexibility of on-demand payment terms while maintaining legal enforceability.
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1. Date and Place of Issue: Specifies when and where the promissory note was created, which is crucial for legal validity and prescription periods
2. Maker's Details: Full legal name, registration/identity number, and address of the person/entity issuing the promissory note
3. Payee's Details: Full legal name, registration/identity number, and address of the person/entity to whom payment is promised
4. Promise to Pay: Clear, unconditional statement promising to pay the specified amount on demand
5. Amount: The principal sum promised to be paid, stated in both numbers and words
6. Interest Terms: Specification of any applicable interest rate and calculation method
7. Payment Terms: Details of how payment will be made, including payment method and currency
8. Signature Block: Space for maker's signature, witness signatures, and date of signing
1. Security Provisions: Include when the note is secured by collateral or other assets
2. Co-Maker Details: Required when there are multiple makers jointly responsible for the payment
3. Default Provisions: Optional section specifying consequences of default and acceleration terms
4. Transfer Rights: Include when specific conditions for negotiability or transfer need to be outlined
5. Governing Law: While South African law applies, this section may be included for clarity especially in cross-border transactions
6. Jurisdiction: Include when specific courts' jurisdiction needs to be specified for dispute resolution
1. Payment Schedule: If applicable, detailed schedule of installment payments (though less common in on-demand notes)
2. Security Details: If the note is secured, detailed description of the collateral or security provided
3. Corporate Resolution: For corporate makers, resolution authorizing the issuance of the promissory note
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Agriculture
Mining
Technology
Healthcare
Education
Small and Medium Enterprises
Import/Export
General Commerce
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Accounts Payable
Risk Management
Corporate Secretariat
Commercial
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Financial Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Treasury Manager
Accounts Receivable Manager
Accounts Payable Manager
Risk Manager
Company Secretary
Commercial Director
Business Development Manager
Contract Administrator
Financial Controller
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