The Promissory Note To Pay Remaining Balance is a crucial financial instrument in South African business and personal transactions where partial payment has been made and a formal promise for the remaining payment is required. This document is commonly used when parties have agreed on a payment arrangement for an outstanding balance and need to formalize the commitment in accordance with South African law. The note must comply with the Bills of Exchange Act 34 of 1964 and other relevant legislation such as the National Credit Act when applicable. It typically includes essential details such as the remaining amount owed, payment terms, interest rates, and consequences of default. This type of promissory note is particularly useful in situations where a debt has been partially settled and parties need to document the terms for paying the remaining balance in a legally enforceable manner.

1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for legal validity and prescription periods

2. Parties: Identifies the maker (promisor/debtor) and the payee (promisee/creditor) with their full legal names and addresses

3. Promise to Pay: Clear and unconditional promise to pay, stating the principal amount in both numbers and words

4. Payment Terms: Specifies the payment schedule, due date(s), and whether it's a lump sum or installment payments

5. Interest Rate: States the applicable interest rate (if any) and how it's calculated, ensuring compliance with the National Credit Act

6. Place of Payment: Designates where and how payments should be made

7. Default Provisions: Outlines consequences of default and acceleration clauses

8. Signatures: Space for signatures of the maker and witness(es)