This sample letter, the Promissory Note Demand Alternate, serves as a variation of the first demand note. Either sample notes could be and should be
each and every time you want establish a new customer and a new account.
Putting this "promise" to pay in writing is the only way to be legally bound to the debt!
Use this template letter to put all the details of the agreed upon payment in a written agreement that is signed by all parties involved.
This template needs only a few small alterations to ensure it fits the needs of you and the needs of your business cohorts.
FOR VALUE RECEIVED, the undersigned jointly and severally
promise to pay to the order of _, the sum of _ [$_] Dollars,
together with interest of _% per annum on the unpaid
balance. The entire unpaid principal and any accrued interest
shall be immediately payable UPON DEMAND of any holder of this
Upon default in making payment within _ days of demand,
the undersigned agree to pay all reasonable legal fees and
costs of collection to the extent permitted by state law. This
note shall take effect as a sealed instrument and be enforced
in accordance with the laws of the payee's state.