This Promissory Note in Lieu of Open Account Debt can easily be used to fit your unique situation.
Agreements of this nature are important to spell out, in detail, on paper.
This sample form assures those necessary details get included.
Omit or add as little or as much detail as you'd like, make it tailored to fit your needs.
By filling in the “blanks” and adding a brief (or detailed if you choose) description of your terms, you can have a professional letter composed in no time!
Make sure to have your client sign off at the bottom and keep this letter in a safe place should you ever need it as evidence at a later date.
[In Lieu of Open Account Debt]
FOR VALUE RECEIVED, the undersigned promise to pay to the order of _, the sum of _ [$_] Dollars, together with interest thereon at the rate of _% per annum on the unpaid balance.
Said principal and interest shall be payable in the manner following:
The undersigned may prepay this note without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due upon demand of any holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this note.
This note is executed to evidence a certain existing indebtedness due the payee from the undersigned relative to a certain open account balance as of this date, and this note shall not be construed as a separate obligation.
Signed under seal this _ day of _, 19_.