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Standard Promissory Note Unsecured for Australia

Standard Promissory Note Unsecured Template for Australia

A Standard Promissory Note Unsecured is a legally binding financial instrument used in Australia that documents a promise to pay a specified sum of money, either on demand or at a specified future date. The document, governed by Australian law including the Bills of Exchange Act 1909 (Cth), represents an unconditional promise to pay without any security interest attached to the obligation. It includes essential elements such as the names of the parties, the principal amount, payment terms, interest rate (if applicable), and maturity date. This document is commonly used in both business and personal contexts, providing a formal record of debt while maintaining a relatively simple structure.

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Standard Promissory Note Unsecured

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What is a Standard Promissory Note Unsecured?

The Standard Promissory Note Unsecured is a fundamental financial instrument widely used in Australian business and personal transactions. This document type is particularly useful when parties wish to formalize a lending arrangement without involving collateral or security interests. It serves as a written promise from one party (the maker) to pay a specific sum of money to another party (the payee), governed by Australian law and regulations including the Bills of Exchange Act 1909 (Cth) and relevant consumer protection legislation. The Standard Promissory Note Unsecured is commonly used in situations ranging from personal loans to business financing, providing a legally enforceable document that clearly sets out the payment obligations, terms, and conditions. Its unsecured nature means that the payee relies solely on the maker's promise to pay and general creditworthiness, rather than having claim to specific assets.

What sections should be included in a Standard Promissory Note Unsecured?

1. Date: Date of execution of the promissory note

2. Parties: Identification of the Maker (promissor) and Payee (promissee) with full legal names and addresses

3. Promise to Pay: Clear and unconditional promise to pay a specific sum of money

4. Principal Amount: The exact amount promised to be paid, in numbers and words

5. Payment Terms: When and how the payment will be made, including due date or maturity date

6. Interest Rate: If applicable, the interest rate and how it is calculated

7. Place of Payment: Where the payment is to be made

8. Governing Law: Specification that Australian law governs the promissory note

9. Signature Block: Space for maker's signature, date, and witness details

What sections are optional to include in a Standard Promissory Note Unsecured?

1. Default Provisions: Terms specifying what constitutes default and consequences - include when there are specific default scenarios to address

2. Prepayment Terms: Terms regarding early payment options - include when early payment is to be allowed

3. Late Payment Penalties: Specifications for late payment fees or additional interest - include when specific penalties are desired

4. Assignment Rights: Terms regarding the right to assign or transfer the note - include when transferability is important

5. Installment Payment Terms: Detailed payment schedule for installment payments - include when payment is not a single lump sum

6. Acceleration Clause: Conditions under which full payment becomes immediately due - include in higher-risk situations

7. Waiver of Presentment: Waiver of formal presentment requirements - include when simplified enforcement is desired

8. Security Interest Disclaimer: Clear statement that the note is unsecured - include when needed to avoid confusion about security status

What schedules should be included in a Standard Promissory Note Unsecured?

1. Payment Schedule: Detailed schedule of installment payments if applicable, including dates and amounts

2. Interest Calculation Schedule: Detailed breakdown of interest calculation method if complex interest arrangements apply

3. Party Details Schedule: Additional details about the parties if required, such as business registration numbers or additional addresses

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses


















Relevant Industries

Financial Services

Banking

Small Business

Real Estate

Professional Services

Retail

Construction

Manufacturing

Agriculture

Private Lending

Professional Services

Commercial Property

Relevant Teams

Legal

Finance

Treasury

Credit Management

Risk Management

Corporate Services

Commercial Operations

Accounts Receivable

Business Development

Compliance

Relevant Roles

Finance Manager

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Credit Manager

Accounts Receivable Manager

Treasury Manager

Financial Controller

Business Development Manager

Risk Manager

Company Secretary

Commercial Manager

Lending Officer

Credit Analyst

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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