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Promissory Note For Tuition Fee With Partial Payment for Philippines

Promissory Note For Tuition Fee With Partial Payment Template for Philippines

This document is a legally binding financial instrument used in the Philippine educational sector that establishes a formal agreement between an educational institution and a student (or their guardian) for the partial payment of tuition fees. Governed by Philippine law, particularly the Civil Code and relevant education regulations, it outlines the total amount owed, specific payment schedules, and consequences of default. The document incorporates essential elements required by Philippine banking regulations and educational institution policies, including interest rates (if applicable), payment terms, and remedies available to the institution in case of non-payment.

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Promissory Note For Tuition Fee With Partial Payment

Let 抖阴短视频's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

What is a Promissory Note For Tuition Fee With Partial Payment?

The Promissory Note For Tuition Fee With Partial Payment is commonly used in Philippine educational institutions when students or their guardians require flexible payment arrangements for tuition fees. This document is essential when full upfront payment isn't possible and the institution agrees to accept payments in installments. It complies with Philippine Civil Code requirements for financial instruments and educational regulations, protecting both the institution's interests and student rights. The document typically includes detailed payment schedules, interest calculations (if applicable), default provisions, and any academic implications of payment defaults. It's particularly relevant in private educational institutions and higher education settings where substantial tuition fees are involved. The document must align with both the Truth in Lending Act and educational institution policies while maintaining fairness and transparency in financial obligations.

What sections should be included in a Promissory Note For Tuition Fee With Partial Payment?

1. Parties: Identifies the Promissor (student/parent/guardian), and the Promissee (educational institution), including their complete legal names, addresses, and contact information

2. Background: States the context of the promissory note, including the student's enrollment details, program/course, and academic period covered

3. Definitions: Defines key terms used in the document such as 'Tuition Fee', 'Due Date', 'Partial Payment', 'Default', etc.

4. Principal Amount: Clearly states the total tuition fee amount owed and acknowledges receipt of educational services

5. Payment Terms: Details the partial payment schedule, including specific amounts and due dates for each installment

6. Interest Rate: Specifies any applicable interest rate on the unpaid balance, ensuring compliance with Philippine usury laws

7. Default and Remedies: Outlines what constitutes default and the educational institution's rights and remedies in case of non-payment

8. Representations and Warranties: Promissor's declarations regarding their capacity to pay and understanding of the obligation

9. Execution: Signature block with date and witness provisions as required by Philippine law

What sections are optional to include in a Promissory Note For Tuition Fee With Partial Payment?

1. Co-Maker Provision: Required when a co-maker or guarantor is involved in securing the promissory note

2. Acceleration Clause: Optional provision allowing the entire amount to become due upon default of any installment

3. Grace Period: Optional section specifying any grace period for late payments

4. Prepayment Terms: Include when early payment options and any associated discounts are offered

5. Collection Costs: Optional section detailing the borrower's responsibility for collection costs and attorney's fees

6. Academic Consequences: Optional section linking payment defaults to academic privileges (subject to educational regulations)

What schedules should be included in a Promissory Note For Tuition Fee With Partial Payment?

1. Schedule A - Payment Schedule: Detailed breakdown of payment installments, including dates, amounts, and running balance

2. Schedule B - Tuition Fee Breakdown: Itemized list of tuition and other educational fees covered by the promissory note

3. Appendix 1 - Interest Calculation Method: Explanation of how interest (if any) is calculated and applied to the outstanding balance

4. Appendix 2 - Required Documents: List of supporting documents attached (e.g., proof of enrollment, ID copies, etc.)

Authors

Alex Denne

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

Jurisdiction

Philippines

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses




















Relevant Industries

Education

Higher Education

Secondary Education

Financial Services

Legal Services

Educational Administration

Private Education

Relevant Teams

Legal

Finance

Administration

Enrollment

Collections

Compliance

Student Services

Registration

Accounts Receivable

Relevant Roles

School Administrator

Finance Manager

Registrar

Legal Counsel

Enrollment Officer

Financial Aid Officer

Accounts Receivable Officer

Collections Manager

Compliance Officer

Education Director

Business Manager

School Principal

University Bursar

Administrative Director

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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