This Instalment Promissory Note documents the agreement of a borrower to repay a debt to a lender at a specified rate of interest and within a specific timeframe. This note establishes the sum and terms of the loan, the rate of interest, the timetable for repayment, and the rights and duties of the lender and borrower. This promissory note also contains a provision which states the borrower can repay the loan at any time without incurring a prepayment penalty. Having a written Instalment Promissory Note will prove invaluable if the borrower defaults or in the event of litigation.

Among others, this Promissory Note contains the following provisions:

• Amount and Date:This provision sets out the specific amount of money borrowed and the date the note was signed;
• Parties: This provision sets out the names and addresses of the borrower and the lender;
• Interest Rate and Payment Provisions: This provision sets out the interest rate and the date payments are due;
• Default: This provisions contains the penalties in the event of default.

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This lawyer-prepared packet includes:

1. General Information
2. Instructions and Checklist
3. Instalment Promissory Note for use in Australia

Law Compliance: This form complies with the state and territory laws of Australia