When a person or entity (the “Lender”) loans money to another person or entity (the “Borrower”), the loan is typically formalised with a written promissory note. This Promissory Note Term requires the Borrower to pay off the entire principal amount of the note, and remaining accrued interest, on a specific date. Having a written Promissory Term Note will prove invaluable if the borrower defaults on repaying the loan or in the event of litigation.

Among others, this form 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;
• Repayment: This provision sets out the amount of accrued interest and the date the loan must be fully paid;
• Default: This provision contains the penalties in the event of default.

Protect Yourself, your Rights and your Property by using our professionally prepared up-to-date forms.

This lawyer-prepared packet includes:

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

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