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Document Overview

A Promissory Note is a negotiable instrument issued by you, or from you, for the promise to pay a sum of money. It is relatively simple in comparison with the more complex loan agreements, and for that reason, may be a good option to consider as a paper trail that money is owed to you or payable by you. As a simple document, it is a good way for you to create a paper trail of a payment or loan of smaller sum. 

If the Promissory Note contains complex clauses, it may be deemed to be a complex financial instrument and be regulated by the Corporations Act 2001 (Cth). It will be important at that time to seek the assistance of a lawyer.

 

Use this Promissory Note if:

  • You would like to document that a sum is owed to you; or
  • You would like to document that a sum is payable by you.

What does the Promissory Note cover?

  • Payee and Issuer Details;
  • Sum; 
  • Interest Details;
  • Transferability; and
  • Payable Details. 

Other names for Promissory Note include:

  • IOU; 
  • Payment on Demand; and
  • Payment on Arrival.
  • Icon Australiasuitable for all Australian states and territories
  • Calendarlast updated September 2015
  • Stopwatchunder 5 minutes
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