Business IOU (I Owe You)

I, [Your Name], hereby acknowledge and agree to owe the sum of [Amount Owed] to [Creditor's Name], for the purpose of [IOU Objective], as detailed below:

I. IOU Agreement

1. Principal Amount: The principal amount owed is [Amount Owed].

2. Interest: If the principal amount is not repaid by the due date, interest shall accrue at a rate of [Interest Rate] per annum, calculated from the date of this IOU.

3. Repayment Terms: The principal amount and any accrued interest shall be repaid in full by [Repayment Date].

4. Method of Payment: The repayment shall be made in [Currency] via [Payment Method] to the following account: [Creditor's Account Details].

II. Acknowledgement of Debt

I, [Your Name], hereby acknowledge that I owe the aforementioned amount to [Creditor's Name] and agree to fulfill this obligation according to the terms outlined in this IOU.

III. Default

1. Failure to Repay: If I fail to repay the owed amount by the stipulated repayment date, I understand that legal action may be taken against me to recover the debt.

2. Costs: In the event of default, I agree to reimburse [Creditor's Name] for any costs incurred in the process of debt collection, including but not limited to legal fees and court costs.

IV. Governing Law

This IOU shall be governed by and construed in accordance with the laws of [Jurisdiction].

V. Signatures

Signed on this              day of              , [Year].

[Your Name]

Debtor

[Creditor's Name]

Creditor

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