Indiana IOU
Indiana IOU (I Owe You)
This IOU Agreement ("Agreement") is made effective as of [DATE], by and between [YOUR NAME] ("Borrower") and [LENDER NAME] ("Lender").
I. Parties Involved
Borrower: [YOUR NAME]
Company Name: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Address: [YOUR COMPANY ADDRESS]
Phone Number: [YOUR COMPANY NUMBER]
Website: [YOUR COMPANY WEBSITE]
Social Media Page: [YOUR COMPANY SOCIAL MEDIA]
Lender: [LENDER NAME]
Contact Information: [LENDER CONTACT INFO]
II. Principal Amount
The principal sum of this IOU amounts to [LOAN AMOUNT] USD, which the Borrower promises to pay to the Lender.
III. Payment Terms
This loan is to be repaid in full by [FINAL PAYMENT DATE]. The Borrower may make early payments towards this IOU without penalties. Any payments made will be first applied to any accrued interest and then to the principal balance.
IV. Interest
The loan amount will incur an annual interest rate of [INTEREST RATE]%. Interest will be calculated on a yearly basis unless repaid earlier.
V. Default and collections
In the event of default, the Borrower has [NUMBER OF DAYS LATE] days after missing a payment to remedy the default. Failure to remedy the default within this timeframe will result in the full balance becoming due and possible legal action.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.
VII. Signatures
Both parties acknowledge and agree to the terms outlined in this Agreement.
[YOUR NAME], Borrower
[LENDER NAME], Lender
VIII. Acknowledgment
This document and the signature below signify that the Borrower agrees to the terms and conditions of the IOU as described above.
