Minnesota IOU
Minnesota IOU (I Owe You)
I. Acknowledgment of Debt
I, [YOUR NAME], of [YOUR COMPANY NAME], located at [YOUR COMPANY ADDRESS], hereby acknowledge and confess that I am indebted to [LENDER'S NAME] in the sum of [AMOUNT] USD as of [DATE].
II. Promise to Pay
I, [YOUR NAME], promise to pay the full amount, [AMOUNT] USD, to [LENDER'S NAME] by the repayment deadline of [REPAYMENT DATE]. Payment methods agreed upon include [AGREED PAYMENT METHODS].
III. Terms of Repayment
The repayment terms are as follows: Payments are to be made on a [PAYMENT SCHEDULE] basis (e.g., monthly, quarterly) starting from [START DATE] until the full amount is repaid by the agreed-upon deadline of [REPAYMENT DATE].
IV. Interest
This IOU is [INTEREST TYPE]: interest-bearing or non-interest bearing. If interest-bearing, the annual interest rate is [INTEREST RATE]%.
V. Default and Remedies
In the event of a default, [NUMBER OF DAYS] days' notice will be given to cure the default. Failure to remedy the default within this period will allow the lender to take necessary legal actions to recover the due amount.
VI. Binding Agreement
This IOU serves as a legally binding agreement between [YOUR NAME] and [LENDER'S NAME]. By signing, both parties agree to abide by the terms outlined herewith.
VII. Contact Information
Should any party require communication or notice delivery under this IOU, contact should be directed to the following addresses:
Borrower: [YOUR COMPANY NAME], [YOUR COMPANY ADDRESS]
Email: [YOUR COMPANY EMAIL]
Phone: [YOUR COMPANY NUMBER]
Website: [YOUR COMPANY WEBSITE]
Social Media: [YOUR COMPANY SOCIAL MEDIA]
Lender: [LENDER'S ADDRESS]
Email: [LENDER'S EMAIL]
Phone: [LENDER'S PHONE NUMBER]
VIII. Signatures
Signed on [DATE]
Borrower([YOUR NAME])
Lender([LENDER'S NAME])
