Pennsylvania IOU
Pennsylvania IOU (I Owe You)
This IOU Agreement ("Agreement") is entered into on the [DATE OF AGREEMENT], by and between [BORROWER NAME] ("Borrower") with contact information as follows:
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Company Name: [YOUR COMPANY NAME]
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Email: [YOUR COMPANY EMAIL]
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Address: [YOUR COMPANY ADDRESS]
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Phone Number: [YOUR COMPANY NUMBER]
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Website: [YOUR COMPANY WEBSITE]
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Social Media Page: [YOUR COMPANY SOCIAL MEDIA]
AND [LENDER NAME] ("Lender") with contact information as provided for in this Agreement. The Borrower and Lender may collectively be referred to as the "Parties" or individually as a "Party".
I. Acknowledgment of Debt
The Borrower hereby unconditionally promises to pay the Lender the sum of [AMOUNT] ("Principal Amount") plus an interest rate of [INTEREST RATE] per annum. The total amount shall be paid following the terms set forth in this Agreement.
II. Payment Terms
Repayment of the Principal Amount and any accrued interest shall commence on [START DATE] and will be due by [END DATE]. Payments are to be made in the manner specified by the Lender in scheduled instalments of [PAYMENT AMOUNT] per instalment.
III. Prepayment
The Borrower may prepay the outstanding [AMOUNT] in whole or in part at any time without penalty. Any prepayment shall first be applied to accrued interest and then to the Principal Amount.
IV. Late Payment
If any payment obligation under this Agreement is not paid when due, the Borrower agrees to pay a late fee of [LATE FEE AMOUNT].
V. Default
In the event of default, where the Borrower fails to make any scheduled payment on or before the [DUE DATE], the full balance of the outstanding Principal Amount, together with any accrued interest and late fees, shall become immediately due and payable at the option of the Lender.
VI. Governing Law
The provisions contained within this Agreement shall be interpreted and executed in accordance with the legal statutes and regulations that are applicable within the jurisdiction of the State of Pennsylvania.
VII. Amendment
This Agreement may only be altered or revised through the use of a written document that has been appropriately executed with the signatures of both Parties involved.
VIII. Signatures
This document is signed by both Parties as a clear indication of agreement to the terms set forth herein.
[YOUR NAME]
Lender
[DATE]
[BORROWER'S NAME]
Borrower
[DATE]
