Borrower IOU
Borrower IOU (I Owe You)
I. The Parties
[YOUR NAME], hereby referred to as the "Borrower," with the professional contact details: company name [YOUR COMPANY NAME], company email [YOUR COMPANY EMAIL], company address [YOUR COMPANY ADDRESS], company phone number [YOUR COMPANY NUMBER], company website [YOUR COMPANY WEBSITE], and social media page [YOUR COMPANY SOCIAL MEDIA].
The "Lender," whose details are as follows:
Name: [LENDER'S FULL NAME]
Address: [LENDER'S ADDRESS]
Contact Information: [LENDER'S PHONE NUMBER] / [LENDER'S EMAIL ADDRESS]
II. Acknowledgment of Debt
The Borrower acknowledges and agrees that they owe a debt to the Lender in the amount of [DEBT AMOUNT IN WORDS] ([DEBT AMOUNT IN NUMBERS]) for the following reason: [REASON FOR DEBT].
III. Terms of Payment
The Borrower agrees to repay the aforementioned sum according to the following schedule and terms:
Initial Payment: [INITIAL PAYMENT AMOUNT] due on [INITIAL PAYMENT DUE DATE]
Subsequent Payments: [SUBSEQUENT PAYMENT AMOUNTS] every [INTERVAL], starting [START DATE] and ending [END DATE].
The total amount shall be paid in full by [FINAL PAYMENT DUE DATE].
IV. Interest
The Borrower agrees that the debt specified in this document shall incur an annual interest rate of [INTEREST RATE]%.
V. Prepayment
The Borrower reserves the right to prepay any part of the principal without penalty unless otherwise stipulated herein.
VI. Default
In case of default, the Lender is entitled to demand immediate payment of the full balance remaining without notice. Default conditions include: a delay in payment for more than [NUMBER OF DAYS LATE] days, or failure by the Borrower to comply with other terms set forth in this agreement.
VII. Governing Law
This IOU shall be governed and construed in accordance with the laws of the State/Country [YOUR STATE/COUNTRY], without regard to its conflict of law principles.
VIII. Signatures
Both parties agree to the terms laid out in this IOU and have signed below:
_____________________________
Borrower: [YOUR NAME]
_____________________________
Lender: [LENDER'S FULL NAME]
