Wyoming IOU
Wyoming IOU
I. Parties Involved
This IOU agreement is entered into on [DATE], between:
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Lender: [YOUR NAME] ([YOUR COMPANY NAME]), with a business address at [YOUR COMPANY ADDRESS] and contact number [YOUR COMPANY NUMBER].
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Borrower: [BORROWER'S NAME], residing at [BORROWER'S ADDRESS].
II. Principal Amount
The principal amount of the debt is $[AMOUNT].
III. Repayment Terms
The Borrower agrees to repay the aforementioned principal amount in full by [DUE DATE]. Payment shall be made in the following manner: [PAYMENT METHOD DETAILS].
IV. Interest
The Borrower agrees that the debt will incur an annual interest rate of [INTEREST RATE]% unless repaid in full by the due date. Interest will be calculated and accrued daily starting from the date of this Agreement.
V. Prepayment
The Borrower may prepay the debt in whole or in part at any time without penalty.
VI. Default and Remedies
In the event of default, where the Borrower fails to pay the principal amount or any interest thereon when due, the Lender has the right to demand immediate payment of all outstanding balances. Failure to remedy the defaulted amount within [NUMBER OF DAYS] days will entitle the Lender to initiate legal proceedings to recover the debt.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming.
VIII. Signature
By signing below, both parties agree to the terms of this IOU Agreement:
[Your Lender]
[Date]
[Borrower's Name]
[Date]
