Maryland IOU
Maryland IOU (I Owe You)
This IOU Agreement ("Agreement") is entered into by and between [YOUR NAME] ("Borrower") and the Lender identified below. By executing this Agreement, the Borrower acknowledges debt to the Lender as specified herein and promises to repay this amount under the terms detailed in this Agreement. This IOU is enforceable and binding under the laws of the State of Maryland.
I. Party Information
[YOUR NAME], herein referred to as "Borrower,"
Company Name: [YOUR COMPANY NAME]
Email Address: [YOUR COMPANY EMAIL]
Company Address: [YOUR COMPANY ADDRESS]
Phone Number: [YOUR COMPANY NUMBER]
Website: [YOUR COMPANY WEBSITE]
Social Media Page: [YOUR COMPANY SOCIAL MEDIA]
II. Lender Information
Lender's Name: [LENDER NAME]
Lender's Contact Information: [LENDER CONTACT INFORMATION]
III. Principal Amount
The principal amount of debt acknowledged by the Borrower to the Lender under this IOU is [PRINCIPAL AMOUNT].
IV. Repayment Terms
The Borrower agrees to repay the aforementioned principal amount in full to the Lender by [DUE DATE]. Payment shall be made in the form of [PAYMENT METHOD], to the Lender's designated payment address or account.
V. Interest
This debt shall [INCLUDE/NOT INCLUDE] interest. If interest is included, it shall accrue at an annual rate of [INTEREST RATE], compounded [COMPOUNDING FREQUENCY].
VI. Prepayment
The Borrower has the right to prepay the principal amount in whole or in part at any time without penalty.
VII. Default and Remedies
In the event of default by the Borrower—not making a timely payment or otherwise complying with the terms herein—the Lender has the right to demand immediate payment of the remaining principal and accrued interest. Legal actions may be taken to recover the debt.
VIII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland.
IX. Signatures
By signing below, both parties agree to the terms of this IOU Agreement.
Borrower's Signature:
Date: [DATE]
Lender's Signature:
Date: [DATE]
