Massachusetts IOU
Massachusetts IOU (I Owe You)
This IOU Agreement ("Agreement") is made and entered into on this day [DAY], [MONTH], [YEAR], by and between [YOUR NAME] (the "Borrower") of [YOUR COMPANY NAME], having its principal office at [YOUR COMPANY ADDRESS], and the Lender, whose details are set forth below.
I. Parties Involved
A. Borrower Information:
[YOUR NAME], operating under the company name [YOUR COMPANY NAME], reachable via:
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Email: [YOUR COMPANY EMAIL]
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Phone: [YOUR COMPANY NUMBER]
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Website: [YOUR COMPANY WEBSITE]
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Social Media Page: [YOUR COMPANY SOCIAL MEDIA]
B. Lender Information:
Name: [LENDER NAME]
Contact Details: [LENDER CONTACT DETAILS]
II. Principal Amount
The Borrower hereby unconditionally promises to pay the Lender the principal sum of $[PRINCIPAL AMOUNT], without interest.
III. Payment Terms
Repayment of the principal amount is due on or before [DUE DATE], and may be made by any of the following methods: cash, check, bank transfer, or any method agreed upon by both parties.
IV. Purpose of Loan
The Borrower agrees that the loan will be used for the following purpose: [SPECIFIC PURPOSE OF THE LOAN].
V. Repayment Schedule
The total amount shall be paid in [NUMBER OF INSTALLMENTS] installments of $[AMOUNT PER INSTALLMENT] each, beginning [START DATE OF INSTALLMENTS] and thereafter on the [DAY OF EACH MONTH] of each month.
VI. Default and Remedies
In the event of a default, where the Borrower fails to pay the full amount by the due date, the Lender has the right to demand immediate full repayment of the remaining balance. Additional remedies may be explored as permissible under Massachusetts law.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of laws rules.
VIII. Amendments
This Agreement may only be amended or modified by a written agreement signed by both the Borrower and the Lender.
IX. Signatures
Both parties affirm that the information provided in this Agreement is true and correct, and that this document is executed voluntarily as of the date first above written.
Borrower’s Signature:
Date: [DATE]
Lender’s Signature:
Date: [DATE]
