Mississippi IOU
Mississippi IOU (I Owe You)
I. Acknowledgment of Debt
Borrower's Details:
Full Name: [BORROWER'S FULL NAME]
Company Name: [COMPANY NAME]
Email: [EMAIL ADDRESS]
I, [BORROWER'S FULL NAME], hereby acknowledge the debt and fully agree to the terms set forth in this IOU to repay the sum outlined below. This commitment reflects my understanding of the financial obligation and my intent to settle it fully under the terms described.
II. Principal Amount
The amount of the debt is [PRINCIPAL AMOUNT], which I owe to [YOUR NAME]. This principal will not attract interest unless stipulated by a subsequent, mutually agreed-upon written contract specifying the interest rate, compounding method, and the frequency of interest accrual.
III. Payment Terms
I agree to repay the aforementioned principal sum to [YOUR NAME] as per the following details:
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Repayment Schedule: [PAYMENT SCHEDULE]
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Method of Payment: [PAYMENT METHOD]
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Final Due Date: [FINAL DUE DATE]
Payments will be made regularly according to the schedule until the total amount is paid in full. If any payment is late, the specifics of late fees or penalties, if any, should be agreed upon separately and will adhere to the regulations of the State of Mississippi.
IV. Entire Agreement
This IOU constitutes the full and complete agreement between [BORROWER'S FULL NAME] and [YOUR NAME] regarding the outlined debt. It overrides all previous discussions and agreements, whether oral or written. Any amendments to this IOU must be made in writing and signed by both parties, ensuring both clarity and legal enforceability.
V. Governing Law
This IOU will be governed by and construed in accordance with the laws of the State of Mississippi. Both parties agree to submit to the jurisdiction of the courts of Mississippi for the enforcement of this agreement or any arbitration award or decision arising from this agreement.
VI. Signatures
By signing below, both the borrower and the lender agree to the terms and conditions of this IOU. This signature is a binding acknowledgment of the debt and the commitment to fulfill the terms outlined.
Borrower
Date: [DATE]
Lender
Date: [DATE]
