Connecticut IOU
Connecticut IOU (I Owe You)
I. Loan Details
The individual or entity assuming the role of borrower, duly referred to as [YOUR NAME], and located at [YOUR ADDRESS], hereby acknowledges the obligation owed to [CREDITOR'S NAME], whose address is stipulated as [CREDITOR'S ADDRESS]. The sum of [$AMOUNT], outlined in this agreement and officially issued on [DATE], is designated for the specific purpose of [IOU DETAILS/OBJECTIVE].
II. Terms of Agreement
This Connecticut IOU signifies a legally binding agreement between [YOUR NAME] ("Debtor") and [CREDITOR'S NAME] ("Creditor"), established to formally recognize and document the debt owed by the Debtor to the Creditor. Under the terms delineated in this agreement, the Debtor commits to the repayment of the specified amount.
III. Repayment Plan
In accordance with this agreement, [YOUR NAME], acting as the Debtor, undertakes the responsibility to reimburse the total sum of [$AMOUNT] to [CREDITOR'S NAME], the Creditor, by the designated [REPAYMENT DUE DATE]. Repayment shall be conducted utilizing the [SPECIFY PAYMENT METHOD(S)] in the [SPECIFY CURRENCY]. It is incumbent upon the Debtor to honor the agreed-upon repayment schedule to settle the debt entirely.
IV. Interest
This loan agreement stipulates that no interest shall accrue unless expressly agreed upon in writing by both parties. Any alterations to the interest terms necessitate formal documentation and the endorsement of both the Debtor and the Creditor to ensure their validity.
V. Security
The validity of this Connecticut IOU is bolstered by the presence of [DESCRIBE COLLATERAL OR SECURITY, IF ANY], which serves as collateral for the loan until the entire debt is discharged. In the event of default by the Debtor, the Creditor retains the right to seize the collateral, thereby fortifying the enforceability of this agreement.
VI. Signatures
Both parties, [YOUR NAME] and [CREDITOR'S NAME], hereby acknowledge and affirm their acceptance of the terms delineated within this Connecticut IOU by affixing their signatures below:
Debtor's Signature:
[DEBTOR'S NAME]
[DATE]
Creditor's Signature
[CREDITOR'S NAME]
[DATE]
