South Dakota IOU
South Dakota IOU (I Owe You)
I. Parties Involved
This IOU Agreement is made and entered into on [DATE], by and between:
[YOUR NAME], hereinafter referred to as the "Borrower," with contact details as follows:
Company Name: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Address: [YOUR COMPANY ADDRESS]
Phone Number: [YOUR COMPANY NUMBER]
Website: [YOUR COMPANY WEBSITE]
Social Media: [YOUR COMPANY SOCIAL MEDIA]
AND
[LENDER NAME], hereinafter referred to as the "Lender," with contact details as follows:
Company Name: [LENDER COMPANY NAME]
Email: [LENDER COMPANY EMAIL]
Address: [LENDER COMPANY ADDRESS]
Phone Number: [LENDER COMPANY NUMBER]
Website: [LENDER COMPANY WEBSITE]
Social Media: [LENDER COMPANY SOCIAL MEDIA]
II. Principal Amount
The Borrower acknowledges a debt to the Lender in the principal amount of [PRINCIPAL AMOUNT] U.S. Dollars (USD).
III. Payment Terms
The Borrower agrees to repay the full principal amount to the Lender by [FINAL REPAYMENT DATE]. Payment will be made in the following manner:
[DESCRIBE PAYMENT TERMS]
IV. Interest
The Borrower concurs that the principal sum owed will be subject to the accumulation of interest, which shall be calculated on an annual basis at a rate of [INTEREST RATE] percent.
V. Prepayment
The Borrower retains the explicit right to settle the outstanding debt either partially or in full at any point in time, and may do so without incurring any penalties.
VI. Default and Remedies
In the event of default, when the Borrower fails to make a payment by [PAYMENT DEADLINE DATE], the Lender shall have the option to demand the immediate payment of the remaining balance due under this agreement. Failure to meet repayment may result in legal proceedings.
VII. Governing Law
This Agreement shall be governed by the laws of the State of South Dakota, interpreted in accordance with those laws, and enforced under the legal framework of the State of South Dakota.
VIII. Signatures
Both parties hereby agree to the terms and conditions set forth in this IOU Agreement and affix their signatures as proof of their agreement.
[YOUR NAME]
Lender
[DATE]
[BORROWER'S NAME]
Borrower
[DATE]
