Texas IOU
Texas IOU (I Owe You)
This IOU Agreement is made effective as of [DATE], by and between [YOUR NAME] ("Borrower") and [LENDER NAME] ("Lender").
I. Acknowledgment of Debt
The Borrower, [YOUR NAME], acknowledges a debt to the Lender, [LENDER NAME], in the amount of [AMOUNT] (USD).
II. Borrower's Information
The Borrower represents and warrants the following:
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Company Name: [YOUR COMPANY NAME]
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Company Email: [YOUR COMPANY EMAIL]
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Company Address: [YOUR COMPANY ADDRESS]
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Company Phone Number: [YOUR COMPANY NUMBER]
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Company Website: [YOUR COMPANY WEBSITE]
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Company Social Media: [YOUR COMPANY SOCIAL MEDIA]
III. Terms of Payment
The Borrower agrees to pay the full amount of [AMOUNT] (USD) to the Lender by [PAYMENT DUE DATE]. Payment shall be made in the following manner: [PAYMENT METHOD].
IV. Interest
No interest shall be charged on the outstanding amount provided that the total amount is paid on or before the due date specified above. Interest may be charged at a rate of [INTEREST RATE]% per annum on any amount outstanding thereafter.
V. Prepayment
The Borrower retains the right to make a payment for the entirety of the debt or to partially pay off the debt amount at any time prior to the specified [DUE DATE], without incurring any form of penalty for doing so.
VI. Governing Law
This Instrument of Understanding, henceforth referred to as the IOU Agreement, shall be governed by and construed in accordance with the laws of the State of Texas.
VII. Amendment
This Agreement of Debt Acknowledgement, also referred to as an IOU Agreement, can solely be altered or adjusted through the utilization of a written document which must be signed by both parties involved, namely the Borrower and the Lender.
VIII. Signatures
Both parties agree to the terms of this IOU Agreement by providing their signatures below:
[YOUR NAME]
Lender
[DATE]
[BORROWER'S NAME]
Borrower
[DATE]
