Alabama IOU
Alabama IOU (I Owe You)
I. Parties Involved:
This agreement is entered into between:
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[YOUR COMPANY NAME], hereinafter referred to as the "Creditor," represented by [AUTHORIZED REPRESENTATIVE'S NAME], with a registered office at [COMPANY ADDRESS] and contact number [YOUR COMPANY NUMBER].
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[DEBTOR'S NAME], hereinafter referred to as the "Debtor," with a residential address at [DEBTOR ADDRESS] and contact number [DEBTOR PHONE NUMBER].
II. Acknowledgement of Debt:
The Debtor acknowledges that they owe a debt to the Creditor for goods or services received, as detailed below:
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Date of Transaction: [DATE OF TRANSACTION]
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Description of Goods/Services: [DESCRIPTION]
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Amount Owed: [AMOUNT IN CURRENCY]
III. Terms of Payment:
The Debtor agrees to repay the debt according to the following terms:
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Total Amount Due: [TOTAL AMOUNT]
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Payment Schedule: [PAYMENT SCHEDULE, E.G., IN FULL WITHIN 30 DAYS]
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Method of Payment: [METHOD OF PAYMENT, E.G., BANK TRANSFER, CHECK]
IV. Late Payment Consequences:
In the event of late payment, the Debtor shall be liable to pay interest on the outstanding amount at a rate of [INTEREST RATE]% per annum calculated from the due date until the date of repayment.
V. Default and Remedies:
Should the Debtor default on payment according to the agreed terms, the Creditor reserves the right to pursue all legal remedies available to recover the debt, including but not limited to legal action and debt collection services, at the expense of the Debtor.
VI. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of the state of Alabama, and any disputes arising out of or in connection with this agreement shall be subject to the exclusive jurisdiction of the courts of Alabama.
VII. Signatures
The document is signed on the date below to certify acceptance of the IOU's terms.
[Your Name]
Debtor
[Creditor's Name]
Creditor
