District Of Columbia IOU
District of Columbia IOU (I Owe You)
I. Loan Details
The party referred to as the debtor, whose identity is represented by [YOUR NAME] and whose physical address is indicated as [YOUR ADDRESS], hereby acknowledges the financial obligation owed to [CREDITOR'S NAME], whose place of business is situated at [CREDITOR'S ADDRESS]. The specified sum of [$AMOUNT], documented as issued on [DATE], is designated for the purpose of [IOU DETAILS/OBJECTIVE].
II. Terms of Agreement
This District of Columbia IOU serves as a legal agreement between [YOUR NAME] ("Debtor") and [CREDITOR'S NAME] ("Creditor") to acknowledge and document the debt owed by the Debtor to the Creditor. The Debtor agrees to repay the specified amount according to the terms outlined in this agreement.
III. Repayment Plan
The Debtor, [YOUR NAME], agrees to repay the total amount of [$AMOUNT] to the Creditor, [CREDITOR'S NAME], by [REPAYMENT DUE DATE]. Repayment will be made in [SPECIFY PAYMENT METHOD(S)] in [SPECIFY CURRENCY]. The Debtor shall make timely payments as agreed upon to settle the debt in full.
IV. Interest
No interest shall be charged on this loan unless otherwise agreed upon in writing by both parties. Any modifications to the interest terms must be documented and signed by both the Debtor and the Creditor to be considered valid.
V. Security
This District of Columbia IOU is secured by [DESCRIBE COLLATERAL OR SECURITY, IF ANY], which shall serve as collateral for the loan until the debt is fully repaid. The Creditor reserves the right to take possession of the collateral in the event of default by the Debtor.
VI. Signatures
Both parties, [YOUR NAME] and [CREDITOR'S NAME], acknowledge and agree to the terms of this District of Columbia IOU by signing below:
Debtor's Signature:
[YOUR NAME]
[DATE]
Creditor's Signature
[CREDITOR'S NAME]
[DATE]
