Free IOU for Sale of Goods

Date: September 1, 2050
1. Parties Involved:
Seller (Lender):
Name: John Smith
Address: 123 Elm Street, Springfield, IL 62704
Buyer (Borrower):
Name: [YOUR NAME]
Address: 1857 Golf Course Drive, Chantilly VA 22021
2. Details of the Transaction:
Description of Goods Sold:
10 high-quality office chairs
Amount Owed (Principal):
$1,000.00
Interest Rate:
5% per annum
Total Amount Due (Including Interest):
$1,050.00
3. Payment Terms:
Payment Schedule:
Full amount due by October 1, 2050
Late Fees:
A late fee of $25.00 will be added for every 7 days past the due date
4. Notes:
Payment to be made via bank transfer to account number 2008467 at Springfield Bank.
Goods were delivered upon receipt of the first payment installment.
5. Acknowledgment:
By signing below, both parties acknowledge and agree to the terms outlined in this IOU.
Seller (Lender):

John Smith
September 1, 2050
Buyer (Borrower):

[YOUR NAME]
September 1, 2050
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