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