This template is used by a creditor to demand full payment due to the debtor’s failure to pay the instalment as per the terms of the promissory note.
According to article 512 of Federal Decree-Law No. 50/2022 Issuing the Commercial Transactions Law, a promissory note is a commercial paper whereby the executor thereof undertakes to pay a specific amount of money at sight, or on a specific date, or can be specified, to another person namely the beneficiary.
This document is intended for use in the United Arab Emirates.
This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.