Demand to Pay Promissory Note

Document Summary

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.

Description

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.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.

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