Promissory Note

PROMISSORY NOTE

This Agreement is made on [Date] between [Maker] and [Payee]

1. Parties. This Promissory Note is executed by [Maker Name], R/o [Address] (the "Maker") in favour of [Payee Name], R/o [Address] (the "Payee").
2. Recitals. The Maker has received valuable consideration from the Payee and executes this Note as an unconditional promise to pay.
3. Promise & Consideration. The Maker unconditionally promises to pay to the Payee, or order, the principal sum of Rs. [Amount] ([Amount in words]) received on the Effective Date [Effective Date].
4. Interest. The said sum shall carry interest at [__]% per annum from the date hereof until payment in full.
5. Payment Terms & Obligations. The principal with interest shall be payable [on demand / on [Due Date]] at [Place of Payment], for value received.
6. Demand. Presentment for payment, notice of dishonour and protest are hereby waived by the Maker to the extent permitted by law.
7. Representations & Warranties. The Maker warrants that it is competent to contract and that this Note is enforceable against it in accordance with its terms.
8. Confidentiality. The parties shall treat the terms of this Note as confidential save where disclosure is required by law.
9. Default. On default in payment when due, the entire outstanding shall become immediately payable and the Payee may enforce recovery under the Negotiable Instruments Act, 1881.
10. Term & Termination. This Note stands discharged upon receipt by the Payee of the principal together with interest in full.
11. Governing Law & Jurisdiction. This Note is governed by the laws of India and subject to the jurisdiction of courts at [City].
12. Dispute Resolution. Any dispute arising hereunder shall be resolved through arbitration under the Arbitration and Conciliation Act, 1996, seated at [City].

IN WITNESS WHEREOF the Maker has executed this Promissory Note on the date first written above.