Promissory notes are written agreements acknowledging a debt and promising to pay the debt within a given time period. Since it is legally binding, it needs to be authored in the right way so that it will indeed stand up in court. These are the best practices for promissory notes.
Promissory notes are not so different from loan agreements except for the fact that they are mainly written by the borrower instead of the lender. With that in mind, here’s what must be included:
Names of Parties: The first paragraph will include the name of the debtor as well as their address. The creditor's full name should also be included along with their address.
Acknowledgment of Debt: The first paragraph is about acknowledging that money is owed and that you have the intention to pay this money. So, the debtor identifies themselves by full name and then acknowledges that they owe a particular sum of money to the other party whom they also identify.
Date of Repayment: The acknowledgment should be accompanied by a promise to pay the money on a particular date.
Interest: If an interest has to be paid on the money owed, then that should also be included in the promissory note. There should also be an indication of the total sum after interest is added.
Collateral: The debtor mentions the collateral provided as a guarantee that the money will be paid. This could be a list of items or services that have been valued.
Default Conditions: Explain what actions will be taken if the debtor fails to meet their obligation within the set period.
Mode of Payment: Will the payment be made in cash? Paid to the bank? Check or any other method? This should be indicated along with where the payment should be made in case of payments made to the bank.
Signature: The signature enforces the agreement. Both parties will have to sign and date the signature for it to be a legally binding document.
If a lender loses a promissory note, it can be hard to follow up on the payment. The best practice is to store the document in digital form. This prevents loss as well as access to the document by unauthorized persons.
Although it may seem easy to quickly draft a short note by hand, the best option would be to rely on templates that are professionally designed. It makes it faster to create the document and avoids errors or omissions that will complicate the agreement.
Keep it short and to the point. There is no reason to include unnecessary clauses that may already be covered. Most businesses today automate this process for faster and better results.
Windward offers the best automatic document generator that can help you create promissory notes and more in a matter of few seconds by using well-designed templates, conditional logic, and dynamic data from multiple datasources. Try Windward free before you buy for the next 30 days - download our free trial today.
Adds various capabilities such as inequalities,descending sort, joins, and other functions.
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SQL Select Debugger
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Added a Query tab as a field for typing or pasting in a select statement
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All tags using that Data source will be automatically updated with that name.
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New single interface to replace 2 separate dialog boxes
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Displays of all the tags in the template, structured as they are placed in the template. This provides a simple & intuitive way to see the structure of your template. Also provides the capability to go to any tag and/or see the properties of any tag.
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The ability to integrate the Windward Engine into Google’s cloud computing platform for developing and hosting web applications dubbed Google Applications Engine (GAE).
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This new integration will allow for processing of complex scripts and bi-directional text such as Arabic. Your PDF output will be much tighter and more closely match your template, and we’ll be able to respond rapidly to PDF requests and fixes.
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Includes support for new ForEach and slide break handling, table header row repeat across slide breaks, and native Microsoft support for charts and images.
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Tags are color coded in the template by type, making it easy to visually identify them.
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Version 13’s core code has been reworked and optimized to offer a reduced memory footprint, faster PDF generation and full documentation of supported features and limitations in the specifications for DOCX, XLSX and PPTX.
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Documents can include advanced Word image properties such as shadows, borders, and styles.
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Windward has updated HTML output to reflect changing HTML standards.
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Windward now works with a slew of new datasources: MongoDB, JSON, Cassandra, OData, Salesforce.com
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The Generate Code tool in the designer allows you to open an existing template and, with a click of a button, automatically create a window with the code needed to run your current template with all data sources and variables. Simply copy this code and paste into your application's code in the appropriate place. You now have Windward integrated into your application.
You only need to do this once. You do not do this for each template. Instead, where it has explicit files for the template and output, change that to parameters you pass to this code. Same for the parameters passed to Windward. This example uses explicit values to show you what to substitute in where.
Any pivot tables in an XLSX template are carried over to the XLSX output. The ranges in the pivot ranges are adjusted to match the generated output. So your final XLSX will have pivot tables set as expected in the generated file.
This makes creating an XLSX workbook with pivot tables trivial.
In an imported sub-template, if its properties for a style (ex. Normal) differ from the parent template's properties for the style, the use in the sub-template can be set to either use the properties in the sub-template, or the properties in the parent.
You set to retain when you don't want the child template's styling to change when imported. You set to use the parent when you want the styling of the imported template to match the styling in the parent.
Any explicit styling is always retained. This only impacts styling set by styles.
Tags can be placed in text boxes. Including linked text boxes. This gives you the ability to set the text in a textbox from your data.
Tags can be placed in shapes & smart art. This gives you the ability to set the text in a shape from your data.
When generating HTML output, the engine can either write bitmaps as distinct files the generate HTML references, or it can embed the images in the HTML providing a single file for the output.
You can place tags in pretty much any part of a template, including in footnotes & endnotes.
Any parts of a DOCX or XLSX (PowerPoint does not support this) file that are locked in the template, will be locked the same in the output.
If a font used in the template does not exist on the server generating a report, the font to substitute can be specified.
In addition, if a glyph to be rendered does not exist in the font specified, you can specify the replacement font. This can be set distinctly for European, Bi-Directional, and Far East fonts.
If you need this - it's essential. And if you don't need it, it's irrelevant.
Windward enables you to build a document by applying multiple datasources to the template simultaneously. When Windward is merging the data into a template, it processes the template by handling each tag in order, and each tag pulls from different datasources. (As opposed to processing all of one datasource, then processing the next.)
This allows the select tag to use data from another datasource in its select. For example, if you are pulling customer information from one data source, you can then pull data from the sales datasource using the customer ID of the customer presently processing to pull the sales information for that customer. If you're interested in patching together your data from multiple datasources, read this post on our blog.
