Essential Elements to Include in a Promissory Agreement
A promissory agreement is a vital legal document outlining the repayment terms between a lender and borrower. It should clearly specify the involved parties, loan amount, interest rate, repayment schedule, default consequences, and additional clauses. Properly drafting these elements ensures enforceability and clarity, providing legal protection for both parties. This comprehensive guide covers the key components necessary for creating an effective promissory agreement, helping to prevent misunderstandings and legal disputes.
May. 18,2025