The Promissory Note Between Individuals is a crucial document in Indonesian private lending practices, commonly used when one individual lends money to another. This document type is governed by Indonesian law and is particularly relevant when formal documentation of a personal loan is needed, but a full loan agreement might be unnecessarily complex. It must comply with the Indonesian Civil Code (KUHPer) and include proper stamp duty as required by Law No. 13 of 1985. The note typically includes essential information such as the loan amount, payment terms, interest rates, and default provisions. While simpler than commercial loan agreements, it still provides legal protection for both parties and creates an enforceable obligation under Indonesian law. This document is particularly useful for personal loans, family lending arrangements, or small business transactions between individuals.
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1. Identification of Parties: Full legal names and addresses of the lender (payee) and borrower (maker)
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in both numbers and words
3. Payment Terms: Specific details about how and when payment will be made, including payment schedule and maturity date
4. Interest Rate: Statement of the interest rate (if any), how it is calculated, and when interest is payable
5. Place of Payment: Specific location or method where payments must be made
6. Default Provisions: Consequences of late payment or default, including any late fees or penalties
7. Governing Law: Statement that the note is governed by Indonesian law
8. Signature Block: Space for signatures, dates, and required stamp duty
1. Collateral: Description of any assets securing the note - include when the loan is secured
2. Prepayment Terms: Terms for early payment of the note - include when early payment is allowed
3. Witnesses: Space for witness signatures - include when additional verification is desired
4. Co-signer: Details and signature of any co-signer - include when there is a guarantor
5. Assignment Rights: Terms for transferring the note to another party - include when the note may be transferred
6. Notice Provisions: How formal notices must be given between parties - include for larger loan amounts
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are involved
2. Collateral Description: Detailed description of any assets securing the note, including registration numbers or identifying features
3. Calculation Method: Detailed explanation of interest calculation method if complex interest terms are involved
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