Borrowing and lending money is a very common thing among friends. When you lend a certain sum of money to a friend of yours, you naturally trust your friend that he or she is going to pay you back as and when you need the money. In most of these cases, the terms and conditions of such an agreement are not clear and precise and this can lead to a conflict later on. Given the worst-case scenario, it can even lead to the breakup of the friendship due to a breach of trust. This is why you should consider using a promissory note template so that such problems can be avoided. The promissory note is a document that serves as a record of the transaction that has taken place between you and your friend. It can protect your interest and also provides you with the assurance that your friend is going to pay your money back to you in time.
Essential features of the promissory note template
Plenty of people these days prefer to use the free promissory note in Kansas when they are borrowing money from or lending money to a friend. This provides them with the peace of mind that they are going to get their money back in time and that the friendship is not going to get affected by any means. The promissory note contains a number of valuable information such as the names of the people who are involved in the transaction, the due date of payment, the penalty for default, the rate of interest, collaterals and the over payment schedule. Therefore, it can be said that the promissory note helps to highlight the legal roles, responsibilities and rights of the people involved in the transaction.
Tips for obtaining a promissory note template
In order to obtain a free template for a promissory note, it is important that you visit a platform that can offer you different types of free legal forms. These sites have got many different types of legal documents that can be downloaded and collected for free. You can simply collect the promissory note template from one of these sites, get it filled up and present it in the court of law when needed.
Author Bio
Carl writes often about legal drafting and help.