Vermont IOU
Vermont IOU
This IOU Agreement ("Agreement") is made this [DAY] day of [MONTH], [YEAR], between [YOUR NAME], hereby referred to as the "Borrower", and [LENDER NAME], hereby referred to as the "Lender".
I. Acknowledgment of Debt
The Borrower acknowledges and agrees that a debt of [$DEBT AMOUNT] is owed to the Lender. The debt is for the purpose of [IOU PURPOSE]. The Borrower intends this IOU to legally affirm the obligation to repay this amount under the terms set forth below.
II. Terms of Repayment
The Borrower agrees to repay the owed amount under the following conditions:
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Repayment Amount: [$DEBT AMOUNT]
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Payment Schedule: Payments to be made on a [MONTHLY/WEEKLY] basis, beginning on [START DATE] and ending on [END DATE]
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Method of Payment: Payments to be made via [CHECK, BANK TRANSFER, ETC.]
III. Interest
The following interest will apply to the unpaid balance of the debt:
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Interest Rate: [ANNUAL INTEREST RATE]% per annum
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Interest accrues daily and will be compounded [MONTHLY/ANNUALLY].
IV. Prepayment
The Borrower has the right to pay off the full amount of the debt, or any part thereof, prior to the final due date. Any such prepayment shall first be applied to accrued interest and then to the principal loan amount.
V. Default
Failure to make any scheduled repayment may result in [COLLECTION ACTIONS/ADD LATE FEES/OTHER PENALTY], and may cause the full balance of the loan to become due immediately at the discretion of the Lender.
VI. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Vermont.
VII. Signatures
This document is signed voluntarily by both parties to indicate their agreement to its terms and conditions.
[Borrower's Name]
[Date]
[Lender Name]
[Date]
