Washington IOU

I. Parties Involved

This IOU agreement ("Agreement") is made between [LENDER'S NAME] ("Lender") and [BORROWER'S NAME] ("Borrower") on this [DATE] day of [MONTH], [YEAR].

II. Terms of Agreement:

Amount Owed: [AMOUNT IN WORDS AND NUMBERS]
Repayment Date: [SPECIFY REPAYMENT DATE]
Interest Rate (if applicable): [SPECIFY INTEREST RATE, IF ANY]
Method of Repayment: [SPECIFY METHOD OF REPAYMENT, E.G., CASH, CHECK, BANK TRANSFER]
Late Payment Charges (if applicable): [SPECIFY LATE PAYMENT CHARGES, IF ANY]

III. Repayment Agreement:

I, [BORROWER'S NAME], promise to repay the owed amount of [AMOUNT IN WORDS AND NUMBERS] to [LENDER'S NAME] in full by the specified repayment date.
I understand that failure to repay the owed amount by the agreed-upon date may result in additional charges or legal action.
I agree to abide by the terms outlined in this IOU agreement and will make every effort to fulfill my repayment obligations promptly.

IV. Interest

This debt includes the accrual of interest. The interest rate is [INTEREST RATE] per annum, compounded monthly.

V. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the state of Washington.

VI. Acknowledgment of Debt

The Borrower acknowledges that the debt detailed in this IOU is legitimate and promises to repay it in full to the Lender on the terms stated herein. This Agreement serves as a legal and binding obligation solely in relation to the transaction described, independent of any other arrangements or agreements between the Parties.

VII. Signatures

In witness thereof, the Parties hereto have executed this IOU Agreement as of the date first above written.

[Your Lender]

[Date]

[Borrower's Name]

[Date]