Arizona IOU (I Owe You)
I. Parties Involved
This IOU agreement is entered into between:
Lender: [YOUR NAME], residing at [YOUR FULL ADDRESS], with contact number [YOUR PHONE NUMBER], hereby referred to as the "Lender".
Borrower: [BORROWER'S NAME], residing at [BORROWER'S FULL ADDRESS], with contact number [BORROWER'S PHONE NUMBER], hereby referred to as the "Borrower".
II. IOU Details
This IOU is created for the purpose of acknowledging and documenting the debt owed by the Borrower to the Lender. The details of the debt are as follows:
Amount Owed: [$X.XX]
Date of Debt Incurred: [DATE]
Nature of Debt: [DESCRIPTION OF DEBT, such as a personal loan, purchase of goods, or services rendered]
III. Terms of Repayment
The Borrower agrees to repay the debt under the following terms:
Total Amount Due: [$X.XX], to be paid in full.
Repayment Date: [DATE OF REPAYMENT]
Method of Repayment: [METHOD OF REPAYMENT, such as Cash, Check, Bank Transfer]
IV. Late Payment
In the event of late payment, the Borrower agrees to pay an interest rate of [INTEREST RATE]% on the outstanding balance per [TIME PERIOD] until the debt is fully repaid. The calculation of interest shall commence from the date of default on the repayment obligations specified in this agreement.
V. Agreement
Both parties acknowledge and agree to the terms outlined in this IOU agreement. By signing below, the Lender and the Borrower affirm their understanding of the obligations set forth herein and agree to abide by them in good faith.
Debtor's Signature:
[DEBTOR'S NAME]
[DATE]
Creditor's Signature
[CREDITOR'S NAME]
[DATE]
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