Contractor IOU (I Owe You)
I. Statement of Debt
This IOU acknowledges that I, [YOUR NAME], representing [YOUR COMPANY NAME], owe the below-mentioned sum of money which I promise to repay under the conditions specified herein.
II. Principal Amount
The total principal amount of the debt is [AMOUNT].
III. Party Details
Borrower/Debtor: [YOUR NAME]
Company: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Address: [YOUR COMPANY ADDRESS]
Phone Number: [YOUR COMPANY NUMBER]
Website: [YOUR COMPANY WEBSITE]
Social Media: [YOUR COMPANY SOCIAL MEDIA]
Lender/Creditor: [LENDER'S NAME]
Company: [LENDER'S COMPANY NAME]
Email: [LENDER'S COMPANY EMAIL]
Address: [LENDER'S COMPANY ADDRESS]
Phone Number: [LENDER'S COMPANY NUMBER]
IV. Repayment Terms
Repayment of the principal amount of [AMOUNT] along with any agreed upon interest of [INTEREST RATE]% per annum will commence on [START DATE] and will be completed by [DUE DATE]. Installments shall be made as follows: [DETAILS OF REPAYMENT STRUCTURE].
V. Interest
In the case of late payment, an additional interest of [LATE PAYMENT INTEREST RATE]% per annum may be charged on the outstanding amount from the due date to the date of actual payment.
VI. Default and Remedies
In the event of default, the creditor reserves the right to demand immediate payment of the full remaining balance. Other legal remedies may be sought to recover the due amounts including costs related to the collection of the debt.
VII. Governing Law
This IOU shall be governed by, and construed in accordance with, the laws of the state of [STATE/PROVINCE].
VIII. Signatures
This document is signed by both parties as an indication of agreement to the terms spelled out herein.
Borrower's Name:
[YOUR NAME]
Date:[DATE]
Lender's Name:
[VENDOR NAME]
Date:[DATE]
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