Michigan IOU (I Owe You)
This IOU acknowledges that I, [YOUR NAME], currently residing at or representing the business located at [YOUR COMPANY ADDRESS], hereby acknowledge and affirm the debt owed to the lender named below according to the terms described.
I. The Parties
Borrower: [YOUR NAME], acting on behalf of [YOUR COMPANY NAME], which can be contacted via email at [YOUR COMPANY EMAIL], phone at [YOUR COMPANY NUMBER], or through the website [YOUR COMPANY WEBSITE], and social media page at [YOUR COMPANY SOCIAL MEDIA].
Lender: [LENDER NAME], with contact information including mailing address [LENDER ADDRESS], email [LENDER EMAIL], and phone number [LENDER PHONE NUMBER].
II. Principal Amount
The principal amount of the debt, the sum borrowed is [PRINCIPAL AMOUNT IN DOLLARS].
III. Repayment Terms
This amount is to be repaid in full by [DUE DATE], or in installments as agreed upon in mutually agreed-upon terms that will be detailed here or attached as a separate document.
IV. Interest
The borrowed sum will [WILL/WILL NOT] incur interest. If interest applies, the rate will be [INTEREST RATE]% per annum.
V. Default and Remedies
In the event of default, when [YOUR NAME] fails to make required payments by the agreed due dates, penalties or additional interest may apply as specified herein or in a separately attached agreement.
VI. Governing Law
This IOU shall be governed under the laws of the State of Michigan regardless of conflict of law principles.
VII. Signatures
Both parties hereby agree to the terms outlined in this IOU:
[YOUR NAME]
[YOUR TITLE], [YOUR COMPANY NAME]
Date: [DATE]
[LENDER NAME]
[LENDER TITLE], [LENDER COMPANY NAME]
Date: [DATE]
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