Nevada IOU (I Owe You)
I. Acknowledgment of Debt
The Borrower acknowledges and agrees that they are indebted to the Creditor in the principal amount of the sum indicated, and hereby promises to pay this sum under the terms set forth herein.
II. Terms of Repayment
The Borrower agrees to repay the aforementioned principal sum in full on or before the due date set forth. The specific terms of repayment, including any installment payments, are as follows:
Total Amount Owed: [AMOUNT IN US DOLLARS]
Due Date for Repayment: [DUE DATE (mm/dd/yyyy)]
Agreed Installments: [DETAILS OF ANY INSTALLMENT PAYMENTS]
III. Interest
Interest will accrue on the unpaid balance of the loan at a rate of [INTEREST RATE PERCENTAGE] per annum from the date hereof until paid in full.
IV. Prepayment
Borrower may prepay the principal amount outstanding in whole or in part at any time without penalty.
V. Default and Remedies
If the Borrower fails to make any payment as agreed, the Borrower will be in default of this Agreement. The Creditor, upon such default, may demand immediate payment of all remaining indebtedness.
VI. Entire Agreement
This document represents the entire agreement between the parties and supersedes any previous written or oral agreement. This agreement may be amended only by written agreement signed by both parties.
VII. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada.
VIII. Signatures
Both parties hereby agree to the terms and conditions of the IOU Agreement stated above:
Borrower's Signature
Date: [DATE]
Creditor Signature
Date: [DATE]
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