New Jersey IOU (I Owe You)
I. The Parties
Borrower Information
Name: [YOUR NAME]
Company Name: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Lender Information
Name: [LENDER NAME]
Company Name: [LENDER COMPANY NAME]
Email: [LENDER EMAIL]
II. Principal Amount
The principal amount of the debt hereby acknowledged by the Borrower to the Lender is [PRINCIPAL AMOUNT] dollars ($).
III. Interest
No interest shall accrue on the principal amount except in the event of default, in which case interest shall accrue at an annual rate of [INTEREST RATE]%.
IV. Repayment Terms
Repayment of the principal amount shall be due and payable on or before [DUE DATE]. Payments shall be made in the manner directed by the Lender.
V. Prepayment
The Borrower may prepay this IOU in whole or in part at any time without penalty.
VI. Default
In the event of default, which occurs if the Borrower fails to pay the debt by the due date, the entire balance shall become immediately due and payable upon demand of the Lender.
VII. Governing Law
This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of New Jersey, United States.
VIII. Amendment
This Agreement may only be amended or modified by a written agreement signed by both parties.
IX. Signatures
Both parties agree to the terms of this IOU and shall sign below to bind themselves to this agreement on the dates indicated.
Borrower
Date: [DATE]
Lender
Date: [DATE]
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