PROMISSORY NOTE
Date :
Amount : amount in words [Php__________] (principal)
PURPOSE : Payment for claims
In acceptance of my obligation, undertaking and warranty as a service provider, the
undersigned maker promises to pay ___________________ The (“Company”) or order, the total
amount of amount in words [Php__________], on or before ________________.
To pay for this note on the said date, the undersigned maker has agreed to be deducted
the amount of amount in words [Php__________] per month from its billings for the trucking
services rendered to the Company. The undersigned further warrants that it will not cease,
desist, or suspend its services being rendered to the Company for the purpose of subverting this
note.
All amounts due under this Note shall be payable, without need of notice or demand, to
__________________ or its order.
In case the maker fails to pay the amount of this Note upon maturity, or should the
undersigned cease from providing services to the Company for any reason, the whole sum
outstanding and unpaid under this Note shall thereupon become immediately due and
demandable without need of any demand or notice. Pursuant thereto, the maker further agrees
to pay interest at the rate of three percent (3%) per month computed from due date until the
same is fully paid. Should the Company or its order require the services of counsel to enforce
collection of this Note, the maker further agrees to pay the costs of suit, interests, damages and
the total amount due, but in no case less than FIFTY THOUSAND ( P50,000.00) as attorney’s fees.
Signed on this _____ day of October 2020 in _____________________________.
________________________
FULL NAME
Owner
NAME OF BUSINESS/ENTITY
Conforme:
____________________________
FULL NAME
Position or Designation
Company name
SUBSCRIBED AND SWORN to before me this ________ day of ________________, 2020
______________________ exhibiting to me their _____________ IDs with Nos.
_________________ and __________ issued on ________________ and ______________ at
___________________ and _________________, respectively.
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of 2020.
