Promissory Note
A promissory note is an instrument in writing (not being bank note or a currency note) containing an unconditional undertaking, signed by the maker, to pay on demand or at a fixed or determinable future time a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.
Parties to Promissory Note
- Maker i.e. debor
- Payee i.e. creditor
Essentials of promissory Note
- It must be in writing
- The promise to pay must be unconditional
- It must be signed by maker
- The maker must be certain person
- The payee must be certain
- The sum payable must be certain
- The sum payable must be in Pak rupees
Dear Sir/Mam,
Please brief advise required on promissory note,
1). What can be action taken if its not full fill the agreed time to pay?
2). Where we need to proceed case against maker?
3). How long the case will take to solve?
4). What will be the punishment not to full fill promise (promise note)?
5). Is maker can case file against payee? if so what will be base?
6). Can we claim any extra/other expanse come on case file?
Please help and advise ASAP.
Thanks and Best Regards,