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The Non-Interest Bearing Promissory Note is a vital financial instrument used in Irish business and personal transactions where one party wishes to document a promise to pay a fixed sum to another party without charging interest. This document is commonly used in situations such as informal loans between related parties, business transactions requiring deferred payment, or structured payment arrangements where interest charges are not desired or appropriate. Under Irish law, particularly the Bills of Exchange Act 1882, the note must contain specific elements to be legally enforceable, including an unconditional promise to pay, a defined sum, and clear identification of the parties involved. The absence of interest makes this instrument particularly suitable for arrangements between related parties or in situations where Sharia law compliance is required. The document can be secured or unsecured and may include additional provisions such as guarantees or specific payment schedules.

1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for determining applicable laws and enforcement periods

2. Parties: Identifies the maker (promisor) and the payee (promisee) with their full legal names and addresses

3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, including the principal amount written in both numbers and words

4. Payment Terms: Specifies the payment date(s), whether it's a lump sum or installments, and confirms no interest is payable

5. Method of Payment: Details how payments will be made and where they should be sent

6. Events of Default: Defines what constitutes a default and the consequences of default

7. Governing Law: Confirms that the note is governed by Irish law

8. Signature Block: Space for the maker's signature, witness signature if required, and date