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A Payable On Demand Promissory Note is commonly used in New Zealand business and personal financial transactions where one party wishes to formalize a promise to pay another party a specific sum of money. This document type is particularly useful in situations involving loans, debt acknowledgments, or business financing arrangements where immediate payment capability needs to be established. The note, governed by New Zealand law, must contain specific elements to be legally enforceable, including an unconditional promise to pay, a specified sum, and the on-demand nature of the payment obligation. It provides a simplified yet legally robust mechanism for documenting financial obligations while offering flexibility in terms of when the payment can be demanded. The document's structure and content must comply with New Zealand's Contract and Commercial Law Act 2017 and related financial regulations.

1. Heading and Date: Title of the document as 'Promissory Note' and the date of execution

2. Maker Details: Full legal name and address of the person/entity promising to pay (maker)

3. Payee Details: Full legal name and address of the person/entity to whom payment is promised (payee)

4. Promise to Pay: Clear, unconditional statement promising to pay a specific sum of money

5. Principal Amount: The specific sum promised to be paid, stated in both numbers and words

6. On Demand Clause: Statement specifying that the amount is payable upon demand by the payee

7. Interest Rate: Specification of any applicable interest rate and calculation method

8. Payment Terms: Details of how and where payment will be made when demanded

9. Execution: Signature block for the maker and date of signing