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Loan Agreement

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Should we prepare a promissory note when we make a monetary transaction?

What is a promissory note?
It is a written agreement between the borrower and the lender.

Money transactions can be sufficient in mere oral agreement. However, it is advisable to prepare and notarize a promissory note for preventing disputes in the future.

A promissory note should include the following:
Personal details of the creditor and debtor (e.g. names, national registration numbers, and addresses)
Loan amount
Matters in relation to interest
How and when the debtor repays
Liquidated damages if the debtor fails to repay
Duration of the loan
Other terms and conditions

It is advisable that the promissory note be notarized at the Notary Public Office for prevention and resolution of disputes.

For detailed legal information, please refer to “Loan Agreement” in easylaw.go.kr.

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