Form

Simple IOU

A short, straightforward IOU documenting an informal debt between two parties.

IOU — Acknowledgment of Debt

Date: As of the date of signature below.

Parties

Borrower: borrower_name (the "Borrower")

Lender: lender_name (the "Lender")

Acknowledgment of Debt

I, borrower_name, hereby acknowledge and confirm that I owe lender_name the sum of amount (the "Debt").

This Debt was incurred as a personal loan between the undersigned Parties. The Borrower received the above-stated amount from the Lender and promises to repay it in accordance with the terms stated herein.

Amount

The total amount owed is amount. This amount represents the full principal of the Debt as of the date of this IOU.

No interest shall accrue on this Debt unless the Borrower fails to repay the full amount by the Due Date specified below.

Due Date

The full amount of amount shall be due and payable on or before due_date (the "Due Date").

If the Borrower fails to repay the Debt by the Due Date, the Borrower acknowledges that the Lender may pursue collection of the Debt through all available legal means.

Payment Method

Payment shall be made in lawful currency of the United States by cash, personal check, cashier's check, bank transfer, or electronic payment to an account designated by the Lender.

The Borrower shall bear any fees associated with the transfer of funds.

Late Payment

If the Borrower fails to pay the full amount by the Due Date, a late fee of five percent (5%) of the outstanding balance may be assessed at the Lender's discretion.

Interest may accrue on any unpaid balance at a rate of one percent (1%) per month after the Due Date, subject to applicable law.

No Waiver

The Lender's failure to enforce any term of this IOU shall not constitute a waiver of the Lender's rights hereunder.

Governing Law

This IOU shall be governed by and construed in accordance with the laws of the state in which the Lender resides.

Entire Agreement

This IOU constitutes the entire understanding between the Parties regarding the Debt described herein and supersedes any prior agreements or understandings, whether written or oral.

This IOU may not be modified except in writing signed by both Parties.

Voluntary Execution

The Borrower acknowledges that this IOU is executed voluntarily and without coercion or duress of any kind.

The Borrower has had the opportunity to seek independent legal advice before signing this IOU.

IN WITNESS WHEREOF, the Borrower has executed this IOU as of the date set forth below.

Borrower

borrower_name

[Electronic signature will be collected via zsign]

[Date will be recorded automatically]

Lender (Acknowledgment)

lender_name