Simple Promissory Note No Interest Template for New Zealand

The Simple Promissory Note No Interest is a fundamental financial instrument used in New Zealand to document interest-free lending arrangements between parties. This document is particularly useful in situations involving loans between family members, friends, or business associates where charging interest is not desired or appropriate. The note must comply with New Zealand contract law and financial regulations, including the Contract and Commercial Law Act 2017. It contains essential elements such as the principal amount, payment terms, and parties' details, while excluding any interest calculations. This type of promissory note is commonly used for straightforward lending arrangements where maintaining clear documentation is important but the complexity of an interest-bearing loan agreement is unnecessary. The document provides legal protection for both the lender and borrower while keeping the terms simple and manageable.

1. Date and Parties: Full legal names and addresses of the Maker (borrower) and Payee (lender)

2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount written in both words and numbers

3. Payment Terms: Specific details of when and how the payment(s) will be made, including payment schedule and method

4. Place of Payment: Where payments are to be made or sent

5. Default Provisions: Consequences of failing to make payments as agreed

6. Governing Law: Statement that the note is governed by New Zealand law

7. Signature Block: Space for signatures, dates, and witness details