So you want to borrow some money. Or someone wants to borrow some from you. Sometimes a handshake alone just won’t cut it. When the lender wants to put it on paper and create terms for the loan, they create a Promissory Note—often referred to as a ‘note.’ How do you define this document? A Promissory Note is a written promise by a person to pay a specific amount of money, or principle to another usually to include a specified amount of interest on the unpaid principal amount. A schedule for repayment may be specified with a variety of different terms. A promissory note may contain other terms, such as a penalty for late payments or a provision for attorney’s fees and costs if there is a legal action to collect. The promissory note is usually held by the party to whom the money is owed. There are legal limitations to the amount of interest which may be charged. When the amount due on the note, including interest and penalties (if any), is paid, the note must be cancelled and surrendered to the person(s) who signed it. At Quick Law Docs, creating a Promissory Note is easy and convenient.

Before creating your Promissory Note, be sure to have the following:

- Amount of the loan
- Specific terms of the loan, including a payment schedule
- Established interest rate

Source: http://www.quicklawdocs.com/blog/promissory-noteinterest-note/

Let’s say Joe has an organic produce delivery service. He delivers fresh fruits and vegetables to his clients every week. Suddenly, his wife gets transferred to a different city. He decides to sell his route to Dave who’s been looking for this type of business. Before Dave takes it over, they need to make it official. They decide to sign an Assignment of Contract to ensure that the agreement is in everyone’s best interest. An Assignment of Contract is useful when someone commits to a contract, and then their situation changes. Now they want to assign the obligations and benefits of that contract to someone else. To cement this deal—and protect both parties and their customers the way Joe and Dave did—an Assignment of Contract should be official. If you find yourself in this type of situation, Quick Law Docs is the perfect place to start.

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Before creating your Assignment of Contract, be sure to think through/research the following:

- Be sure there’s no anti-assignment clause in your contract.

- Check to see what your liability is. Some contracts will not release you from liability until the end of the contract—even if it is assigned to another party.

- Be sure the Assignee isn’t going to alter the product for which your clients originally contracted.

- Make a plan for how customers will be notified.

Source: http://www.quicklawdocs.com/blog/assignment-of-contract/