A promissory note contains the terms and conditions of a loan or payment arrangement, including how and when the loan must be repaid.

Whether a debtor requests a payment plan, or whether you propose one, once you have both agreed on such a plan, a promissory note is a simple – but very important document that you should use to give weight to your proposed payment plan. After all, you’ve given something up – your right to receive immediate payment for your goods.

This is a sample for which you can use or adapt for your situation.