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This form provides four different forms of a promissory note, which is a binding legal contract. As with all contracts, something of value is exchanged between two parties. In this case, the borrower receives money. The lender receives a promise to repay the money -- usually with interest -- at specified dates. If the borrower doesn't meet the repayment terms, the lender can sue and get a judgment against the borrower for the amount owed plus court costs and possibly lawyers' fees. With a judgment in hand, the lender can then collect the money owed from the borrower's bank accounts and other assets.
The provider of your employee benefit no longer has access to CLC Online Legal Forms at this time. Please contact your employer for further information.