Simple Money Bond

A simply money bond is a document wherein lender advances loan to borrower on certain terms and condition.
 
The object of the simple money bond  is that it determines the terms and condition between the lenders and the borrowers. The agreement is binding on both the parties and is enforceable by law.
 

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    DRAFT OF SIMPLE MONEY BOND 

    I, X, son of __________ resident of _______________ confirm that I am indebted to Y son of __________ resident of __________________ to the extent of Rs. _________ ( Rupees __________________________ ) on account of the price of __________________ purchased by me from the said Y and I hereby agree and covenant to pay the said sum on demand of Rs. ________________ with interest at the rate of ____ percent per annum to Y.

    Date: ____________

    WITNESSES

    1.

    2.

    Signature

     

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