When President Obama (right) met Usain Bolt (left) he could not resist joining the world-class sprinter in striking his trademark 'lightning pose'. Before striking Bolt's signature pose, Obama praised him saying that 'nobody's ever been faster'.
Decide on a secured or unsecured promissory note for repayment. A secured promissory note requires the borrower to provide goods, property, or services as collateral, in the event the borrower defaults on the debt. The value of the collateral should be equal to or greater than the principal of the debt.
A promissory note is a contract between two parties. One party is obtaining a loan from the other, promising to repay the money within a designated period of time.For the loan, the lending party may receive interest on the amount owed until repayment of the loan.efine who the two parties are in the promissory note agreement and include contact information. The promisor, also known as an obligor, is the person getting the loan and promising to repay it under the contract terms.