A promissory note is written by a party as a promise that the other party will receive payment from them. Sometimes a company may acquire the services of a vendor but will only agree to pay after they are satisfied with their introductory service. In this case, a promissory note needs to be written to the vendor assuring him that he will receive his payment after a certain period. Other times, a promissory note may also be written if a company is unable to pay the vendor their dues on…
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