notes payable

Definition

An unconditional promise made by a party in a contract to repay a debt at a specified time or on demand under definite terms. Or, this can be an amount an organization owes in loans to others.

Use notes payable in a sentence

You need to keep good records of any notes payable so that you always know how much it is that you owe.

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We had a notes payable agreement and knew that we had to repay the debt at a specific time, no questions asked.

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The notes payable was sufficient for the investor to continue investing in our company as we had always been transparent.

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