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Can someone with knowledge of legal-speak help me with this?
I am a Respiratory Therapist and am being hired for my first job. There is a nebulous statement in the incentive package that I don't understand.
"The maker and endorser hereof waives demand and presentment for payment, notice of non-payment, protest and notice of protest of the Promissory Note."
What does this mean?
For context, this clause is from my Promissory Note for an Incentive and Recruitment package. With what has already been explained by posters so far and how my contract reads that I can understand, I would be responsible for more money than I would receive (because I would not be asking for the maximum in moving expenses) and they would not have an obligation to actually pay the agreed amount.
If this condition was on the bonus/moving expenses/temporary housing for your job, would you consider taking it?
4 Answers
- artistagent116Lv 71 decade agoFavorite Answer
It means that the endorser (whoever signs the agreement - you, I suppose) waives (gives up the right to) demand payment of the Promissory Note. A promissory note is a loan.
Why is a loan being discussed in an employment agreement?
I must say that I really don't know why you would be asked to sign ANYTHING having to do with a loan when being hired.
It sounds like a typical acceleration clause in a loan (promissory note) installment contract.
I would advise you to politely ask the Human Resources Manager (or whoever hired you) to explain the reason for this statement.
- 1 decade ago
Might be tied to a 401(k) plan that you can possibly borrow against. Essentially, if you borrow money, you and the "lender" waive the right to receive demand for payment and your right to protest non-payment. It basically ensures that if you were to stop paying on a note that you took out (again, possibly against a 401(k) or something), that it speeds up the process for them to get their money back if you fail to live up to the expectations of the note.
- 1 decade ago
It suggests that in the process you will be promising to pay some sum. It may be an application fee or some such. Then it has you agree not to use various defenses that might relieve you of having to make payment. alook further at what you would be promising to pay and how much.
