How do companies and individuals write IOUs?

Legal analysis: IOUs should be in written form. The type, currency, purpose, amount, interest rate, term and repayment method of the loan should be made clear. According to the law, if the parties agree to perform the same debt by stages, the limitation period of action shall be counted from the date when the last performance period expires.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 189 Where the parties agree to perform the same debt by installments, the limitation period of action shall be counted from the date when the last installment expires.

Article 470 The contents of a contract shall be agreed upon by the parties, and generally include the following clauses:

(1) The name and domicile of the party concerned;

(2) Subject matter;

(3) quantity;

(4) quality;

(5) Price or remuneration;

(6) Time limit, place and method of performance;

(7) Liability for breach of contract;

(8) Methods for resolving disputes.

The parties may conclude a contract by referring to the model texts of various contracts.