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Old 11-12-2018, 11:49 AM   #1
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Default Promissory Note

Can a promissory note, with a contingency that I pass a background check,of salaries to be paid, increasing each of the first 3 years, after an official offer has been accepted be legally binding? This would be from a start up company with the assets to cover but may not be around 3 years. A couple other notes. The note would be signed in California. I would then go to Arizona for training and then relocate to Colorado within the first year.
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Old 09-20-2019, 06:10 AM   #2
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Default Re: Promissory Note

Contingent Promissory Note is a negotiable instrument promising payments contingent upon the occurrence of a specific event(s). Usually, this note automatically terminates on a set date, even if the contingency is never met during the term of the note and, thus, no payments of principal were ever made to the payee. Please seek expert legal opinion before committing as the period of three years is really a long time.
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Old 09-20-2019, 03:01 PM   #3
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Default Re: Promissory Note

It's binding IF they are still around. If they go bust you will get nothing!
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Old 09-20-2019, 06:28 PM   #4
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Default Re: Promissory Note

Consult an attorney before you sign on to this. Sounds like a high risk venture and you might find out that you've put in 3 years for nothing.
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