An IOU template which is also known as an “I Owe You,” is a document which contains information about the debt owed by an individual or any other entity to another party. Creating an IOU note is an easy and simple solution in situations where two parties want to document a transaction they made without having to come up with a complex agreement. Those who use an IOU form have already established trust with each other, typically friends, family members or business partners. Click here to read more.