An IOU Document (or “I Owe You” Doc) is a formal way of documenting a debt between two parties. It specifies the amount that is owed and describes the repayment terms agreed upon. An IOU Document can be used for both short-term or long-term loans, and can even be used as an invoice for goods or services rendered. The document provides legal proof of the debt if it ever goes to dispute, ensuring that all parties involved are held to the terms outlined in the agreement. An IOU Document is a valuable tool for both businesses and individuals – so make sure your debt transactions stay organized and secure with this powerful piece of paper!