Bond paper is also called as non-judicial stamp or general stamp. These papers will be used for reducing any type of contracts into writing between the parties on the requisite amount of stamp papers as per the Indian Stamp Act. Promissory note is an instrument of contract, under Negotiable Instruments Act, undertaking executed by the borrower in favour of the creditor undertaking to pay a certain amount on demand or before a certain date with interest or without interest. The stamp duty payable for this instrument can be paid by signing on the revenue stamp as in the case of receipts. Bond paper also can be used for executing promissory note, if the revenue stamps arte not available.
Please don't fall into the trap of the defaulter. He will have to pay you back even if sent to jail by the court, because sending him to jail is not in lieu of the compensation which you legally deserve.