The Friendship Loan Agreement is designed for situations where individuals in Canada wish to formalize a lending arrangement between friends or acquaintances. This document becomes crucial when personal loans exceed nominal amounts or when parties wish to ensure clear documentation for tax purposes or future reference. The agreement complies with Canadian federal laws, including the Interest Act and Criminal Code provisions regarding interest rates, while also adhering to provincial contract law requirements. It includes essential elements such as loan amount, repayment terms, interest provisions (if applicable), and default consequences. The document strikes a balance between maintaining the informal nature of a friendship loan while providing sufficient legal protection for both parties. It's particularly relevant in situations where verbal agreements need to be formalized, or when the loan amount is significant enough to warrant proper documentation.
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1. Parties: Identifies and provides full legal names and addresses of the lender and borrower
2. Background: Establishes the context of the friendship loan and the parties' intention to create a legally binding agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount being lent and the intended use of the funds
5. Interest Rate: States the agreed interest rate (if any) and how it is calculated
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and method of payment
7. Default: Defines what constitutes a default and the consequences of defaulting on the loan
8. Representations and Warranties: Basic statements by both parties confirming their capacity and authority to enter into the agreement
9. Notices: Specifies how and where formal communications between parties should be sent
10. Governing Law: Establishes that Canadian law governs the agreement and specifies the relevant province
11. Signatures: Space for parties to sign and date the agreement, including witness signatures if required
1. Security: Include when the loan is secured by any assets or collateral
2. Early Repayment: Include to specify terms for early loan repayment and any associated penalties or benefits
3. Late Payment: Include to specify additional charges or interest for late payments
4. Death or Incapacity: Include to address what happens to the loan if either party dies or becomes incapacitated
5. Dispute Resolution: Include to specify mediation or arbitration procedures before court action
6. Assignment: Include to specify whether the loan can be assigned to another party
7. Loan Forgiveness: Include conditions under which part or all of the loan might be forgiven
8. Modification of Terms: Include to specify how and when loan terms can be modified
1. Schedule A - Repayment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest
2. Schedule B - Security Details: Description of any assets provided as security (if applicable)
3. Appendix 1 - Proof of Funds: Copy of bank transfer or cheque showing the loan amount transfer
4. Appendix 2 - Communication Records: Copies of any relevant written communications establishing the loan terms
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