A Loan Agreement Between Friends is a crucial document for individuals in Indonesia who wish to formalize personal lending arrangements while maintaining legal compliance. This document is particularly useful when friends or acquaintances need to establish clear terms for monetary lending, whether for personal needs, small business ventures, or emergency funding. The agreement follows Indonesian civil law requirements and includes provisions for loan amount, interest (if any), repayment terms, and default scenarios. It's designed to protect both parties' interests while preserving their friendship, offering a balance between legal formality and personal trust. The document becomes especially important in Indonesia's context where informal lending is common but legal protection is necessary. It can be used for various loan amounts and purposes, from small personal loans to more substantial financial arrangements, always ensuring compliance with Indonesian lending and contract laws.
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1. Parties: Identification of the lender and borrower with their complete legal names and addresses
2. Background: Brief context of the loan arrangement and relationship between the parties
3. Definitions: Definitions of key terms used in the agreement
4. Loan Amount and Purpose: Specification of the loan amount in numbers and words, and the intended purpose of the loan
5. Interest Rate: Clear statement of any interest rate applied to the loan, calculation method, and frequency
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule and method
7. Default Provisions: Consequences and procedures in case of missed payments or default
8. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement and truthfulness of information provided
9. Governing Law: Specification that Indonesian law governs the agreement
10. Execution: Signature blocks for both parties and witnesses as required under Indonesian law
1. Security: Details of any collateral or security provided for the loan - include if there is any asset being used as security
2. Early Repayment: Terms for early loan repayment - include if parties want to allow for this possibility
3. Death or Incapacity: Provisions dealing with death or incapacity of either party - include for larger loans or longer terms
4. Dispute Resolution: Process for resolving disagreements - include for larger loans or if parties prefer specific dispute resolution methods
5. Assignment: Whether the loan can be assigned to other parties - include if this possibility needs to be addressed
6. Insurance: Requirements for any insurance coverage - include for larger loans or if specific risks need to be covered
1. Repayment Schedule: Detailed schedule showing payment dates, amounts, and running balance
2. Security Details: Description and documentation of any security/collateral provided (if applicable)
3. Proof of Funds: Documentation showing source or transfer of loan funds
4. Related Correspondence: Copies of any relevant correspondence or documents referenced in the agreement
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