The Standard Loan Agreement Between Friends is designed for situations where individuals in Ireland wish to formalize a personal loan arrangement with legal protection while maintaining the friendly nature of their relationship. This document is particularly useful when friends or acquaintances want to ensure clarity and avoid future misunderstandings in their lending arrangement. It incorporates essential elements required under Irish law for a valid contract while remaining accessible for non-commercial use. The agreement includes provisions for loan amount, repayment terms, potential interest, default scenarios, and early repayment options. While simpler than commercial loan agreements, it still provides adequate legal protection for both parties. This template is specifically adapted to comply with Irish contract law and relevant consumer protection regulations, making it suitable for use throughout Ireland while maintaining flexibility for customization based on specific circumstances.
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1. Parties: Identifies and provides full legal names and addresses of both the lender and borrower
2. Background: Brief context explaining the friendly nature of the loan and the parties' relationship
3. Definitions: Defines key terms used throughout the agreement for clarity
4. Loan Amount and Purpose: Specifies the exact amount being lent and its intended use
5. Interest Rate: States whether interest applies and if so, the rate and calculation method
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Default Provisions: Explains what constitutes a default and the consequences
8. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
9. Notices: How formal communications between parties should be made
10. Governing Law: Confirms the agreement is governed by Irish law
1. Security: Include when the loan is secured against any assets of the borrower
2. Early Repayment: Include when parties want to specify terms for early loan repayment
3. Late Payment: Include when parties want to specify additional charges or consequences for late payments
4. Death or Incapacity: Include when parties want to address what happens to the loan in these circumstances
5. Assignment: Include when parties want to restrict or permit the transfer of loan obligations
6. Cosigner Provisions: Include when there is a guarantor or cosigner for the loan
7. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Loan Disbursement Details: Bank account or payment details for disbursing the loan
3. Schedule 3 - Security Details: Description of any assets provided as security (if applicable)
4. Appendix A - Proof of Identity: Copies of ID documents for both parties
5. Appendix B - Record of Payments: Template for tracking payments made against the loan
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