The Credit Agreement Between Two Parties is a fundamental legal document used in South African financial transactions where one party extends credit to another. This agreement is essential for both commercial and personal lending arrangements and must strictly comply with the National Credit Act 34 of 2005 and related regulations. The document is used when establishing formal lending relationships, whether for business expansion, asset acquisition, or personal financial needs. It contains critical elements such as loan terms, interest calculations, repayment schedules, and security arrangements. The agreement must include mandatory consumer protection provisions and prescribed information as required by South African law, making it suitable for registered credit providers while protecting borrowers' rights. This type of agreement is particularly relevant in an environment where formal lending documentation is crucial for legal compliance and risk management.
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1. Parties: Full legal names, registration/identity numbers, and addresses of the credit provider and credit receiver
2. Background: Context of the credit agreement and the purpose for which credit is being extended
3. Definitions: Definitions of key terms used throughout the agreement, including technical and financial terms
4. Loan Amount and Purpose: Specification of the principal debt amount and detailed description of its intended use
5. Interest Rate: Interest rate, calculation method, and compliance with NCA maximum prescribed rates
6. Repayment Terms: Payment schedule, installment amounts, and payment methods
7. Fees and Charges: Breakdown of all applicable fees, charges, and costs as permitted by the NCA
8. Security: Details of any security or collateral provided for the credit
9. Default and Consequences: Events of default and the credit provider's rights and remedies
10. Statements and Notifications: Requirements for account statements and important notifications
11. Warranties and Representations: Declarations by both parties regarding their capacity and authority
12. General Terms: Standard contractual provisions including governing law, jurisdiction, and notices
13. Signatures: Execution clause and signature blocks for all parties
1. Early Settlement: Terms for early repayment of the credit amount, used when early settlement is permitted
2. Insurance Requirements: Details of required insurance coverage, used when security assets must be insured
3. Third Party Guarantees: Terms relating to guarantors, used when personal or corporate guarantees are provided
4. Credit Life Insurance: Provisions regarding mandatory or optional credit life insurance
5. Variable Interest Rate: Mechanisms for interest rate adjustments, used when rate is not fixed
6. Direct Debit Authorization: Terms for automatic payment collection, used when direct debits are implemented
7. Assignment and Transfer: Rights to assign or transfer the agreement, used in commercial contexts
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal amounts
2. Schedule B - Fee Structure: Comprehensive breakdown of all fees, charges, and costs
3. Schedule C - Security Details: Detailed description of security assets or collateral
4. Appendix 1 - Pre-Agreement Statement: Statutory pre-agreement disclosure as required by the NCA
5. Appendix 2 - Quotation: Statutory credit cost quotation as required by the NCA
6. Appendix 3 - Direct Debit Authorization Form: Standard form for setting up direct debit payments
7. Appendix 4 - Proof of Income: Documentation verifying the credit receiver's income and affordability
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