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The Agreement For Lending Money To Friends template addresses the growing need for properly documented personal lending arrangements in Canada. While informal lending between friends is common, undocumented loans often lead to misunderstandings and potential legal complications. This agreement provides a structured framework that complies with Canadian federal and provincial regulations, including interest rate limitations, contract formation requirements, and consumer protection provisions. It's designed for situations where friends wish to formalize a lending arrangement without engaging commercial lenders, offering clear terms for loan amount, repayment, interest (if any), and default scenarios. The document helps maintain friendships by establishing clear expectations while ensuring legal enforceability if needed.

1. Parties: Identifies and provides full legal names and addresses of the lender and borrower

2. Background: Explains the context of the loan and the relationship between the parties

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies the exact amount being lent and its intended use

5. Interest Rate: States the agreed interest rate (if any) and calculation method

6. Repayment Terms: Details the repayment schedule, including payment amounts and due dates

7. Method of Payment: Specifies acceptable payment methods and payment instructions

8. Early Repayment: Outlines terms for early loan repayment and any associated conditions

9. Default: Defines what constitutes default and its consequences

10. Representations and Warranties: Basic statements of fact and promises made by both parties

11. Notices: How formal communications between parties should be made

12. Governing Law: Specifies that Canadian law governs the agreement

13. Signatures: Space for parties to sign and date the agreement