The Loan Agreement Between Friends template is designed for individuals in Denmark who wish to formalize monetary lending arrangements with friends, family members, or acquaintances. This document becomes essential when personal loans need to be properly documented for legal certainty and potential tax purposes under Danish law. It's particularly relevant when the loan amount is significant enough to warrant formal documentation but the parties prefer to keep the arrangement private rather than involving financial institutions. The agreement includes all necessary provisions required by Danish contract law while maintaining flexibility for friendly terms. It's commonly used for various purposes such as property deposits, business startups, education expenses, or personal financial assistance, ensuring both parties have clear understanding and legal protection of their rights and obligations.
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Key Requirements PROMPT example:
Loan Agreement Between Friends
I need a Loan Agreement Between Friends under Danish law for lending 50,000 DKK to my college friend, with monthly repayments starting March 2025 and 2% annual interest rate.
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Brief context of the friendly loan arrangement and relationship between parties
3. Definitions: Key terms used in the agreement
4. Loan Amount: Specification of the principal amount being lent
5. Interest Rate: Terms of interest (if any) and calculation method
6. Repayment Terms: Schedule of repayments, including payment amounts and due dates
7. Method of Payment: Specified payment methods and account details
8. Default Provisions: Consequences and procedures in case of missed payments
9. Representations: Basic statements about the borrower's ability to repay
10. Governing Law: Specification that Danish law governs the agreement
11. Signatures: Execution block for both parties
1. Early Repayment: Terms for early loan repayment if permitted
2. Security: Details of any collateral or security provided for the loan
3. Late Payment Interest: Additional interest rates applicable to late payments
4. Assignment: Whether the loan can be transferred to another party
5. Death or Incapacity: Provisions for what happens if either party dies or becomes incapacitated
6. Dispute Resolution: Preferred method for resolving disagreements
7. Witnesses: Section for witness signatures if desired for additional formality
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Bank Details: Complete banking information for making payments
3. Appendix A - Proof of Transfer: Copy of initial transfer receipt or bank confirmation
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Relevant Teams
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Finance
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Wealth Management
Tax Advisory
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Relevant Roles
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