The Basic Loan Agreement Between Friends is designed for use in Malaysia when individuals wish to formalize a lending arrangement with friends while maintaining the relationship's informal nature. This document type is particularly relevant when friends wish to lend money to each other and need a clear, legally-sound agreement that protects both parties' interests while avoiding the complexity of commercial loan agreements. It complies with Malaysian law, particularly the Contracts Act 1950 and Civil Law Act 1956, and includes provisions for loan amount, repayment terms, default scenarios, and basic legal protections. The agreement is suitable for various loan purposes, from personal expenses to small business ventures, and can be customized based on the specific needs of the parties while maintaining its basic structure and legal validity.
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1. Parties: Identifies and provides full details of both the lender and borrower, including full legal names, identification numbers, and addresses
2. Background: Brief context explaining the friendly nature of the loan and the borrower's request for financial assistance
3. Definitions: Defines key terms used in the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the exact amount being lent and its intended use
5. Interest Rate: States whether interest will be charged and if so, the agreed rate
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule and method
7. Default: Explains what constitutes a default and the consequences
8. Representations and Warranties: Basic statements confirming the borrower's ability to repay and the lender's right to lend
9. Governing Law: Confirms the agreement is governed by Malaysian law
10. Signatures: Space for both parties to sign and date the agreement
1. Security: Optional section for cases where collateral is provided to secure the loan
2. Early Repayment: Terms for early loan repayment if allowed, including any applicable penalties or benefits
3. Late Payment: Specific provisions for handling late payments, including any late payment fees
4. Death or Incapacity: Provisions for what happens if either party dies or becomes incapacitated
5. Dispute Resolution: Optional mediation or arbitration clauses before resorting to court action
6. Assignment: Whether the loan can be assigned to another party, typically prohibited in friendly loans
7. Witnesses: Section for witness details and signatures if additional formality is desired
1. Schedule 1 - Loan Details: Detailed breakdown of the loan amount, any applicable interest calculations, and total repayable amount
2. Schedule 2 - Payment Schedule: Detailed repayment schedule showing dates and amounts of each payment
3. Schedule 3 - Security Details: Description of any security or collateral provided (if applicable)
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