A Personal Loan Contract Between Friends is essential when individuals in Malaysia engage in informal lending arrangements with friends or acquaintances. This document provides a legal framework that protects both parties while maintaining the spirit of friendly cooperation. It should be used whenever there's a loan between friends to prevent misunderstandings and ensure clear terms for repayment. The agreement covers key aspects such as loan amount, interest rates (if applicable), repayment schedules, and default scenarios, all while complying with Malaysian contract law and civil obligations. It's particularly important as it transforms an informal arrangement into a legally binding agreement, offering protection to both the lender and borrower.
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1. Parties: Identifies the lender and borrower with full legal names, identification numbers, and addresses
2. Background: Brief context explaining the friendship-based loan arrangement and purpose
3. Definitions: Defines key terms used in the agreement including 'Loan Amount', 'Interest Rate', 'Repayment Date'
4. Loan Details: Specifies the principal amount, purpose of the loan, and disbursement method
5. Interest Rate: States the agreed interest rate (if any) and calculation method
6. Repayment Terms: Details the repayment schedule, payment method, and due dates
7. Default Provisions: Outlines what constitutes default and consequences of non-payment
8. Representations and Warranties: Basic statements about the borrower's ability to repay and legal capacity
9. Governing Law: Specifies that Malaysian law governs the agreement
10. Signatures: Space for both parties to sign, date, and have witnesses countersign
1. Security: Include when the loan is secured by any assets or collateral
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 interest for late payments
4. Death or Incapacity: Include when parties want to address loan handling in case of death or incapacity
5. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings
6. Assignment: Include when parties want to address whether the loan can be assigned to other parties
7. Force Majeure: Include when parties want to address unforeseen circumstances affecting repayment ability
1. Repayment Schedule: Detailed table showing payment dates, amounts, and running balance
2. Security Details: If applicable, detailed description of any security/collateral provided
3. Witness Statement: Formal witness declarations and identification details
4. Payment Records: Template for tracking actual payments made against the loan
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