The Personal Loan Contract Between Friends is a vital document for formalizing monetary lending arrangements between individuals in Nigeria. This agreement template addresses a common need in Nigerian society where friends often engage in informal lending, providing a legal framework to protect both parties' interests. It ensures compliance with Nigerian contract law, the Money Lenders Act, and other relevant legislation while maintaining accessibility for non-legal users. The document is particularly valuable in a context where formal banking services may not always be the preferred option for personal lending, offering a balance between maintaining personal relationships and establishing legally enforceable obligations.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Brief context of the loan arrangement and relationship between 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. Disbursement: Details of how and when the loan amount will be transferred to the borrower
6. Repayment Terms: Specifies repayment schedule, installment amounts, and payment method
7. Interest: States whether interest applies, and if so, the rate and calculation method
8. Default: Defines what constitutes a default and its consequences
9. Representations and Warranties: Basic statements of fact made by both parties
10. Governing Law: Specifies that Nigerian law governs the agreement
11. Signatures: Space for parties to sign, including witness signatures
1. Security: Include when the loan is secured by any assets or guarantees
2. Early Repayment: Include when early repayment is allowed and any associated terms
3. Late Payment Penalties: Include when specific penalties for late payment are agreed upon
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 action
6. Assignment: Include when transfer of rights under the agreement needs to be addressed
7. Force Majeure: Include when parties want to address unforeseen circumstances affecting repayment
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Proof of Transfer: Copy of transfer receipt or other proof of loan disbursement
3. Schedule 3 - Security Details: Description of any security or collateral (if applicable)
4. Appendix A - ID Documents: Copies of identification documents of both parties
5. Appendix B - Witness Details: Names and contact information of witnesses
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