The Loan Agreement Between Friends is essential when individuals in Nigeria wish to formalize a personal lending arrangement while maintaining legal compliance and protecting both parties' interests. This document becomes particularly relevant when friends or acquaintances agree to a loan for purposes such as business startup, education, medical expenses, or personal projects. It incorporates key requirements under Nigerian law, including the Money Lenders Act and Contract Law, while remaining accessible to non-legal professionals. The agreement typically covers loan amount, repayment schedule, interest provisions, default procedures, and basic warranties, providing a clear framework for the lending arrangement while helping maintain positive personal relationships through clear documentation of terms.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Brief context of the relationship between parties and purpose of the loan
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 whether interest applies and if so, the rate and calculation method
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Default and Remedies: Consequences of failing to make payments and available remedies
8. Representations and Warranties: Basic statements of fact and promises made by both parties
9. Notices: How formal communications between parties should be made
10. Governing Law: Confirms Nigerian law governs the agreement
11. Signature Page: Space for parties to sign and date the agreement
1. Security: Include when the loan is secured against specific assets
2. Early Repayment: Include when early repayment options are allowed
3. Late Payment Fees: Include when penalties for late payment are to be imposed
4. Death or Incapacity: Include provisions for what happens if either party dies or becomes incapacitated
5. Dispute Resolution: Include specific procedures for resolving disputes, such as mediation
6. Assignment: Include if either party might need to transfer their rights/obligations
7. Witnesses: Include when additional verification of the agreement is desired
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Asset Details: Description of any assets provided as security (if applicable)
3. Schedule 3 - Evidence of Funds: Proof of the lender's source of funds
4. Appendix A - Proof of Identity: Copies of identification documents for both parties
5. Appendix B - Declaration of Solvency: Statement confirming borrower's ability to repay
Relevant legal definitions
Clauses
Loan Amount
Interest Rate
Repayment Terms
Default
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Force Majeure
Dispute Resolution
Termination
Good Faith
Witness
Survival
Confidentiality
Further Assurance
Costs and Expenses
Interest Rate
Repayment Terms
Default
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Force Majeure
Dispute Resolution
Termination
Good Faith
Witness
Survival
Confidentiality
Further Assurance
Costs and Expenses
Relevant Industries
Personal Finance
Real Estate
Small Business
Education
Healthcare
Retail
Agriculture
Professional Services
Technology
Construction
Relevant Teams
Legal
Finance
Compliance
Risk Management
Private Banking
Wealth Management
Customer Relations
Document Management
Advisory Services
Relevant Roles
Personal Financial Advisor
Legal Counsel
Paralegal
Financial Planner
Small Business Advisor
Debt Counselor
Contract Administrator
Risk Manager
Compliance Officer
Private Banker
Wealth Manager
Family Office Manager
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