The Loan Agreement Between Friends is designed for use in Belgium when individuals wish to formalize a lending arrangement with someone they know personally. This document becomes particularly important when significant sums are involved or when parties want to ensure clarity and avoid future misunderstandings. It complies with Belgian Civil Code requirements regarding loan agreements (Articles 1874-1914) and general contract law principles. The agreement includes essential details such as loan amount, purpose, repayment schedule, interest (if any), and default provisions. While maintaining a less formal tone than commercial loan agreements, it still provides legal protection for both parties and can be used for enforcement if necessary. The document is particularly relevant in situations where traditional bank loans might not be suitable or when parties prefer to keep their lending arrangement within their personal network.
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1. Parties: Identification and contact details of the lender and borrower
2. Background: Brief context of the relationship between parties and purpose of the loan
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and intended use of funds
5. Interest Rate: Agreed interest rate (if any) and calculation method
6. Repayment Terms: Schedule of repayments, including frequency and amount of installments
7. Method of Payment: Specified payment methods and account details
8. Duration of Loan: Term of the loan and maturity date
9. Default and Remedies: Consequences of missed payments and available remedies
10. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
11. Governing Law: Confirmation of Belgian law as governing law
12. Signatures: Execution section for both parties
1. Security: Include when the loan is secured by any assets or guarantees
2. Early Repayment: Include when parties want to specify terms for early loan repayment
3. Late Payment Interest: Include when additional interest will be charged for late payments
4. Death or Incapacity: Include provisions for what happens if either party dies or becomes incapacitated
5. Assignment: Include if parties want to address whether the loan can be transferred to other parties
6. Costs and Expenses: Include when there are specific costs to be allocated between parties
7. Witnesses: Include when parties want additional verification of the agreement
8. Mediation Clause: Include when parties want to specify dispute resolution procedures before court action
1. Repayment Schedule: Detailed table of payment dates and amounts
2. Security Details: If applicable, description of any assets or guarantees securing the loan
3. Proof of Funds: Copy of bank transfer or other evidence of loan disbursement
4. ID Documents: Copies of identification documents of both parties
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