A Hand Loan Agreement is essential when documenting loans between private parties or small entities in Australia. This agreement is commonly used when traditional bank financing is not preferred or accessible, such as loans between family members, friends, or business associates. The document must comply with Australian federal legislation, including the National Consumer Credit Protection Act 2009 and the Australian Consumer Law, as well as relevant state-based contract laws. It should include comprehensive details about the loan terms, interest calculations, repayment schedules, default provisions, and any security arrangements. The agreement serves to protect both parties' interests by clearly documenting their obligations and rights, helping to prevent future disputes and providing a clear framework for the loan's administration.
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1. Parties: Identifies and provides full details of the Lender and Borrower
2. Background: Sets out the context of the loan and the parties' intention to enter into the agreement
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules for interpreting the document
4. Loan Amount and Purpose: Specifies the principal amount being lent and the agreed purpose for which the loan may be used
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment Terms: Specifies the repayment schedule, payment amounts, and method of payment
7. Default and Consequences: Defines what constitutes a default and the consequences of defaulting
8. Representations and Warranties: States the facts and assurances each party provides to the other
9. General Provisions: Contains standard contract clauses including governing law, notices, and amendment procedures
1. Security: Required if the loan is secured against any assets or property
2. Guarantor Provisions: Include when a third party is guaranteeing the loan
3. Early Repayment: Details terms for early loan repayment if permitted
4. Insurance Requirements: Include if the borrower must maintain specific insurance
5. Assignment and Transfer: Include if either party may transfer their rights under the agreement
6. Joint and Several Liability: Required if there are multiple borrowers
7. Draw Down Conditions: Include if the loan is to be provided in installments
8. Special Conditions: For any unique terms specific to this loan arrangement
1. Repayment Schedule: Detailed table of payment dates, amounts, and allocation between principal and interest
2. Security Details: Description of any assets provided as security for the loan
3. Loan Disbursement Schedule: If the loan is disbursed in installments, details of timing and conditions
4. Identity Verification Documents: Copies of identification documents as required by AML legislation
5. Certificate of Independent Legal Advice: If required, confirmation that parties received independent legal advice
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Private Lending
Small Business
Real Estate
Professional Services
Retail
Construction
Agriculture
Hospitality
Manufacturing
Relevant Teams
Legal
Finance
Compliance
Risk Management
Credit Assessment
Operations
Corporate Services
Treasury
Accounts Receivable
Document Management
Relevant Roles
Financial Controller
Credit Manager
Legal Counsel
Finance Manager
Accountant
Business Owner
Managing Director
Loan Officer
Compliance Officer
Risk Manager
Company Secretary
Financial Advisor
Small Business Manager
Operations Manager
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