The Standard Loan Agreement Between Friends is designed to address the common need for formalizing personal lending arrangements in Australia. While friends often engage in informal lending, documenting these arrangements properly helps prevent misunderstandings and protects both parties' interests. This agreement template balances legal requirements with practical usability, incorporating essential elements of Australian contract law while remaining accessible to non-legal users. It's particularly useful when the loan amount is significant enough to warrant formal documentation but doesn't require the complexity of commercial lending agreements. The document includes provisions for loan terms, repayment schedules, interest calculations (if applicable), and default scenarios, while considering the unique aspects of lending between friends.
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1. Parties: Identifies and provides full legal names and addresses of both the lender and borrower
2. Background: Briefly explains the context of the loan and the 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. Interest Rate: States whether interest applies and if so, the rate and calculation method
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and due dates
7. Method of Payment: Specifies how payments will be made (e.g., bank transfer, cash)
8. Default and Consequences: Explains what constitutes a default and the resulting consequences
9. Dispute Resolution: Outlines the process for resolving any disagreements
10. Governing Law: Specifies that Australian law governs the agreement
11. Execution: Signature block for both parties
1. Security: Include when the loan is secured against specific assets
2. Early Repayment: Include when allowing early repayment options without penalties
3. Late Payment Terms: Include when specifying additional fees or interest for late payments
4. Loan Extension Provisions: Include when allowing for possible extension of the loan term
5. Third-Party Guarantor: Include when someone else is guaranteeing the loan
6. Insurance Requirements: Include when requiring insurance on secured assets
7. Assignment Rights: Include when either party might need to transfer their rights under the agreement
8. Force Majeure: Include when wanting to address unforeseen circumstances affecting repayment ability
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Loan Disbursement Details: Information about how and when the loan amount will be provided
3. Schedule 3 - Security Details: Description of any assets provided as security (if applicable)
4. Appendix A - Proof of Identity: Copies of identification documents for both parties
5. Appendix B - Statement of Purpose: Detailed description of the loan's intended use
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