The Personal Loan Contract Between Friends is designed for use in Hong Kong when individuals wish to formalize a lending arrangement with friends or acquaintances. This document becomes necessary when personal loans exceed verbal agreements and require proper documentation for legal certainty and protection. It's particularly relevant in Hong Kong's dynamic financial environment where personal lending between friends is common but requires proper documentation for legal enforceability. The contract includes essential provisions required by Hong Kong law while maintaining accessibility for non-professional users. It covers loan amount, repayment terms, interest calculations (if applicable), default provisions, and basic legal protections while ensuring compliance with Hong Kong's interest rate regulations and contract law requirements. This template is suitable for various loan amounts and can be customized to include optional elements such as guarantors or security provisions.
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1. Parties: Identifies and provides full details of the lender and borrower, including full legal names, Hong Kong ID numbers, and current residential addresses
2. Background: Brief context explaining the relationship between parties and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the exact amount being lent and its intended use
5. Interest Rate: States the agreed interest rate (if any) and calculation method, ensuring compliance with Hong Kong interest rate regulations
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule and method
7. Default and Consequences: Explains what constitutes a default and the consequences, including any late payment penalties
8. Representations and Warranties: Basic statements about the borrower's ability to repay and the lender's right to lend
9. Notices: How formal communications between parties should be made and delivered
10. Governing Law: Confirms Hong Kong law governs the agreement and Hong Kong courts have jurisdiction
1. Security: Include when the loan is secured against specific assets or property
2. Early Repayment: Include when parties want to specify terms for early loan repayment
3. Guarantor Provisions: Include when a third party is guaranteeing the loan
4. Insurance Requirements: Include when specific insurance is required to protect the loan
5. Assignment: Include when parties want to address whether the loan can be transferred to other parties
6. Force Majeure: Include when parties want to address extraordinary circumstances affecting repayment
7. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings
1. Repayment Schedule: Detailed table showing payment dates, amounts, and running balance
2. Security Details: If loan is secured, detailed description of the security assets and registration requirements
3. Payment Instructions: Bank account details and payment methods accepted
4. Form of Notice: Template for formal notices between parties
5. Guarantor Declaration: If applicable, formal declaration and acceptance by guarantor
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