The Friendly Loan Agreement is specifically designed for situations where individuals in Ireland wish to formalize a loan arrangement with friends, family members, or close associates. It provides a clear legal framework while maintaining the informal and amicable nature of the relationship. The document is particularly useful when the loan amount is significant enough to warrant formal documentation but the parties prefer to avoid commercial lending channels. It complies with Irish contract law and consumer protection requirements while being simpler than commercial loan agreements. The agreement includes essential provisions for loan terms, repayment, and default scenarios, with optional sections for security and guarantors. This template helps prevent future misunderstandings and provides legal protection while preserving the friendly nature of the arrangement.
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1. Parties: Identification and details of the Lender and Borrower
2. Background: Context of the friendly loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
6. Interest: Whether interest applies, and if so, the rate and calculation method
7. Default and Late Payment: Consequences of missing payments or defaulting on the loan
8. Representations and Warranties: Basic statements of fact from both parties about their capacity to enter the agreement
9. Termination: Circumstances under which the loan agreement can be terminated
10. Governing Law: Confirmation that Irish law governs the agreement
11. Signatures: Execution section for both parties
1. Security: Optional section for when the loan is secured against specific assets
2. Early Repayment: Terms for early loan repayment if permitted
3. Third Party Guarantor: When another person guarantees the loan repayment
4. Insurance: Requirements for insurance on secured assets or life insurance for the borrower
5. Assignment: Whether and how the loan can be transferred to another party
6. Costs and Expenses: Allocation of any legal or administrative costs
7. Notices: Formal process for communications between parties
8. Joint and Several Liability: When there are multiple borrowers
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Loan Disbursement Details: Bank account or payment details for loan disbursement
3. Schedule 3 - Security Details: Description of any assets provided as security (if applicable)
4. Appendix A - Form of Notice: Template for formal notices between parties
5. Appendix B - Guarantor Declaration: Standard form for guarantor commitment if applicable
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