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What is a loan agreement?

A loan agreement is a contract between two parties by which one party (the lender) undertakes to loan the other party (the borrower) a certain amount of money or other generic goods (e.g., flour, oil, etc.), and the borrower undertakes to return that money or goods to the lender as contracted.

When do I need a loan agreement?

Any time when one person lends something to another person. Money is the most common object of the loan, and the contracts most commonly regulate that type of loan. 

Do I need a written nondisclosure agreement?

Even though there is no obligation to contract the loan in writing, it is highly recommended to have that agreement in writing to regulate all relevant matters. It is especially recommendable if one or both parties are legal entities, and when special conditions of lending or returning the loan are contracted. An oral loan agreement is very often hard or impossible to prove afterward. 

What is regulated in the loan agreement?

The agreement regulates, for example: 
  • parties to the agreement
  • who is the lender and who is the borrower
  • type of loan and the loaned amount (money or goods)
  • payable interests (if contracted – obligatory if both parties are businesses)
  • term and conditions of repayment
  • other rights and obligations of the parties

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