Loan Agreement

Guarantee
The version with the Guarantee includes a third party Guarantor to guarantee the repayment of the loan. The Guarantor is a named party to the loan and signs it along with the lender and borrower. If the borrower does not pay, the Guarantor has to repay on their behalf.

Security
The version with Security includes a specific clause for an item or items to be provided by the borrower as security against the loan amount.

These agreements can be used where the lender and borrower are either businesses or individuals. The contracts detail all the necessary clauses, such the loan APR and repayment procedure & schedule and the stated purpose of the loan. To provide further protection for the lender the agreement also ensures that where a business is borrowing the necessary internal procedures have also been followed.

These loan agreements also specify situations where the loan will be immediately repayable to the lender, for example, where the agreement is breached, the borrower has financial problems etc.

Clauses in this agreement:

• Introduction
• Loan Repayment Date
• Loan Repayment Schedule
• Early Repayment
• Loan Purpose
• Documentation
• Loan Interest
• Default Interest
• Loan Payments Application
• Representations & Warranties
• Borrower's Undertakings
• Immediate Repayment Due To Default
• Fees & Expenses
• Payment Methods & Procedures
• Notices
• Assignment
• General
• Jurisdiction
• Guarantee Clause
• Security Clause

If you are lending or borrowing money, it is vital to have a comprehensive agreement in place.

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