LOAN AGREEMENT.
This Loan Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _______________________, Contact Info: ____________________ (hereinafter referred to as the “Lender”), and ________________, Contact Info: ____________________ (herein referred to as the “Borrower”).
WHEREAS, the purpose of the loan covered under this Agreement shall be for the Borrower to purchase a business vehicle.
WHEREAS, there exists a work contract between the Parties wherein the Borrower herein offers the Lender services as an independent contractor.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM
The initial term of this Agreement shall be for a period of __________ [Weeks/Months] commencing on the Effective Date herein.
- SCOPE
- Loan Amount. The Lender shall lend the Borrower _______________ Dollars, to be given as one single amount, loan shall be made available to the Borrower on the Effective Date herein.
- Repayment. The Borrower shall pay the Lender Six Thousand Dollars ($6,000) on or before _____ Day of _______ 2021. Then the balance ________ Dollars shall be held in an account accessible only by the Lender until such a time as the work contract between the parties expires and the accrued amount shall then belong to the Borrower.
- Proof of invoice. The Borrower shall ensure to provide the Lender proof of invoices for any money needed for work which shall be deducted from the accrued amount, unless the invoice exceeds Five Thousand Dollars ($5,000).
- DISPUTE RESOLUTION.
In the event of disputes arising from the execution of this Agreement, the Parties shall solve the disputes through civil discourse, mediation and/or through traditional litigation.
- TERMINATION/CANCELLATION.
The Parties acknowledge that any Party can terminate/cancel this Agreement at any time provided that they issue a ___ day Written Notice on the same. In the event that the Borrower wishes to terminate/cancel this Agreement, they shall be required to clear the loan balance before they may access the accrued amount.
- MODIFICATIONS.
This Agreement contains the entire Agreement between the Partners relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both Partners hereto.
- GOVERNING LAW/JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of ______________, USA. Exclusive jurisdiction and venue shall be in _______________, USA.
Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date:
LENDER: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
BORROWER: _____________ ___________________________ ___________
(SIGNATURE) (NAME) (DATE)
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )
