The Loan Agreement Between Friends is designed for use in the United Arab Emirates when individuals wish to formalize a personal lending arrangement. This document becomes particularly important in the UAE context where informal lending must still comply with specific legal requirements and Islamic finance principles. It provides a structured way to document loans while maintaining positive personal relationships and ensuring legal compliance. The agreement includes essential elements required under UAE Civil Code (Federal Law No. 5 of 1985) and considers Islamic banking principles as per UAE Federal Law No. 14 of 2018. It's suitable for situations where friends or acquaintances wish to create a legally binding loan arrangement while avoiding the complexity and formality of commercial lending agreements. The document includes provisions for loan amount, repayment terms, default scenarios, and optional elements such as witness signatures or security arrangements.
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1. Parties: Identification of the lender and borrower with full legal names and contact details
2. Background: Brief context of the friendly loan arrangement and relationship between parties
3. Definitions: Key terms used in the agreement defined for clarity
4. Loan Amount: Clear statement of the principal amount being loaned
5. Purpose of Loan: Stated purpose for which the loan is being made
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Method of Payment: Specified payment methods and account details for repayment
8. Duration of Loan: Start date and end date or term of the loan
9. Default Provisions: Consequences of failing to repay as agreed
10. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
11. Governing Law: Specification that UAE law governs the agreement
12. Signatures: Execution section for both parties to sign and date
1. Interest Rate: Include only if interest is being charged, ensuring compliance with UAE law and Sharia principles
2. Early Repayment: Terms for early loan repayment if permitted
3. Security: Include if any assets are being provided as security for the loan
4. Witnesses: Additional section for witness signatures if parties want extra verification
5. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability
6. Insurance: Include if loan is contingent on maintenance of specific insurance
7. Assignment: Include if there's possibility of transferring rights under the agreement
8. Dispute Resolution: Optional detailed process for handling disagreements before legal action
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Security Details: If applicable, detailed description of any security provided
3. Schedule 3 - Copy of ID Documents: Copies of Emirates ID or passport of both parties
4. Appendix A - Payment Records: Template for recording payments made and remaining balance
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