The Loan Repayment Agreement Between Friends is essential in the UAE context where personal lending is common but needs to be documented properly for legal protection. This document is specifically designed for use when one individual lends money to another in a personal capacity, requiring a formal agreement that complies with UAE Civil Code (Federal Law No. 5 of 1985) and considers Sharia principles. It's particularly relevant in situations where friends or acquaintances want to ensure their lending arrangement is properly documented while maintaining the friendly nature of the transaction. The agreement includes crucial elements such as loan amount, repayment terms, and default provisions, while being structured to avoid prohibited elements under Islamic finance principles such as traditional interest (riba). It provides a balance between legal enforceability and maintaining personal relationships.
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1. Parties: Identification of the Lender and Borrower with full legal names, Emirates ID numbers, and contact details
2. Background: Brief context of the friendly loan arrangement and the relationship between parties
3. Definitions: Key terms used in the agreement including 'Loan Amount', 'Repayment Schedule', and 'Default'
4. Loan Details: Specific amount of the loan, purpose, and confirmation of receipt
5. Repayment Terms: Payment schedule, method of payment, and completion date
6. Default Provisions: Consequences of missing payments and remedies available to the lender
7. Representations and Warranties: Borrower's confirmation of ability to repay and truth of information provided
8. Governing Law and Jurisdiction: Confirmation that UAE law governs the agreement and jurisdiction for disputes
9. Execution: Signature section with date and witness provisions
1. Early Repayment: Terms for early loan repayment if the borrower wishes to settle before the agreed date
2. Security/Collateral: Details of any assets provided as security for the loan
3. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability
4. Dispute Resolution: Alternative dispute resolution methods before resorting to courts
5. Confidentiality: Terms keeping the loan arrangement private between parties
6. Amendment Procedure: Process for making changes to the agreement
7. Insurance: Requirements for insurance on any collateral or life insurance on borrower if applicable
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Collateral Details: Comprehensive description and documentation of any security provided
3. Schedule 3 - Payment Methods: Agreed payment methods and bank account details
4. Appendix A - Copy of Emirates IDs: Copies of both parties' Emirates ID cards
5. Appendix B - Witness Details: Information and copies of IDs for any witnesses to the agreement
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