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Agreement For Money Received

Agreement For Money Received Template for Malaysia

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Key Requirements PROMPT example:

Agreement For Money Received

"I need an Agreement For Money Received for a secured business loan of RM 500,000 between my company and ABC Bank Berhad, with my factory equipment as collateral and monthly interest payments starting March 2025."

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Document background
The Agreement For Money Received is a crucial document in Malaysian financial transactions, used to formally acknowledge the receipt of funds and establish legally binding repayment obligations. This document type is particularly relevant in situations where one party provides funds to another, whether in a business or personal context, and requires formal documentation of the debt and its terms. The agreement must comply with Malaysian law, particularly the Contracts Act 1950 and relevant financial regulations. It typically includes essential details such as the amount received, repayment schedule, interest rates, and default provisions. The document serves as important evidence in legal proceedings and is commonly used in various scenarios from business loans to personal lending arrangements. The Agreement For Money Received provides protection for both the lender and borrower by clearly documenting the terms of the financial arrangement and ensuring legal enforceability under Malaysian jurisdiction.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names, addresses, and any registration numbers for companies

2. Background: Context of the money received, including the relationship between parties and purpose of the funds

3. Definitions: Key terms used in the agreement including 'Principal Sum', 'Interest Rate', 'Payment Date', and 'Default'

4. Acknowledgment of Money Received: Clear statement of the amount received and confirmation of receipt by the borrower

5. Repayment Terms: Detailed terms of repayment including amount, schedule, and method of payment

6. Interest: Interest rate applicable, calculation method, and payment schedule

7. Event of Default: Definition of default events and consequences of default

8. Representations and Warranties: Statements confirming the borrower's capacity and authority to enter into the agreement

9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Details of any collateral or security provided for the debt - include when the loan is secured

2. Guarantor: Details and obligations of any guarantor - include when there is a third-party guarantee

3. Early Repayment: Terms for early repayment options - include when early repayment is permitted

4. Assignment: Rights to assign the debt to third parties - include when assignment rights are relevant

5. Insurance: Requirements for insurance coverage - include when specific insurance is required

6. Costs and Expenses: Allocation of legal and administrative costs - include when significant costs are involved

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts

2. Schedule 2 - Security Details: Description of any security or collateral provided (if applicable)

3. Schedule 3 - Interest Calculation: Detailed method of interest calculation and examples

4. Appendix A - Copy of Identity Documents: Copies of identification documents of all parties

5. Appendix B - Evidence of Money Transfer: Documentation proving the transfer of funds

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses
























Relevant Industries

Financial Services

Banking

Real Estate

Small and Medium Enterprises

Construction

Manufacturing

Retail

Professional Services

Agriculture

Technology

Relevant Teams

Legal

Finance

Treasury

Credit Control

Compliance

Risk Management

Corporate Secretarial

Accounts Receivable

Contract Administration

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Company Secretary

Credit Manager

Accounts Receivable Manager

Treasury Manager

Risk Manager

Compliance Officer

Contract Administrator

Financial Controller

Business Development Manager

Managing Director

Corporate Lawyer

Financial Analyst

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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