Money Owed Contract
Money Owed Contract
This Loan Agreement Contract (Contract) is made and entered into on this [DATE], by and between [YOUR NAME], a resident of [YOUR COMPANY ADDRESS] (Creditor), and [DEBTOR NAME], a resident of [DEBTOR ADDRESS] (Debtor).
1. LOAN AMOUNT AND TERMS
The Creditor agrees to lend the Debtor the sum of (LOAN AMOUNT) and the Debtor agrees to repay the same on or before (LAST REPAYMENT DATE), as per the repayment schedule agreed upon in this Agreement.
2. REPAYMENT
The Debtor shall repay the sum of (LOAN AMOUNT) in the manner specified in the repayment schedule. If the Debtor fails to make any payment on the due date(s), the Creditor may demand immediate payment of all sums due under this Agreement.
3. INTEREST
The loan will bear interest at the annual rate of (INTEREST RATE), calculated and payable as set out in the repayment schedule.
4. DEFAULT
If Debtor defaults on its obligations under this Agreement by failing to pay any installment due, the whole outstanding balance will become immediately due and payable at the option of the Creditor.
5. REMEDIES
If the Debtor fails to meet their obligations or defaults on the terms agreed upon, the Creditor is then granted the privilege to seek out any legal or equitable solutions and retributions that may be available under the law.
6. GOVERNING LAW
The interpretation and implementation of this Agreement shall be regulated by the laws of (JURISDICTION).
7. ENTIRE AGREEMENT
This Agreement contains the full understanding of the parties and supersedes all prior understandings and writings relating to the subject matter of this Agreement.
[YOUR NAME]
[DATE SIGNED]
[DEBTOR NAME]
[DATE SIGNED]
