Common Contracts
1 similar Employee Contract Agreement contracts
Employee contract agreement format indiaEmployee Contract Agreement • January 21st, 2022
The loan agreement should clearly detail how the money will be paid back and what happens if the borrower is unable to repay. Consequences of Not Having a Loan Agreement A simple loan agreement details how much was borrowed, as well as whether interest is due and what should happen if the money is not repaid. Who Needs a Loan Agreement? How will the money be repaid? the “issuer”, “maker”, “payee”, or “seller”) who is giving the money and will get the money back Principal Amount: the sum of money being borrowed Interest: additional money owed, usually a percentage, based on the amount borrowed Maturity Date: when the money should be repaid to avoid being in default Further, the parties should consider these two additional questions: 1. In addition, a lender can usually accelerate the loan if an event of default occurs, meaning if the borrower misses a payment or goes bankrupt, the lender can make the entire amount of the loan plus any interest due and payable immediately. The borrower a
