It is important to have formal evidence of any loan and the terms on which the money is lent. By having a written Agreement it is easier to enforce the terms on which the loan was made and it is evidence that it was a loan and not a gift. If the loan is to carry interest then the interest rate should be inserted. If the loan is to be repaid on a fixed date or on the occurrence of an event then that date or event should also be included.
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