Financial Contract Plan
Contract Title: Personal Loan Agreement
Effective Date: October 21, 2050
Expiration Date: October 21, 2052
Parties Involved:
Party A: [Your Company Name]
Party B: Evelyn Scott
Address: 707 Elm Drive, Unit 34, Lakeside, NY 10015
Contact Information: 229 555 7777
1. Introduction
This Financial Contract Plan outlines the terms and conditions of the agreement between [Your Company Name] (Party A) and Evelyn Scott (Party B). The objective of this contract is to establish clear expectations and responsibilities regarding a personal loan of $10,000.
2. Definitions
Contract Amount: The total amount of money involved in this agreement is $10,000.
Interest Rate: The percentage charged on the principal amount is 5% per annum.
Payment Schedule: Payments will be made monthly.
3. Terms and Conditions
3.1 Contract Amount
The total amount agreed upon for this contract is $10,000.
3.2 Interest Rate
The interest rate applicable to this contract shall be 5% per annum, compounded monthly.
3.3 Payment Schedule
Payments shall be made monthly in the amount of $200 starting from November 21, 2050, until the total amount is fully repaid.
3.4 Late Payment
A late payment fee of $25 will be applied for payments received after the due date.
3.5 Prepayment
Party B may prepay the loan amount in full or in part at any time without penalty.
4. Obligations of the Parties
4.1 Obligations of Party A
Party A agrees to provide the financial support of $10,000 as outlined in this plan.
Party A will deliver any necessary documentation required for the execution of this contract.
4.2 Obligations of Party B
Party B agrees to repay the contract amount according to the payment schedule outlined in Section 3.3.
Party B must notify Party A of any changes in contact information or financial status that may affect repayment.
5. Governing Law
This contract shall be governed by and construed by the laws of Illinois.
6. Termination
Either party may terminate this contract with 30 days’ notice if there is a breach of contract or failure to meet obligations.
7. Dispute Resolution
Any disputes arising from this contract shall be resolved through mediation by the rules of the American Arbitration Association.
By signing below, both parties agree to the terms and conditions outlined in this Financial Contract Plan.
Party A Signature:
Name: [Your Name]
Title: Chief Financial Officer
Date:
Party B Signature:
Name: Evelyn Scott
Date:
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