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What to include in your loan agreement? The amount of the loan, also known as the principal amount. The date of the creation of the loan agreement. The name, address, and contact information of the borrower. The name, address, and contact information of the lender. How to write a simple loan agreement | Adobe Acrobat Sign adobe.com https://.adobe.com › acrobat › business › resources adobe.com https://.adobe.com › acrobat › business › resources

Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid. Default terms should be clearly detailed to avoid confusion or potential legal court action.

An equipment finance agreement (EFA) is like a loan, security agreement, and promissory note all packaged together into a single document. EFAs also contain some unique features that make them one of the most popular and versatile equipment financing options.

Equipment finance describes a loan or lease that is used to obtain business equipment. Business equipment may be any tangible asset other than real estate – examples include office furniture, computer equipment, machines used in manufacturing, medical equipment, and company vehicles.

An equipment loan agreement, also termed a bailment agreement, is a legal contract that allows one party to temporarily transfer the possession and use of their property or equipment to another party. Equipment Loan Agreements | Office of General Counsel - Georgia Tech gatech.edu https://generalcounsel.gatech.edu › legal-affairs › equip... gatech.edu https://generalcounsel.gatech.edu › legal-affairs › equip...

Equipment financing usually comes with a fixed interest rate and a requirement that you make periodic payments to repay the loan. Usually, the loan term falls somewhere between three to 10 years. Many equipment loan options require a down payment, anywhere from 10 percent to 20 percent, depending on the lender.